Common use of Replacement of Facility Agents Clause in Contracts

Replacement of Facility Agents. (a) Any Facility Agent may be replaced by the Facility Lender(s) under the relevant Facility Agreement in accordance with the terms of such Facility Agreement, pursuant to which such Facility Agent was appointed and the Borrower, the Intercreditor Agent and each other Facility Agent shall be notified in writing promptly of any such replacement. (b) No replacement Facility Agent shall become a Facility Agent under this Agreement unless and until: (i) the resignation in writing of the Facility Agent being replaced has been delivered to the Borrower, the Intercreditor Agent and each other Facility Agent;