Common use of Effective Date of Resignation of the Administrative Agent Clause in Contracts

Effective Date of Resignation of the Administrative Agent. No resignation or removal of the Administrative Agent shall be effective until both (i) 60 days have elapsed after notice to the Seller and the Buyers of the Administrative Agent’s election to resign or its removal, and (ii) a successor agent has been appointed pursuant to the provisions of this Section 22 and has accepted the appointment as provided in Section 22.15; provided that if such appointment has not been so made or if the Administrative Agent’s duties have not been assumed by the appointed successor on or before 90 days after the date of the Administrative Agent’s notice of resignation, the Administrative Agent may cease acting as agent and representative of the Buyers hereunder, and shall have no further responsibility therefor, at the close of business on the 10th Business Day after such 90-day period.

Effective Date of Resignation of the Administrative Agent. No resignation or removal of the Administrative Agent shall be effective until both (i) 60 days have elapsed after notice to the Seller and the Buyers of the Administrative Agent’s election to resign or its removal, and (ii) a successor agent has been appointed pursuant to the provisions of this Section 22 and has accepted the appointment as provided in Section 22.1522.16; provided that if such appointment has not been so made or if the Administrative Agent’s duties have not been assumed by the appointed successor on or before 90 days after the date of the Administrative Agent’s notice of resignation, the Administrative Agent may cease acting as agent and representative of the Buyers hereunder, and shall have no further responsibility therefor, at the close of business on the 10th Business Day after such 90-day period.

Effective Date of Resignation of the Administrative Agent. No resignation or removal of the Administrative Agent shall be effective until both (i) 60 sixty (60) days have elapsed after notice to the Seller and the Buyers of the Administrative Agent’s election to resign or its removal, and (ii) a successor agent has been appointed pursuant to the provisions of this Section 22 and has accepted the appointment as provided in Section 22.1522.12; provided that if such appointment has not been so made or if the Administrative Agent’s duties have not been assumed by the appointed successor on or before 90 ninety (90) days after the date of the Administrative Agent’s notice of resignation, the Administrative Agent may cease acting as agent and representative of the Buyers hereunder, and shall have no further responsibility therefor, at the close of business on the 10th tenth (10th) Business Day after such 90ninety-day period.