Common use of Replacement of Administrative Agent Clause in Contracts

Replacement of Administrative Agent. (a) The Administrative Agent may at any time give notice of its resignation to Xxxxxxx and the Borrower. Upon receipt of any such notice of resignation, Required Lenders shall have the right, in consultation with Xxxxxxxx, to appoint a successor, which shall be a Lender having a Commitment to a Loan if one or more is established in this Agreement and having an office in Toronto or an Affiliate of any such Lender with an office in Toronto. The Administrative Agent may also be removed at any time by Required Lenders upon 30 days’ notice to the Administrative Agent and the Borrower as long as Required Lenders, in consultation with Borrower, appoint and obtain the acceptance of a successor within such 30 days, which shall be a Lender having a Commitment to a Loan if one or more is established in this Agreement and having an office in Toronto or an Affiliate of any such Lender with an office in Toronto.

Replacement of Administrative Agent. (a1) The Administrative Agent may at any time give notice of its resignation to Xxxxxxx the Lenders and the BorrowerBorrowers. Upon receipt of any such notice of resignation, Required the Majority Lenders shall have the right, in consultation with Xxxxxxxx(provided no Event of Default has occurred and is continuing) the prior consent of the Borrowers, to appoint a successor, which shall be a Lender having a Commitment to a Loan if one or more is established in this Agreement and having an office in Toronto Toronto, Ontario or an Affiliate of any such Lender with an office in Toronto. The Administrative Agent may also be removed at any time by Required the Majority Lenders upon 30 days’ notice to the Administrative Agent and the Borrower Borrowers as long as Required the Majority Lenders, in consultation with Borrowerthe prior consent of the Borrowers, appoint and obtain the acceptance of a successor within such 30 days, which shall be a Lender having a Commitment to a Loan if one or more is established in this Agreement and having an office in Toronto Toronto, or an Affiliate of any such Lender with an office in Toronto.

Replacement of Administrative Agent. (a1) The Administrative Agent may at any time give notice of its resignation to Xxxxxxx the Lenders and the BorrowerBorrowers. Upon receipt of any such notice of resignation, Required the Majority Lenders shall have the right, in consultation with Xxxxxxxxthe prior consent of Open Text, to appoint a successor, which shall be a Lender having a Revolving Credit Commitment to a Loan if one or more is established in this Agreement and having an office in Toronto Toronto, Ontario or an Affiliate of any such Lender with an office in Toronto. The Administrative Agent may also be removed at any time by Required the Majority Lenders upon 30 days’ notice to the Administrative Agent and the Borrower Open Text as long as Required the Majority Lenders, in consultation with the prior consent of the Borrower, appoint and obtain the acceptance of a successor within such 30 days, which shall be a Revolving Credit Lender having a Commitment to a Loan if one or more is established in this Agreement and having an office in Toronto Toronto, or an Affiliate of any such Lender with an office in Toronto.

Replacement of Administrative Agent. (a) The Administrative Agent may at any time give notice of its resignation to Xxxxxxx Lenders and the Borrower. Upon receipt of any such notice of resignation, Required Lenders shall have the right, in consultation with XxxxxxxxBorrower, to appoint a successor, which shall be a Lender having a Commitment to a Loan if one or more is established in this Agreement and having an office in Toronto or an Affiliate of any such Lender with an office in Toronto. The Administrative Agent may also be removed at any time by Required Lenders upon 30 days’ notice to the Administrative Agent and the Borrower as long as Required Lenders, in consultation with Borrower, appoint and obtain the acceptance of a successor within such 30 days, which shall be a Lender having a Commitment to a Loan if one or more is established in this Agreement and having an office in Toronto or an Affiliate of any such Lender with an office in Toronto.