Common use of AGENT MAY APPOINT SUCCESSOR Clause in Contracts

AGENT MAY APPOINT SUCCESSOR. If any Agent gives notice of its resignation in accordance with Clause 12.1 and by the tenth day before the expiration of such notice a successor has not been duly appointed, such Agent may itself, following such consultation with the Issuer as is practicable in the circumstances and with the prior written approval of the Note Trustee and the Issuer (provided such failure to appoint was not due to default by the Issuer), appoint as its successor any reputable and experienced bank or financial institution and give notice of such appointment to the Issuer, the remaining Agents and the Noteholders. Such successor shall execute and deliver to the relevant Agent, the Issuer, the Note Trustee and (unless the relevant Agent is the Principal Paying Agent) the Principal Paying Agent an instrument accepting appointment on the terms and conditions of this Agreement whereupon the Issuer, the remaining Agents and such successor agent shall acquire and become subject to the same rights and obligations between themselves as if they had entered into an agreement in the form mutatis mutandis of this Agreement.

AGENT MAY APPOINT SUCCESSOR. If any Agent gives notice of its resignation in accordance with Clause 12.1 11.1 (Resignation) and by the tenth day before the expiration of such notice a successor has not been duly appointed, such Agent may itself, following such consultation with the Issuer as is practicable in the circumstances and with the prior written approval of the Note Trustee and the Issuer (provided such failure to appoint was not due to default by the Issuer)) and the Note Trustee, appoint as its successor any reputable and experienced bank or financial institution and give notice of such appointment to the Issuer, the remaining Agents and the Noteholders. Such successor shall execute and deliver to the relevant Agent, the Issuer, the Note Trustee and (unless the relevant Agent is the Principal Paying Agent) the Principal Paying Agent an instrument accepting appointment on the terms and conditions of this Agreement whereupon the Issuer, the remaining Agents and such successor agent shall acquire and become subject to the same rights and obligations between themselves as if they had entered into an agreement in the form mutatis mutandis of this Agreement.