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 determination that (a) the performance of its duties hereunder is or becomes impermissible under Applicable Law and (b) there is no reasonable action that the Collateral Manager could take to make the performance of its duties hereunder permissible under Applicable Law. Any such determination permitting the resignation of the Collateral Manager shall be evidenced as to clause (a) above by an opinion or memorandum of counsel to such effect delivered to the Administrative Agent and each Lender.
Appears in 1 contract
Sources: Revolving Credit and Security Agreement (Lord Abbett Private Credit Fund S)
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 determination that (ai) the performance of its duties hereunder is or becomes impermissible under Applicable Law and (bii) there is no reasonable action that the Collateral Manager could take to make the performance of its duties hereunder permissible under Applicable Law. Any No such determination permitting resignation shall become effective until a Replacement Collateral Manager shall have assumed the resignation responsibilities and obligations of the Collateral Manager shall be evidenced as to clause (a) above by an opinion or memorandum of counsel to such effect delivered to the Administrative Agent and each Lender.in accordance with Section 6.02. ‑157‑
Appears in 1 contract
Sources: Loan and Servicing Agreement (MSD Investment Corp.)
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 determination that (ai) the performance of its duties hereunder is or becomes impermissible under Applicable Law and (bii) there is no reasonable action that the Collateral Manager could take to make the performance of its duties hereunder permissible under Applicable Law. Any such determination permitting the resignation of the Collateral Manager shall be evidenced as to clause (ai) above by an opinion or memorandum Opinion of counsel Counsel to such effect delivered to the Administrative Agent Agent. [Investcorp] Loan and each Lender.Security Agreement
Appears in 1 contract
Sources: Loan, Security and Collateral Management Agreement (Investcorp Credit Management BDC, Inc.)