Resignation; Successor. The Bank may resign from its duties as fiscal agent and paying agent hereunder, or under any other related instrument, upon giving 60 days' advance written notice to Issuer and Tenant. Such resignation shall become effective at the end of such 60 days or upon the earlier appointment of a successor by the Owners of a majority in principal amount of the Bonds outstanding, provided, however, that, in the case of a vacancy, the Issuer may appoint a temporary successor to serve until a permanent successor shall be appointed by the Owners as above provided. If no successor shall have been appointed and have accepted such appointment within said 60-day period, the Bank or any Owner may petition any court of competent jurisdiction for the appointment of a successor. The Bank shall deliver assets held hereunder to the successor appointed and accepting such appointment pursuant to this subsection, and thereupon the obligations and duties of the Bank hereunder shall cease and terminate.
Resignation; Successor. The Collateral Agent may resign at any time by giving ten (10) Business Days’ advance written notice of such resignation to each of the Secured Parties and Grantor. Upon receipt of such notice of resignation, the Secured Parties shall have the right to appoint a successor Collateral Agent either from among the Secured Parties or, if no Secured Party agrees to act as Collateral Agent, such person or entity as may be approved in writing by each of the Secured Parties, and the Secured Parties shall use their diligent efforts promptly to appoint a successor Collateral Agent. The resigning Collateral Agent and Grantor shall promptly execute all documents reasonably requested by the Secured Parties or the successor Collateral Agent to convey all rights and interests of the resigning Collateral Agent (in such capacity) under this Agreement to any successor Collateral Agent. If no successor Collateral Agent shall have been appointed by the Secured Parties, and accepted such appointment, prior to the effective date of the resigning Collateral Agent’s resignation, then the Secured Parties shall continue to act in concert hereunder, and to cause any function of the Collateral Agent to instead be performed hereunder by the Secured Parties acting jointly. Upon the acceptance by a successor Collateral Agent of its appointment as Collateral Agent hereunder, such successor Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges, duties and obligations of the resigning Collateral Agent (but with none of the resigning Collateral Agent’s Liabilities previously incurred under this Agreement), and the resigning Collateral Agent shall be discharged from its duties and obligations under this Agreement and the other Financing Documents. Notwithstanding the resignation of a Collateral Agent hereunder, the provisions of Section 8.5 shall inure to its benefit with respect to any actions taken or omitted to be taken by it while it was Collateral Agent under this Agreement.
Resignation; Successor. Escrow Agent may resign from its obligations hereunder by written notice to Pledgor and Pledgee, such resignation to become effective upon the appointment of a successor escrow holder and the delivery to such successor escrow holder of the Collateral. Within 10 days following notice of Escrow Agent's intent to resign, the Pledgor and Pledgee shall jointly designate in writing a successor escrow holder. In the absence of such a designation by Pledgor and Pledgee, Escrow Agent may designate a successor escrow holder. The resigning Escrow Agent shall have no responsibility for the performance of failure of performance of any successor escrow holder hereunder, whether designated by Pledgor and Pledgee or by the resigning Escrow Agent. When the resignation of a resigning Escrow Agent shall become affective hereunder, such Escrow Agent shall be absolutely released and relieved from any and all liability arising thereafter under this Agreement.
Resignation; Successor. The Administrative Agent may resign at any time by giving ten days’ prior written notice thereof to Lenders and Borrower, and the Administrative Agent may be removed at any time with or without cause by an instrument or concurrent instruments in writing delivered to Borrower and Administrative Agent and signed by the Requisite Lenders. Upon any such notice of resignation or any such removal, the Requisite Lenders shall have the right, upon five (5) Business Days’ notice to Borrower, to appoint a successor Administrative Agent. Upon the acceptance of any appointment as the Administrative Agent hereunder by a successor Administrative Agent, that successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring or removed Administrative Agent and the retiring or removed Administrative Agent shall promptly transfer to such successor Administrative Agent all sums, if any, held by it under the Loan Documents, together with all records and other documents necessary or appropriate in connection with the performance of the duties of the successor Administrative Agent under the Loan Documents. After any retiring or removed Administrative Agent’s resignation or removal hereunder as Administrative Agent, the provisions of this Section 7 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent hereunder.
Resignation; Successor. (i) Collateral Agent may resign upon 15 days prior written notice to the Investors (unless such notice is waived by a Majority in Interest) and Company (provided that notice to the Company will not be required if an Event of Default exists or such notice is waived by Company). If Collateral Agent resigns under this Agreement, a Majority in Interest shall be entitled, (so long as no Event of Default has occurred and is continuing) with the consent of Company (such consent not to be unreasonably withheld, delayed, or conditioned), to appoint a successor Collateral Agent for the Investors.
Resignation; Successor. The Escrow Agent may at any time resign and be discharged of its obligations hereunder by giving to the Chief Financial Officer of the Company written notice of such resignation and by refunding to the Company a pro rata amount of the escrow fee described in paragraph 4 hereof based on the remainder of the term of this Escrow Agreement compared to its complete term, not less than 60 days before the date when the same is to take effect, and by publication of a copy of such notice in any available daily or weekly newspaper or periodical which circulates throughout the State of Minnesota and furnishes financial news as part of its service, not less than 30 days prior to such date. Such resignation shall take effect upon the appointment and qualification of a successor escrow agent. In the event of receipt of notice of such resignation, a successor shall be promptly appointed by the Company, and the Company shall immediately give written notice thereof to the predecessor agent and publish the same in a Minnesota newspaper as described above. If in a proper case no appointment of a successor agent is made within 45 days after the receipt by the Company of notice of such resignation, the Escrow Agent or the holder of any Bond may apply to any court of competent jurisdiction to appoint a successor Escrow Agent, which appointment may be made by the court after such notice, if any, as the court may prescribe. Any successor agent appointed hereunder shall execute, acknowledge and deliver to its predecessor agent and to the Company a written acceptance of such appointment, and shall thereupon without any further act, deed or conveyance become fully vested with all moneys, properties, duties and obligations of its predecessor, but the predecessor shall nevertheless pay over, transfer, assign and deliver all moneys, securities or other property held by it to the successor agent, shall execute, acknowledge and deliver such instruments of conveyance and do such other things as may reasonably be required to vest and confirm more fully and certainly in the successor agent all right, title and interest in and to the property held by it hereunder. Any bank into which the Escrow Agent may be merged or with which it may be consolidated or any bank resulting from any merger or consolidation to which it shall be a party or any bank to which it may sell or transfer all or substantially all of its corporate trust business shall, if the Company approves, be the successor agent with...
