US Administrative Borrower definition
Examples of US Administrative Borrower in a sentence
Each US Borrower hereby irrevocably appoints BBCPH as the borrowing agent and attorney-in-fact for all US Borrowers (the “US Administrative Borrower”) which appointment shall remain in full force and effect unless and until Agent shall have received prior written notice signed by each US Borrower that such appointment has been revoked and that another US Borrower has been appointed US Administrative Borrower.
Agent is authorized to make the US Revolving Loans, and each applicable Issuing Bank is authorized to issue the Letters of Credit, under this Agreement based upon telephonic or other instructions received from anyone purporting to be an Authorized Person of US Administrative Borrower or, without instructions, if pursuant to Section 2.6(d).
All notices and other communications provided for hereunder shall be given in the form and manner and delivered to Agent at its address specified in the Credit Agreement and to any of the Grantors at the address of the US Administrative Borrower specified in the Credit Agreement, or, as to any party, at such other address as shall be designated by such party in a written notice to the other party.
If no successor Agent is appointed prior to the effective date of the resignation of Agent, Agent may appoint, after consulting with the Lenders and U.S. Administrative Borrower, a successor Agent.
On the last day of each applicable Interest Period, unless U.S. Administrative Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder.
U.S. Administrative Borrower agrees to establish and maintain the U.S. Designated Account with the U.S. Designated Account Bank for the purpose of receiving the proceeds of the U.S. Advances (including Swing Loans) requested by U.S. Administrative Borrower, on behalf of the U.S. Borrowers, and made by Agent or the Lenders hereunder.
If Agent has materially breached or failed to perform any material provision of this Agreement or of Applicable Law, the Required Lenders may agree in writing to remove and replace Agent with a successor Agent from among the Lenders with (so long as no Event of Default has occurred and is continuing) the consent of U.S. Administrative Borrower (such consent not to be unreasonably withheld, delayed, or conditioned).
In connection with the use or administration of Term SOFR, Agent will have the right to make Conforming Changes from time to time in consultation with the US Administrative Borrower and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.
If Agent resigns under this Agreement, the Required Lenders shall be entitled, with (so long as no Event of Default has occurred and is continuing) the consent of U.S. Administrative Borrower (such consent not to be unreasonably withheld, delayed, or conditioned), appoint a successor Agent for the Lenders (and the Bank Product Providers).
A certificate of Agent or a Lender delivered to U.S. Administrative Borrower setting forth in reasonable detail any amount or amounts that Agent or such Lender is entitled to receive pursuant to this Section 2.12 shall be conclusive absent manifest error.