Authorization to Administrative Agent Sample Clauses
The 'Authorization to Administrative Agent' clause designates a specific party, known as the Administrative Agent, to act on behalf of all lenders or participants in a financial transaction. This clause typically grants the agent authority to take actions such as managing loan disbursements, collecting payments, enforcing rights, and communicating with the borrower. By centralizing these responsibilities, the clause streamlines administration and ensures consistent decision-making, thereby reducing confusion and inefficiency among multiple parties.
Authorization to Administrative Agent. If, while any Subordinated Debt is outstanding, any Insolvency Proceeding is commenced by or against the Company or its property:
(i) the Administrative Agent, when so instructed by the Required Lenders, is hereby irrevocably authorized and empowered (in the name of the Guaranteed Parties or in the name of the Guarantor or otherwise), but shall have no obligation, to demand, ▇▇▇ for, collect and receive every payment or distribution in respect of the Subordinated Debt and give acquittance therefor and to file claims and proofs of claim and take such other action (including voting the Subordinated Debt) as it may deem necessary or advisable for the exercise or enforcement of any of the rights or interests of the Guaranteed Parties; and
(ii) the Guarantor shall promptly take such action as the Administrative Agent (on instruction from the Required Lenders) may reasonably request (A) to collect the Subordinated Debt for the account of the Guaranteed Parties and to file appropriate claims or proofs of claim in respect of the Subordinated Debt, (B) to execute and deliver to the Administrative Agent, such powers of attorney, assignments and other instruments as it may request to enable it to enforce any and all claims with respect to the Subordinated Debt, and (C) to collect and receive any and all Subordinated Debt Payments.
Authorization to Administrative Agent. Each Lender hereby authorizes the Administrative Agent to take such action as shall be consistent with the purposes hereof and as it shall deem necessary or appropriate to carry out the purposes of this Amendment.
Authorization to Administrative Agent. If, while any Subordinated Debt is outstanding, any Insolvency Event shall occur and be continuing with respect to any Loan Party: (i) Administrative Agent hereby is irrevocably authorized and empowered (in the name of each Non-Loan Party or otherwise), but shall have no obligation, to demand, ▇▇▇ for, collect, and receive every payment or distribution in respect of the Subordinated Debt and give acquittance therefor and to file claims and proofs of claim and take such other action (including voting the Subordinated Debt) as it may deem necessary or advisable for the exercise or enforcement of any of the rights or interests of Administrative Agent or any other Senior Claimholder; and (ii) each Non-Loan Party shall promptly take such action as Administrative Agent reasonably may request (A) to collect the Subordinated Debt for the account of Administrative Agent and the other Senior Claimholders and to file appropriate claims or proofs of claim in respect of the Subordinated Debt, (B) to execute and deliver to Administrative Agent such powers of attorney, assignments, and other instruments as it may request to enable it to enforce any and all claims with respect to the Subordinated Debt, and (C) to collect and receive any and all Subordinated Debt Payments.
Authorization to Administrative Agent. If, while any Subordinated Debt is outstanding, any Insolvency Proceeding is commenced by or against the Borrower or its property:
(i) the Administrative Agent, when so instructed by the Majority Lenders, is hereby irrevocably authorized and empowered (in the name of the Guaranteed Parties or in the name of the Guarantor or otherwise), but shall have no obligation, to demand, s▇▇ for, collect and receive every payment or distribution in respect of the Subordinated Debt and give acquittance therefor and to file claims and proofs of claim and take such other action (including voting the Subordinated Debt and issuing a notice to the Guarantor pursuant to section 25A(1)(c) of the Irish Companies (Amendment) Act 1990) as it may deem necessary or advisable for the exercise or enforcement of any of the rights or interests of the Guaranteed Parties; and
(ii) the Guarantor shall promptly take such action as the Administrative Agent (on instruction from the Majority Lenders) may reasonably request (A) to collect the Subordinated Debt for the account of the Guaranteed Parties and to file appropriate claims or proofs of claim in respect of the Subordinated Debt, (B) to execute and deliver to the Administrative Agent, such powers of attorney, assignments and other instruments as it may request to enable it to enforce any and all claims with respect to the Subordinated Debt, and (C) to collect and receive any and all Subordinated Debt Payments.
Authorization to Administrative Agent. If, while any US Subordinated Debt is outstanding, any Insolvency Proceeding is commenced by or against any US Borrower or its property:
Authorization to Administrative Agent. The Lenders hereby authorize and instruct the Administrative Agent to enter into the Intercreditor Agreement at any time at the request of the Company in connection with any borrowing by the Company under the Term Facility.
Authorization to Administrative Agent. By execution of a counterpart of this Second Amendment, each of the undersigned Banks does hereby approve the form of the Subordinate Note Agreement previously delivered to the Banks, with such changes thereto as may be approved by the Administrative Agent, and authorizes the Administrative Agent to take such action with respect thereto as the Administrative Agent deems appropriate.
Authorization to Administrative Agent. The Lenders hereby authorize the Administrative Agent to enter into an agreement with CoreStates in substantially the form of Exhibit A hereto.
Authorization to Administrative Agent. If, while any Subordinated Debt is outstanding and while an Event of Default exists, any Insolvency Proceeding is commenced by or against any Subsidiary Obligor or its property:
Authorization to Administrative Agent. If, while any European Subordinated Debt is outstanding, any Insolvency Proceeding is commenced by or against the European Borrower or its property: