Examples of Formula Revolver Agent in a sentence
Each of the Floor Plan Agent and the Formula Revolver Agent may demand specific performance of this Agreement and, on behalf of itself and the respective other Secured Creditors, hereby irrevocably waives any defense based on the adequacy of a remedy at law and any other defense that might be asserted to bar the remedy of specific performance in any action which may be brought by the respective Secured Creditors.
No amendment or waiver of any provision of this Agreement, and no consent to any departure by any Person from the terms hereof, shall in any event be effective unless it is in writing and signed by the Floor Plan Agent and the Formula Revolver Agent.
Each Junior Secured Creditor hereby agrees that until the Floor Plan Termination Date, if the Junior Secured Creditor is the Formula Revolver Agent, or the Formula Revolver Priority Termination Date, if the Junior Secured Creditor is the Floor Plan Agent, it will not assert any rights of subrogation it or they may acquire as a result of any payment hereunder.
The purchase price shall be remitted by wire transfer of immediately available funds to such bank account as the Formula Revolver Agent may designate in writing to the Floor Plan Agent for such purpose.
After the occurrence of the Floor Plan Termination Date, the Formula Revolver Agent shall have the exclusive right, subject to the rights of the Obligors under the applicable Loan Documents, to settle and adjust claims in respect of the Floor Plan Priority Collateral under policies of insurance and to approve any award granted in condemnation or similar proceeding, or any deed in lieu of condemnation, in respect of the Floor Plan Priority Collateral.
Interest shall be calculated to but excluding the Business Day on which such purchase and sale shall occur if the amounts so paid by the Purchaser to the bank account designated by the Formula Revolver Agent are received in such bank account prior to 3:00 p.m. New York time.
In conducting any public or private sale under the UCC, the Formula Revolver Agent shall give the Floor Plan Agent such notice (a “UCC Notice”) of such sale as may be required by the applicable UCC; provided, however, that ten (10) Business Days’ notice shall be deemed to be commercially reasonable notice.
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Xxxx Title: Credit Manager BMO XXXXXX BANK N.A., as Formula Revolver Agent By: /s/ Xxxxx Xxxxxxx Name: Xxxxx Xxxxxxx Title: Managing Director Each of the undersigned hereby acknowledges and agrees to the foregoing terms and provisions as an Obligor.
Promptly following the Floor Plan Termination Date or the Formula Revolver Priority Termination Date, as the case may be, the Floor Plan Agent or the Formula Revolver Agent, as applicable, shall, upon the request of the Formula Revolver Agent or Floor Plan Agent, as the case may be, deliver the remainder of all Collateral, if any, in its possession to the designee of the requesting Secured Creditor (except as may otherwise be required by applicable law or court order).