Common use of Removal of Agent Clause in Contracts

Removal of Agent. The Borrower may, but shall have no obligation to, remove the Agent from its capacity as Agent upon the merger or consolidation of the Agent with or into any Person or upon the appointment of the Federal Deposit Insurance Corporation as receiver for the Agent as a result of the Agent's insolvency, by giving sixty (60) days prior written notice thereof to the Agent and the Banks. Upon any such removal, the Majority Banks shall have the right to appoint a successor Agent, such successor Agent being reasonably acceptable to the Borrower unless a Default or Event of Default shall have occurred and be continuing. If no successor Agent shall have been so appointed by the Majority Banks and shall have accepted such appointment within thirty (30) days after the removal of the Agent, then any Bank shall have the right to petition a court of competent jurisdiction for the appointment of a successor Agent. Upon the acceptance of any appointment as Agent hereunder by a successor Agent, such successor Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the removed Agent, and the removed Agent shall be discharged from its duties and obligations hereunder. After any removal of the Agent, the provisions of this Credit Agreement and the other Loan Documents shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as Agent.

Removal of Agent. The Borrower may, but shall have no obligation to, remove the Agent from its capacity as Agent upon the merger or consolidation of the Agent with or into any Person or upon the appointment of the Federal Deposit Insurance Corporation as receiver for the Agent as a result of the Agent's insolvency, by giving sixty (60) days prior written notice thereof to the Agent and the Banks. Upon any such removal, the Co-Agent shall be appointed the successor Agent provided that if there is no Co-Agent or the Co-Agent declines to accept such appointment, the Majority Banks shall have the right to appoint a successor Agent, such successor Agent being reasonably acceptable to the Borrower unless a Default or Event of Default shall have occurred and be continuing. If no successor Agent shall have been so appointed by the Majority Banks and shall have accepted such appointment within thirty (30) days after the removal of the Agent, then any Bank shall have the right to petition a court of competent jurisdiction for the appointment of a successor Agent. Upon the acceptance of any appointment as Agent hereunder by a successor Agent, such successor Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the removed Agent, and the removed Agent shall be discharged from its duties and obligations hereunder. After any removal of the Agent, the provisions of this Credit Agreement and the other Loan Documents shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as Agent.

Removal of Agent. The Borrower mayLenders, but shall have no obligation to, remove the acting by written notice to Agent from its capacity and agreed to by the Required Lenders, may remove for cause the then current Agent, as Agent Agent, and appoint (with the prior approval of Borrower, except as otherwise provided herein) one of the other Lenders as the successor Agent. If the Required Lenders and Borrower cannot agree upon the merger or consolidation choice of the successor Agent with or into any Person or upon within 10 days after the appointment removal of Agent, then the Designated Successor Agent shall become the successor Agent. Borrower shall be entitled to participate in the selection of the Federal Deposit Insurance Corporation as receiver for the replacement Agent as a result of the Agent's insolvency, by giving sixty (60) days prior written notice thereof to the Agent and the Banks. Upon any such removal, the Majority Banks shall have the right to appoint a successor Agent, such successor Agent being reasonably acceptable to the Borrower unless only if a Default or Event of Default shall have occurred and be is not then continuing. If no successor Agent shall have been so appointed by the Majority Banks and shall have accepted such appointment within thirty (30) days after the removal of the Agent, then any Bank shall have the right to petition a court of competent jurisdiction for Upon the appointment of a successor Agent. Upon , the acceptance of any appointment as removed Agent hereunder by a successor Agent, such and the successor Agent shall thereupon succeed execute such documents as any Lender may reasonably request to reflect such appointment of a successor Agent and become shall notify Borrower of such change in the Agent. The successor Agent shall be vested with all the rights, powers, and privileges and duties of the removed Agentbe bound to all duties, obligations, and the removed responsibilities of Agent shall be discharged from its duties in and obligations hereunder. After any removal of the Agent, the provisions of under this Credit Agreement and the other Loan Documents Documents; provided, however, that until such time as Borrower is notified in writing signed by both the removed and successor Agents as to the appointment of the successor Agent, Borrower shall continue in effect for its benefit in respect of be entitled to rely on any actions taken decision, approval or omitted other act by the removed Agent as binding on Lenders, and may pay to be taken Agent any amounts due or owing by it while it was acting as AgentBorrower under the Loan Documents.

Removal of Agent. The Provided no Event of Default has occurred and is continuing, Borrower may, but shall have no obligation to, remove the Agent from its capacity as Agent upon the merger or consolidation of the Agent with or into any Person or upon the appointment of the Federal Deposit Insurance Corporation as receiver for the Agent as a result of the Agent's insolvency, by giving sixty (60) days prior written notice thereof to the Agent and the Banks. Upon any such removal, the Majority Banks shall have the right to replace the Agent in its capacity as “Agent” under this Agreement (without affecting such Lender’s obligations under this Agreement as “Lender”) on the following terms and conditions: (a) Borrower may appoint a successor Agent, such successor any “titled” Lender appearing on the cover page or preamble of this Agreement or its banking Affiliate as Agent being reasonably acceptable to without the Borrower unless a Default or Event of Default shall have occurred and be continuing. If no successor Agent shall have been so appointed by the Majority Banks and shall have accepted such appointment within thirty (30) days after the removal approval of the Agentother Lenders, then any Bank shall have the right to petition a court of competent jurisdiction for but the appointment of any other Lender as Agent must be approved by a successor Agent. vote of the Majority Lenders. (b) Upon the acceptance of any appointment as Agent hereunder by a successor Agent, such successor Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the removed Agent, and the removed Agent shall be discharged from its duties and obligations hereunder. After any the removal of the any Agent as “Agent” pursuant to this Section 17.3, the provisions of this Credit Agreement and the other Loan Documents shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as Agent. The removed Agent shall cooperate with the successor Agent in the turning over of all records, information and other administrative matters regarding the Loan.