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 “