Eligible Agent definition
Examples of Eligible Agent in a sentence
Upon receipt of any such notice of resignation, the Majority Lenders shall have the right, in consultation with the Borrower, to appoint a successor, which shall be an Eligible Agent.
Neither this Plan nor any right granted under this Plan shall confer upon any Eligible Agent or Participating Agent any right to continuance of an agent or any other relationship with the Company and/or any Affiliate, or interfere in any way with the right of the Company and/or any Affiliate to terminate the agency relationship of such Eligible Agent or Participating Agent.
For purposes hereof, the term "Eligible Agent" shall mean an entity (i) legally qualified to perform the duties delegated to it by the Collateral Agent and (ii) whose regular business includes the performance of duties similar to those delegated to it by the Collateral Agent.
Upon any such resignation or removal, the Requisite Noteholders shall have the right to appoint a successor Collateral Agent, which successor Collateral Agent must be an Eligible Agent.
The Majority Parallel Purchasers shall have the right to appoint a successor Administrative Agent, which shall be an Eligible Agent.