Common use of Resignation and Removal by Agent Clause in Contracts

Resignation and Removal by Agent. The Agent may resign at any time as the Agent under the Loan Documents by giving written notice thereof (which notice shall contain the date of such resignation) to the Banks, the Issuing Bank and Borrower and, upon the gross negligence or manifest incompetence of the Agent, the Agent may be removed as the Agent under the Loan Documents by the Required Banks. Upon any such resignation or removal, the Required Banks shall have the right to appoint a successor Agent. If no successor Agent shall have been so appointed by the Required Banks and shall have accepted such appointment within 30 calendar days after the retiring Agent's giving of notice of resignation or the Required Banks' removal of the retiring Agent, as applicable, then the retiring Agent may, on behalf of Banks and the Issuing Bank appoint a successor Agent, which shall be a commercial bank organized under the laws of the United States of America or of any State thereof having a combined capital and surplus of at least $500,000,000. In any case where a successor Agent is being selected, the parties agree to attempt to select such successor from one of the Banks. If one of the Banks is selected as a successor Agent, such selection shall not be subject to approval by Borrower; however, if a Person other than one of the Banks is selected as a successor Agent, such selection shall be subject to the approval of Borrower, which approval shall not be unreasonably withheld. Upon the acceptance of any appointment as the Agent hereunder by a successor Agent, such successor Agent shall thereupon succeed to and become vested with all rights, powers, privileges and duties of the retiring or removed Agent and the retiring or removed Agent shall be discharged from its duties and obligations under the Loan Documents. After any retiring Agent's resignation or removal hereunder as Agent, the provisions of this Article 8 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Agent under the Loan Documents.

Resignation and Removal by Agent. The Agent may resign at any time as the Agent under the Loan Documents Papers by giving written notice thereof (which notice shall contain the date of such resignation) to the Banks, Banks and the Issuing Bank and Borrower and, upon the gross negligence or manifest incompetence of the Agent, the Agent may be removed as the Agent under the Loan Documents Papers by the Required Banks. Upon any such resignation or removal, the Required Banks (without having to obtain the consent of Borrower) shall have the right to appoint a successor Agent. If no successor Agent shall have been so appointed by the Required Banks and shall have accepted such appointment within 30 calendar days after the retiring Agent's giving of notice of resignation or the Required Banks' removal of the retiring Agent, as applicable, then the retiring Agent may, on behalf of Banks and (without having to obtain the Issuing Bank consent of Borrower) appoint a successor Agent, which shall be a commercial bank organized under the laws of the United States of America or of any State thereof having a combined capital and surplus of at least $500,000,000. In any case where a successor Agent is being selected, the parties agree to attempt to select such successor from one of the Banks. If one of the Banks is selected as a successor Agent, such selection shall not be subject to approval by Borrower; however, if a Person other than one of the Banks is selected as a successor Agent, such selection shall be subject to the approval of Borrower, which approval shall not be unreasonably withheld. Upon the acceptance of any appointment CREDIT AGREEMENT 61 67 as the Agent hereunder by a successor Agent, such successor Agent shall thereupon succeed to and become vested with all rights, powers, privileges and duties of the retiring or removed Agent and the retiring or removed Agent shall be discharged from its duties and obligations under the Loan DocumentsPapers. After any retiring Agent's resignation or removal hereunder as Agent, the provisions of this Article ARTICLE 8 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Agent under the Loan DocumentsPapers.

Resignation and Removal by Agent. The Agent may resign at any time as the Agent under the Loan Documents by giving written notice thereof (which notice shall contain the date of such resignation) to the Banks, Banks and the Issuing Bank and Borrower Borrowers and, upon the gross negligence or manifest incompetence of the Agent, the Agent may be removed as the Agent under the Loan Documents by the Required Banks. Upon any such resignation or removal, the Required Banks (without having to obtain the consent of any Borrower) shall have the right to appoint a successor Agent. If no successor Agent shall have been so appointed by the Required Banks and shall have accepted such appointment within 30 calendar days after the retiring Agent's ’s giving of notice of resignation or the Required Banks' ’ removal of the retiring Agent, as applicable, then the retiring Agent may, on behalf of Banks and (without having to obtain the Issuing Bank consent of any Borrower) appoint a successor Agent, which shall be a commercial bank organized under the laws of the United States of America or of any State thereof having a combined capital and surplus of at least $500,000,000500 million. In any case where a successor Agent is being selected, the parties agree to attempt to select such successor from one of the Banks. If one of the Banks is selected as a successor Agent, such selection shall not be subject to approval by Borrower; however, if a Person other than one of the Banks is selected as a successor Agent, such selection shall be subject to the approval of Borrower, which approval shall not be unreasonably withheld. Upon the acceptance of any appointment as the Agent hereunder by a successor Agent, such successor Agent shall thereupon succeed to and become vested with all rights, powers, privileges and duties of the retiring or removed Agent and the retiring or removed Agent shall be discharged from its duties and obligations under the Loan Documents. After any retiring Agent's ’s resignation or removal hereunder as Agent, the provisions of this Article 8 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Agent under the Loan Documents.

Resignation and Removal by Agent. The Agent may resign at any time as the Agent under the Loan Documents by giving written notice thereof (which notice shall contain the date of such resignation) to the Banks, the Issuing Bank and Borrower and, upon the gross negligence or manifest incompetence of the Agent, the Agent may be removed as the Agent under the Loan Documents by the Required Banks. Upon any such resignation or removal, the Required Banks shall have the right to appoint a successor Agent. If no successor Agent shall have been so appointed by the Required Banks and shall have accepted such appointment within 30 calendar days after the retiring Agent's giving of notice of resignation or the Required Banks' removal of the retiring Agent, as applicable, then the retiring Agent may, on behalf of Banks and the Issuing Bank appoint a successor Agent, which shall be a commercial bank organized under the laws of the United States of America or of any State thereof having a combined capital and surplus of at least $500,000,000. In any case where a successor Agent is being selected, the parties agree to attempt to select such successor from one of the Banks. If one of the Banks is selected as a successor Agent, such selection shall not be subject to approval by Borrower; however, if a Person other than one of the Banks is selected as a successor Agent, such selection selection, so long as no Event of Default shall have occurred and be continuing, shall be subject to the approval of Borrower, which approval shall not be unreasonably withheld. Upon the acceptance of any appointment as the Agent hereunder by a successor Agent, such successor Agent shall thereupon succeed to and become vested with all rights, powers, privileges and duties of the retiring or removed Agent and the retiring or removed Agent shall be discharged from its duties and obligations under the Loan Documents. After any retiring Agent's resignation or removal hereunder as Agent, the provisions of this Article 8 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Agent under the Loan Documents.

Resignation and Removal by Agent. The Agent may resign at any time as the Agent under the Loan Documents by giving written notice thereof (which notice shall contain the date of such resignation) to the Banks, Banks and the Issuing Bank and Borrower Borrowers and, upon the gross negligence or manifest incompetence of the Agent, the Agent may be removed as the Agent under the Loan Documents by the Required Banks. Upon any such resignation or removal, the Required Banks (without having to obtain the consent of any Borrower) shall have the right to appoint a successor Agent. If no successor Agent shall have been so appointed by the Required Banks and shall have accepted such appointment within 30 calendar days after the retiring Agent's giving of notice of resignation or the Required Banks' removal of the retiring Agent, as applicable, then the retiring Agent may, on behalf of Banks and (without having to obtain the Issuing Bank consent of any Borrower) appoint a successor Agent, which shall be a commercial bank organized under the laws of the United States of America or of any State thereof having a combined capital and surplus of at least $500,000,000. In any case where a successor Agent is being selected, the parties agree to attempt to select such successor from one of the Banks. If one of the Banks is selected as a successor Agent, such selection shall not be subject to approval by Borrower; however, if a Person other than one of the Banks is selected as a successor Agent, such selection shall be subject to the approval of Borrower, which approval shall not be unreasonably withheld. Upon the acceptance of any appointment as the Agent hereunder by a successor Agent, such successor Agent shall thereupon succeed to and become vested with all rights, powers, privileges and duties of the retiring or removed Agent and the retiring or removed Agent shall be discharged from its duties and obligations under the Loan Documents. After any retiring Agent's resignation or removal hereunder as Agent, the provisions of this Article 8 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Agent under the Loan Documents.