Common use of Appointment of Successor Collateral Agent Clause in Contracts

Appointment of Successor Collateral Agent. Upon any such resignation or removal, a successor Collateral Agent reasonably acceptable to the Issuers and the other Grantors may be appointed by an Act of Required Secured Parties. If no successor Collateral Agent has been so appointed and accepted such appointment within 30 days after the predecessor Collateral Agent gave notice of resignation or was removed, the retiring Collateral Agent may (at the expense of the Issuers), at its option, appoint a successor Collateral Agent, or petition a court of competent jurisdiction for appointment of a successor Collateral Agent, which must be a bank or trust company: (1) authorized to exercise corporate agency or trust powers; (2) having a combined capital and surplus of at least $500,000,000; and (3) that is not an Issuer or an Affiliate of the Issuers. The Collateral Agent will fulfill its obligations hereunder until a successor Collateral Agent meeting the requirements of this Section 6.2 has accepted its appointment as Collateral Agent and the provisions of Section 6.3 have been satisfied.

Appointment of Successor Collateral Agent. Upon any such resignation or removal, a successor Collateral Agent reasonably acceptable to the Issuers and the other Grantors may be appointed by an Act of Required Secured Partiesa Securityholder Instruction. If no successor Collateral Agent has been so appointed and accepted such appointment within 30 days after the predecessor Collateral Agent gave notice of resignation or was removed, the retiring Collateral Agent may (at the expense of the IssuersAirlines), at its option, appoint a successor Collateral Agent, or petition a court of competent jurisdiction for appointment of a successor Collateral Agent, which must be a bank or trust company: (1a) authorized to exercise corporate agency or trust powers;; and (2b) having a combined capital and surplus of at least $500,000,000; and (3) that is not an Issuer or an Affiliate of the Issuers. The Collateral Agent will fulfill its obligations hereunder until a successor Collateral Agent meeting the requirements of this Section 6.2 8.02 has accepted its appointment as Collateral Agent and the provisions of Section 6.3 8.03 have been satisfied.

Appointment of Successor Collateral Agent. ‌ Upon any such resignation or removal, a successor Collateral Agent reasonably acceptable to the Issuers and the other Grantors may be appointed by an Act instruction of Required the Requisite Secured Parties. If no successor Collateral Agent has been so appointed and accepted such appointment within 30 days after the predecessor Collateral Agent gave notice of resignation or was removed, the retiring Collateral Agent may (at the expense of the IssuersIssuer), at its option, appoint a successor Collateral Agent, or petition a court of competent jurisdiction for appointment of a successor Collateral Agent, which must be a chartered bank or trust company: (1a) authorized to exercise corporate agency or trust powers;powers;‌ (2b) having a combined regulatory capital and surplus of at least $500,000,000100,000,000; and (3c) that authorized to carry on business in each jurisdiction where the Collateral is not an Issuer or an Affiliate of the Issuers. located.‌ The Collateral Agent will fulfill its obligations hereunder until a successor Collateral Agent meeting the requirements of this Section 6.2 has accepted its appointment as Collateral Agent and the provisions of Section 6.3 have been satisfied.

Appointment of Successor Collateral Agent. Upon any such resignation or removal, a successor Collateral Agent reasonably acceptable to the Issuers and the other Grantors may be appointed by an Act instruction of Required the Requisite Secured Parties. If no successor Collateral Agent has been so appointed and accepted such appointment within 30 days after the predecessor Collateral Agent gave notice of resignation or was removed, the retiring Collateral Agent may (at the expense of the IssuersIssuer), at its option, appoint a successor Collateral Agent, or petition a court of competent jurisdiction for appointment of a successor Collateral Agent, which must be a chartered bank or trust company: (1a) authorized to exercise corporate agency or trust powers; (2b) having a combined regulatory capital and surplus of at least $500,000,000100,000,000; and (3c) that authorized to carry on business in each jurisdiction where the Collateral is not an Issuer or an Affiliate of the Issuerslocated. The Collateral Agent will fulfill its obligations hereunder until a successor Collateral Agent meeting the requirements of this Section 6.2 has accepted its appointment as Collateral Agent and the provisions of Section 6.3 have been satisfied.