Common use of Replacement of Impaired Agent Clause in Contracts

Replacement of Impaired Agent. (a) If the Facility Agent is an Impaired Agent, after consultation with the Company, the Majority Lenders may, by giving 30 days’ notice (or any shorter notice the Majority Lenders may agree) replace the Facility Agent by appointing a successor Facility Agent. (b) The replacement of the Facility Agent and appointment of a successor Facility Agent under this Subclause will take effect on the date specified in the notice referred to in paragraph (a) above. As from this date, the retiring Facility Agent shall be discharged from any further obligation in respect of the Finance Documents but shall remain entitled to the benefit of this Subclause and Subclause 24.13 (Resignation of the Facility Agent) (and any agency fees for the account of the retiring Facility Agent shall cease to accrue from (and shall be payable on) that date). (c) Any successor Facility Agent and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party. (d) Other than as set out in this Subclause, the provisions of Subclause 24.13 (Resignation of the Facility Agent) apply to any replacement of the Facility Agent under this Subclause.

Replacement of Impaired Agent. (a) If the Facility Agent is an Impaired Agent, after consultation with the Company, the Majority Lenders may, by giving 30 days’ notice (or any shorter notice the Majority Lenders may agree) replace the Facility Agent by appointing a successor Facility Agent. (b) The replacement of the Facility Agent and appointment of a successor Facility Agent under this Subclause will take effect on the date specified in the notice referred to in paragraph (a) above. As from this date, the retiring Facility Agent shall be discharged from any further obligation in respect of the Finance Documents but shall remain entitled to the benefit of this Subclause and Subclause 24.13 22.13 (Resignation of the Facility Agent) (and any agency fees for the account of the retiring Facility Agent shall cease to accrue from (and shall be payable on) that date). (c) Any successor Facility Agent and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party. (d) Other than as set out in this Subclause, the provisions of Subclause 24.13 22.13 (Resignation of the Facility Agent) apply to any replacement of the Facility Agent under this Subclause.