Majority Managing Agents definition

Majority Managing Agents means, at any time, Managing Agents whose Lender Group Limits together exceed fifty percent (50%) of the Facility Limit at such time.

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Majority Managing Agents means (i) at any time prior to the Amortization Date, Managing Agents whose Lender Group Limits together equal or exceed 66 2/3 percent (66 2/3%) of the Facility Limit at such time or (ii) at any other time, Managing Agents for Lender Groups whose Invested Percentages together equal or exceed 66 2/3% of the Aggregate Loan Principal Balance at such time.

Majority Managing Agents means, at any time, the Managing Agents for the Lender Groups with Group Commitments that aggregate more than 50% of the Aggregate Commitment; provided, however, that so long as the Group Commitment of any single Lender Group is greater than fifty percent (50%) of the Aggregate Commitment, then “Majority Managing Agents” shall mean a minimum of two Managing Agents for Lender Groups with Group Commitments that aggregate more than fifty percent (50%) of the Aggregate Commitment.

Examples of Majority Managing Agents in a sentence

Such Managing Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement in accordance with a request of such Majority Managing Agents, and such request and any action taken or failure to act pursuant thereto shall be binding upon all of such Managing Agent’s Lenders.
If any of the Events of Default set forth in Exhibit V shall occur, the Administrative Agent may or, at the direction of the Majority Managing Agents, shall, by notice to the Borrowers, declare the Facility Maturity Date to have occurred (in which case the Facility Maturity Date shall be deemed to have occurred); provided, that upon the occurrence of any event described in paragraph (f) or paragraph (h) of Exhibit V, the Facility Maturity Date shall occur automatically.
Each of the Borrowers and the Servicer hereby agrees that if the Administrative Agent (either directly or at the direction of the Majority Managing Agents) exercises its rights under an Account Control Agreement, the Administrative Agent shall have exclusive control of the proceeds (including Collections) of all Pool Receivables and the Borrowers hereby further agree to take any other action that the Administrative Agent may reasonably request in connection therewith.
None of the Managing Agents, the Administrative Agent or any of their respective directors, officers, agents or employees shall be liable for any action taken or omitted (i) with the consent or at the direction of the Majority Managing Agents (or in the case of any Managing Agent, the Lenders within its Lender Group that have a majority of the aggregate Commitments of such Lender Group) or (ii) in the absence of such Person’s gross negligence or willful misconduct.
Each Managing Agent and the Administrative Agent shall in all cases be fully justified in failing or refusing to take any action under any Transaction Document unless it shall first receive such advice or concurrence of the Majority Managing Agents (or in the case of any Managing Agent, the Lenders within its Lender Group that have a majority of the aggregate Commitment of such Lender Group), and assurance of its indemnification, as it deems appropriate.
Such resignation shall not become effective until (x) a successor Administrative Agent is appointed by the Majority Managing Agents and has accepted such appointment and (y) so long as no Event of Default has occurred and is continuing, the Borrowers shall have consented to such successor Administrative Agent (such consent not to be unreasonably withheld or delayed).

More Definitions of Majority Managing Agents

Majority Managing Agents means Managing Agents for Committed Purchasers representing more than 50% of the Aggregate Commitment (determined without giving effect to any termination of the Commitments hereunder); provided, however, that so long as there are only two Managing Agents, the term “Majority Managing Agents” shall mean each such Managing Agent.

Majority Managing Agents means such of the Managing Agents as represent Purchasers or successive Assignees thereof which own Receivable Interests having at least 51% of the aggregate outstanding Capital at such time or, if no Receivable Interests are then existing, having at least 51% of the total of the Purchase Limits.

Majority Managing Agents means each such Managing Agent.

Majority Managing Agents means, at any time, Managing Agents of the Investors owning at least 66-2/3% of the then aggregate outstanding Eligible Assets owned by the Investors or, if no Eligible Asset is then owned by any Investor, Investors holding at least 66-2/3% of the aggregate Purchase Limits.

Majority Managing Agents in the provisions of the Purchase Agreement incorporated in this Agreement by reference shall be deemed to be a reference to "Purchaser Groups" and "Majority Purchaser Groups", respectively, as defined in this Agreement, (d) references to the term "Parallel Purchase Commitment" in the definition of "Cure Amount", "Excess Amount", "Seller Collections", and "Transaction Documents", contained in SECTION 1.01 of the Purchase Agreement and in each of Sections 4.01, 4.02 and 5.03 of the Purchase Agreement shall be deemed to be references to the "Purchase Agreement" as defined in this Agreement, (e) references to the term "Liquidity Banks" in the definition of "Eligible Investments" contained in SECTION 1.01 of the Purchase Agreement shall be deemed to be references to the "Members" as defined in this Agreement, (f) unless otherwise expressly set forth herein, all defined terms used in such incorporated definitions, provisions, Exhibits and Schedules shall have the meanings set forth herein and (g) unless otherwise expressly set forth herein, all article, section, paragraph and clause references used in such incorporated definitions, provisions, Exhibits and Schedules shall be references to such article, section, paragraph and clause, respectively, hereof. All references in such incorporated definitions or provisions to this "Agreement", "hereof", "hereunder" or words of similar effect and to the "Administrative Agent" shall, without further reference, mean and refer to this Agreement and JPMorgan as Administrative Agent under this Agreement, respectively; likewise, to the extent any word or phrase is defined in this Agreement, any such word or phrase appearing in provisions so incorporated by reference from the Purchase Agreement shall have the meaning given to it in this Agreement. The incorporation by reference into this Agreement from the Purchase Agreement is for convenience only, and this Agreement and the Purchase Agreement shall at all times be, and be deemed to be and treated as, separate and distinct facilities. Incorporations by reference in this Agreement from the Purchase Agreement shall not be affected or impaired by any subsequent expiration or termination of the Purchase Agreement, nor by any amendment thereof or waiver thereunder unless the Administrative Agent and the Members or the Majority Purchaser Groups, as applicable under SECTION 12.01 hereof, shall have consented to such amendment or waiver in writing.

Majority Managing Agents means any Managing Agent or group of Managing Agents acting as Managing Agent(s) for one or more Purchasers the aggregate Pro Rata Shares of which equals or exceeds 51%.