Lead Borrower definition
Examples of Lead Borrower in a sentence
Notwithstanding anything to the contrary contained herein, if at any time Bank of America assigns all of its Commitments and Loans pursuant to clause (a) above, Bank of America may, upon thirty (30) days’ notice to the Lead Borrower and the Lenders, resign as an Issuer.
In the event of any such resignation as an Issuer, and if there are no other Issuers at the time of such resignation, the Lead Borrower shall be entitled to appoint from among the Lenders willing to serve in such capacity a successor Issuer hereunder; provided that no failure by the Lead Borrower to appoint any such successor shall affect the resignation of Bank of America as an Issuer.
Each notice from the Lead Borrower to the Administrative Agent shall specify (i) the requested Funding Date or conversion date, as applicable, (ii) the aggregate amount of the Borrowing requested (in an amount permitted under Section 2.4(b)), and (iii) the Type of Loans being borrowed or converted, as applicable.
Upon receipt of any such notice of resignation, the Majority Lenders shall have the right, in consultation with the Lead Borrower, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States.
The Lead Borrower may elect to convert any outstanding Alternate Base Rate Loan into a Daily Simple SOFR Loan or a Daily Simple SOFR Loan into an Alternate Base Rate Loan, by giving the Administrative Agent a notice in the form required by Section 2.4. Each conversion of Daily Simple SOFR Loans shall be pro-rated among the applicable outstanding Loans of all Lenders.