Common use of Replacement of Administrative Agent or Collateral Agent Clause in Contracts

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 Borrower. Upon receipt of any such notice of resignation, the Majority Lenders shall have the right, with the prior consent of Xxxxxxxx (except during the occurrence or continuation of an Event of Default, during which no consent shall be required), to appoint a successor.

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 Borrower. Upon receipt of any such notice of resignation, the Majority Lenders shall have the right, with the prior consent of Xxxxxxxx Borrower (except during the occurrence or continuation of an Event of Default, during which no consent shall be required), to appoint a successor.