Replacement of Administrative Agent or Collateral Agent. (1) The Administrative Agent or the Collateral Agent may resign at any time upon 30 days’ notice to the Lenders and the Borrowers. Upon receipt of any such notice of resignation, the Majority Lenders shall have the right, with the prior consent of Open Text (except during the occurrence or continuation of an Event of Default, during which no consent shall be required), to appoint a successor, which, in the case of the Administrative Agent, shall be a Lender having a Revolving Credit Commitment and having an office in Toronto, Ontario or an Affiliate of any such Lender with an office in Toronto.
Appears in 5 contracts
Samples: Credit Agreement (Open Text Corp), Credit Agreement (Open Text Corp), Credit Agreement (Open Text Corp)
