The Collateral Manager Not to Resign. The Collateral Manager shall not resign from the obligations and duties hereby imposed on it except upon the Collateral Manager’s good faith determination in consultation with legal counsel that (i) the performance of its duties hereunder is or becomes impermissible under Applicable Law and (ii) there is no reasonable action that the Collateral Manager could take to make the performance of its duties hereunder permissible under Applicable Law. In connection with any such determination permitting the resignation of the Collateral Manager, the Collateral Manager shall deliver to the Administrative Agent and the Borrower a description of the circumstances giving rise to such determination.
Appears in 30 contracts
Sources: Loan and Security Agreement (Kayne Anderson BDC, Inc.), Loan and Security Agreement (Kayne Anderson BDC, Inc.), Loan and Security Agreement (Stepstone Private Credit Fund LLC)
The Collateral Manager Not to Resign. The Collateral Manager shall not resign from the obligations and duties hereby imposed on it except upon the Collateral Manager’s good faith determination in consultation with legal counsel that (i) the performance of its duties hereunder is or becomes impermissible under Applicable Law and (ii) there is no reasonable action that the Collateral Manager could take to make the performance of its duties hereunder permissible under Applicable Law. In connection with any Any such determination permitting the resignation of the Collateral Manager, the Collateral Manager shall deliver be evidenced as to clause (i) above by an Opinion of Counsel to such effect delivered to the Administrative Agent and the Borrower a description of the circumstances giving rise to such determinationAgent.
Appears in 29 contracts
Sources: Loan and Security Agreement (CION Investment Corp), Loan, Security and Collateral Management Agreement (Phillip Street Middle Market Lending Fund LLC), Loan, Security and Collateral Management Agreement (Investcorp Credit Management BDC, Inc.)
The Collateral Manager Not to Resign. The Collateral Manager shall not resign from the obligations and duties hereby imposed on it except upon the Collateral Manager’s good faith determination in consultation with legal counsel that (ia) the performance of its duties hereunder is or becomes impermissible under Applicable Law and (iib) there is no reasonable action that the Collateral Manager could take to make the performance of its duties hereunder permissible under Applicable Law. In connection with any Any such determination permitting the resignation of the Collateral Manager, the Collateral Manager shall deliver be evidenced as to clause (a) above by an opinion of counsel to such effect delivered to the Administrative Agent and the Borrower a description of the circumstances giving rise to such determinationeach Lender.
Appears in 4 contracts
Sources: Credit Agreement (HPS Corporate Lending Fund), Credit Agreement (HPS Corporate Lending Fund), Credit Agreement (HPS Corporate Lending Fund)
The Collateral Manager Not to Resign. The Collateral Manager shall not resign from the obligations and duties hereby imposed on it except upon the Collateral Manager’s good faith determination in consultation with legal counsel that (i) the performance of its duties hereunder is or becomes impermissible under Applicable Law and (ii) there is no reasonable action that the Collateral Manager could take to make the performance of its duties hereunder permissible under Applicable Law. In connection with any Any such determination permitting the resignation of the Collateral Manager, the Collateral Manager shall deliver be supported as to clause (i) above by written advice of counsel, a summary of which will be provided to the Administrative Agent and the Borrower a description of the circumstances giving rise to such determinationAgent.
Appears in 2 contracts
Sources: Loan, Security and Collateral Management Agreement (Willow Tree Capital Corp), Loan Agreement (Willow Tree Capital Corp)