Common use of Removal of the Agent Clause in Contracts

Removal of the Agent. If (a) the Agent shall cease to be eligible in accordance with the provisions of Section 14.11 and shall fail to resign after written request by all of the Lenders; (b) a receiver of the Agent or of its property shall be appointed or any Governmental Authority shall take charge or control of the Agent or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; or (c) the Agent shall be grossly negligent in the performance of its material duties and obligations under this Agreement or the Custody Agreement or engage in willful misconduct concerning any such material duties and obligations, then, in any such case, upon the unanimous consent of all the Lenders -- excluding for purposes of this Section the Agent -- the Agent may be removed and a successor Agent appointed by written instrument, in duplicate, one copy of which shall be delivered to the Agent so removed and one copy to the successor Agent.

Removal of the Agent. If (a) the Agent shall cease to be eligible in accordance with the provisions of Section 14.11 SECTION 13.11 and shall fail to resign after written request by all of the Lenders; (b) a receiver of the Agent or of its property shall be appointed or any Governmental Authority shall take charge or control of the Agent or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; or (c) the Agent shall be grossly negligent in the performance of its material duties and obligations under this Agreement or the Custody Agreement or engage in willful misconduct concerning any such material duties and obligations, then, in any such case, upon the unanimous consent of all the Lenders -- excluding for purposes of this Section the Agent -- the Agent may be removed and a successor Agent appointed by written instrument, in duplicate, one copy of which shall be delivered to the Agent so removed and one copy to the successor Agent.