Acceptance of Appointment by Successor Agent. Every Successor Agent appointed hereunder and qualified under Section 6.7 shall execute, acknowledge and deliver to the Borrower and the retiring Loan Agent an instrument accepting such appointment and agreeing to be bound by this Agreement and the Indenture. Upon delivery of the required instruments, the resignation or removal of the retiring Loan Agent shall become effective and such Successor Agent, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts, duties and obligations of the retiring Loan Agent; but, on request of the Borrower or a Majority of the Lenders or the Successor Agent, such retiring Loan Agent shall, upon payment of its charges then unpaid, execute and deliver an instrument transferring to such Successor Agent all the rights, powers and trusts of the retiring Loan Agent, and shall duly assign, transfer and deliver to such Successor Agent all property held by such retiring Loan Agent hereunder. Upon request of any such Successor Agent, the Borrower shall execute any and all instruments for more fully and certainly vesting in and confirming to such Successor Agent all such rights, powers and trusts.
Acceptance of Appointment by Successor Agent. Subject to the satisfaction of the conditions precedent set forth in Article V, Successor Agent hereby accepts its appointment as Administrative Agent, L/C Issuer and Swingline Lender under the Credit Agreement and the other Loan Documents and shall hereby (i) succeed to and, from and after the Resignation Effective Date, be vested with all the rights, powers, privileges, duties and protections of Administrative Agent, L/C Issuer and Swingline Lender under the Credit Agreement and each of the other Loan Documents, in each case with like effect as if Successor Agent were originally named as Administrative Agent, L/C Issuer and Swingline Lender under the Credit Agreement and each of the other Loan Documents and (ii) issue letters of credit in substitution for the Letters of Credit, if any, outstanding on the Resignation Effective Date or make other arrangements satisfactory to Resigning L/C Issuer to effectively assume the obligations of Resigning L/C Issuer with respect to such Letters of Credit. From and after the Resignation Effective Date, except (x) as provided in Section 3.01(g) of the Credit Agreement and (y) for any rights to indemnity payments or other amounts owed to Resigning Agent as of the Resignation Effective Date, all payments, communications and determinations provided to be made by, to or through Administrative Agent shall instead be made to Successor Agent.
Acceptance of Appointment by Successor Agent
