Replacement of Collateral Agent. The Collateral Agent may resign at any time by so notifying the Company. The Majority Holders may remove Collateral Agent with respect to the Securities by so notifying with 31 days prior notice to the Collateral Agent and may appoint a successor Collateral Agent. The Company shall remove Collateral Agent if:
(a) the Collateral Agent is adjudged bankrupt or insolvent;
(b) a receiver or other public officer takes charge of the Collateral Agent or its property; or
(c) the Collateral Agent otherwise becomes incapable of acting. If the Collateral Agent resigns or is removed by the Company, or is removed by the Majority Holders and such Holders do not reasonably promptly appoint a successor Collateral Agent, or if a vacancy exists in the office of Collateral Agent for any reason (the Collateral Agent in such event being referred to herein as the retiring Collateral Agent), the Company shall promptly appoint a successor Collateral Agent. A successor Collateral Agent shall deliver a written acceptance of its appointment to the retiring Collateral Agent and to the Company. Thereupon the resignation or removal of the retiring Collateral Agent shall become effective, and the successor Collateral Agent shall have all the rights, powers and duties of the Collateral Agent under this Indenture. The successor Collateral Agent shall mail a notice of its succession to Holders of the Securities. The retiring Collateral Agent shall promptly transfer all property held by it as Collateral Agent to the successor Collateral Agent. If a successor Collateral Agent does not take office within 30 days after the retiring Collateral Agent resigns or is removed, the retiring Collateral Agent or the Holders of 20% in principal amount of the Securities may petition any court of competent jurisdiction for the appointment of a successor Collateral Agent.
Replacement of Collateral Agent. Subject to the appointment and acceptance of a successor Collateral Agent as provided below, the Collateral Agent may resign at any time by giving notice thereof to the Company, the Trustee and the Holders. Upon receipt of such notice, the Company shall appoint a successor Collateral Agent. Upon acceptance by a successor Collateral Agent of an appointment to serve as Collateral Agent hereunder and under the Security Documents, such successor Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, duties and obligations of the retiring Collateral Agent without further act but the retiring Collateral Agent shall continue to have the benefits of the compensation, reimbursement and indemnification set forth in this Indenture and the Security Documents. Notwithstanding any Collateral Agent’s resignation, the provisions of this Article XII shall continue in effect for its benefit with respect to any actions taken or omitted to be taken by it while Collateral Agent. Any successor to Wilmington Trust FSB by merger or acquisition of stock or acquisition of the corporate trust business shall continue to be Collateral Agent hereunder without further act on the part of the parties hereto, unless such successor resigns as provided above.
Replacement of Collateral Agent. The Collateral Agent may resign from the performance of all its functions and duties hereunder and under the other Loan Documents in accordance with Section 10.6 of the Credit Agreement.
Replacement of Collateral Agent. In the event the Collateral Agent is or becomes unwilling or unable to act in such capacity for any reason, the Majority in Interest shall appoint a successor. The Majority in Interest (but not Debtor) shall have the right, after delivery of written notice signed by the Majority in Interest to the Collateral Agent, to terminate the Collateral Agent and to name the Collateral Agent’s successor.
Replacement of Collateral Agent. Upon written notice by 50% of the Purchasers that such Purchasers object to Cavalry Fund I LP serving as Collateral Agent under this Agreement, Cavalry Fund I LP shall be replaced as Collateral Agent by a person or entity which shall be acceptable to at least 50% of the Purchasers.
Replacement of Collateral Agent. The Collateral Agent may resign in accordance with Section 7.09 as though references to the Trustee therein were references to the Collateral Agent.
Replacement of Collateral Agent. With the consent or at the request of the holders of at least 60% of the aggregate principal amount of Notes then outstanding, Collateral Agent shall be replaced with a successor to be appointed by such holders. Upon the acceptance of a successor’s appointment as Collateral Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Collateral Agent, and the retiring Collateral Agent shall be discharged from all of its duties and obligations hereunder or under the Financing Documents.
Replacement of Collateral Agent. A resignation or removal of the Collateral Agent and appointment of a successor Collateral Agent may be effected pursuant to the terms of the Security Agreement.
Replacement of Collateral Agent. The Collateral Agent may resign or be removed, and a successor Collateral Agent appointed, pursuant to the terms of the U.S.
Replacement of Collateral Agent. 22 SECTION 7. MISCELLANEOUS..............................................................................22
