Common use of Resignation and Removal of Administrative Agent Clause in Contracts

Resignation and Removal of Administrative Agent. (a) The Administrative Agent may resign as Administrative Agent, or the Lender may, in its sole discretion, remove the Administrative Agent, with sixty (60) days’ (in the case of the Administrative Agent resigning) or thirty (30) days’ (in the case of the removal of the Administrative Agent) prior written notice (i) to the Lender and the Borrower (in the case of the Administrative Agent resigning) or (ii) to the Collateral Agent, the Collateral Administrator, the Custodian, the Valuation Agent, the Administrative Agent and the Borrower (in the case of the removal of the Administrative Agent). Any such resignation or removal shall become effective following the appointment of a successor Administrative Agent in accordance with the provisions of this Section 9.07. Upon any resignation or removal of the Administrative Agent, the Lender shall appoint a successor Administrative Agent, which successor Administrative Agent shall succeed to the rights, powers and duties of the Administrative Agent, and the term “Administrative Agent” shall mean such successor Administrative Agent effective upon such appointment and approval, and the former Administrative Agent’s rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or any of the parties to this Loan Agreement or any holders of the obligations owing hereunder. On and after the effective date of any resignation or removal of the Administrative Agent hereunder, the provisions of this Section 9 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Loan Agreement.