Common use of Replacement of Administrative Lender Clause in Contracts

Replacement of Administrative Lender. Should the Administrative Lender ------------------------------------ or any successor Administrative Lender ever cease to be a Lender hereunder, or should the Administrative Lender or any successor Administrative Lender ever resign as Administrative Lender (provided that the Administrative Lender may not resign without the prior written consent of the Borrower), or should the Administrative Lender or any successor Administrative Lender ever be removed with cause by the Determining Lenders, then the Lender appointed by the other Lenders shall forthwith become the Administrative Lender, and the Borrower and the Lenders shall execute such documents as any Lender may reasonably request to reflect such change at no cost to the Borrower. Any resignation or removal of the Administrative Lender or any successor Administrative Lender shall become effective upon the appointment by the Lenders of a successor Administrative Lender; provided, however, that if the Lenders fail for any reason to appoint a successor within 60 days after such removal or resignation, the Administrative Lender or any successor Administrative Lender (as the case may be) shall thereafter have no obligation to act as Administrative Lender hereunder.

Appears in 1 contract

Samples: Credit Agreement (Compusa Inc)

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Replacement of Administrative Lender. Should the Administrative Lender ------------------------------------ or any successor Administrative Lender ever cease to be a Lender hereunder, or should the Administrative Lender or any successor Administrative Lender ever resign as Administrative Lender (provided that the Administrative Lender may not resign without the prior written consent of the Borrower)Lender, or should the Administrative Lender or any successor Administrative Lender ever be removed with cause by the Determining Lenders, then the Lender appointed by the other Lenders shall forthwith become the Administrative Lender, and the Borrower and the Lenders shall execute such documents as any Lender may reasonably request to reflect such change at no cost to the Borrowerchange. Any resignation or removal of the Administrative Lender or any successor Administrative Lender shall become effective upon the appointment by the Lenders of a successor Administrative Lender; provided, however, that if the Lenders fail for any reason to appoint a successor within 60 days after such removal or resignation, the Administrative Lender or any successor Administrative Lender (as the case may be) shall thereafter have no obligation to act as Administrative Lender hereunder. Notwithstanding any Administrative Lender's resignation or removal hereunder, the provisions of this Article shall continue to inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrative Lender hereunder.

Appears in 1 contract

Samples: Credit Agreement (Texas Industries Inc)

Replacement of Administrative Lender. Should the Administrative Lender ------------------------------------ or any successor Administrative Lender ever cease to be a Lender hereunder, or should the Administrative Lender or any successor Administrative Lender ever resign as Administrative Lender (provided that the Administrative Lender may not resign without the prior written consent of the Borrower)Lender, or should the Administrative Lender or any successor Administrative Lender ever be removed with cause by the Determining Lenders, then the Lender appointed by the other Lenders shall forthwith become the Administrative Lender, and the Borrower and the Lenders shall execute such documents as any Lender may reasonably request to reflect such change at no cost to the Borrowerchange. Any resignation or removal of the Administrative Lender or any successor Administrative Lender shall become effective upon the appointment by the Lenders of a successor Administrative Lender; provided, however, that if the Lenders fail for any reason to appoint a successor within 60 days after such removal or resignation, the Administrative Lender or any successor Administrative Lender (as the case may be) shall thereafter have no obligation to act as Administrative Lender hereunder. Notwithstanding any Administrative Lender's resignation or removal hereunder, the provisions of this Article shall continue to inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrative Lender hereunder.

Appears in 1 contract

Samples: Credit Agreement (Texas Industries Inc)

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Replacement of Administrative Lender. Should the Administrative Lender ------------------------------------ NationsBank or any successor Administrative Lender ever cease to be a Lender hereunderherein (and/or sell by participation 100% of its Commitment), or should the Administrative Lender NationsBank or any successor Administrative Lender ever resign as Administrative Lender (provided that the Administrative Lender which resignation may not resign without the prior written consent occur earlier than 30 days after Administrative Lender's giving of the Borrowernotice of resignation), or should the Administrative Lender NationsBank or any successor Administrative Lender ever be removed with or without cause by the Determining Lenders, then the Lender appointed by the other Determining Lenders shall forthwith become the Administrative Lender, and the Borrower each Company and the Lenders shall execute such documents as any such Lender may reasonably request to reflect such change at no cost to in and under the BorrowerLoan Documents. Any resignation or removal of the Administrative Lender NationsBank or any successor Administrative Lender shall become effective upon the appointment by the Determining Lenders of a successor Administrative Lender and Determining Lenders agree to promptly appoint a successor Administrative Lender; providedprovided that, however, that if the Determining Lenders fail for any reason to appoint a successor within 60 days after such removal or resignation, the Administrative Lender then NationsBank or any successor Administrative Lender (as the case may be) shall thereafter have no duty or obligation to act as Administrative Lender hereunder, provided NationsBank or any such successor Administrative Lender (as the case may be) shall have appointed a successor.

Appears in 1 contract

Samples: Credit Agreement (New Gaylord Entertainment Co)

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