Common use of Resignation and Replacement of Agent Clause in Contracts

Resignation and Replacement of Agent. (a) If at any time the Agent deems it advisable, it may deliver to each of the Lenders and the Borrower written notification of its resignation insofar as it acts as agent for and on behalf of the Lenders pursuant to this Agreement, such resignation to be effective upon the date of the appointment by the Required Lenders of a successor acceptable to the Borrower, acting reasonably, such appointment to be promptly made. If no such appointment has been made within 30 days of the Agent’s written notification of resignation, the resigning Agent, the Borrower or any Lender may apply to a court having jurisdiction in the matter and on notice to the other Parties, for an order appointing a replacement agent. The appointment of the replacement agent shall be conditional upon the replacement agent becoming a Lender and agreeing to be bound by the Loan Documents.

Resignation and Replacement of Agent. (a) If at any time the Agent deems it advisable, it may deliver to each of the Lenders and the Borrower written notification of its resignation insofar as it acts as agent for and on behalf of the Lenders pursuant to this Agreement, such resignation to be effective upon the date of the appointment by the Required Majority Lenders of a successor acceptable to the Borrower, acting reasonably, such appointment to be promptly made. If no such appointment has been made within 30 days of the Agent’s 's written notification of resignation, the resigning Agent, the Borrower Borrower, or any Lender Lender, may apply to a court having jurisdiction in the matter and on notice to the other Parties, for an order appointing a replacement agent. The appointment of the replacement agent shall be conditional upon the replacement agent becoming a Lender and agreeing to be bound by the Loan Documents.

Resignation and Replacement of Agent. (a) If at any time the Agent deems it advisable, it may deliver to each of the Lenders and the Borrower written notification of its resignation insofar as it acts as agent for and on behalf of the Lenders pursuant to this Agreement, such resignation to be effective upon the date of the appointment by the Required Lenders of a successor acceptable to the Borrower, acting reasonably, such appointment to be promptly made. If no such appointment has been made within 30 thirty (30) days of the Agent’s written notification of resignation, the resigning Agent, the Borrower or any Lender may apply to a court having jurisdiction in the matter and on notice to the other Parties, for an order appointing a replacement agent. The appointment of the replacement agent shall be conditional upon the replacement agent becoming a Lender and agreeing to be bound by the Loan Documents.

Resignation and Replacement of Agent. (a) If at any time the Agent deems it advisable, it may deliver to each of the Lenders and the Borrower written notification of its resignation insofar as it acts as agent for and on behalf of the Lenders pursuant to this Agreement, such resignation to be effective upon the date of the appointment by the Required Majority Lenders of a successor acceptable to the Borrower, acting reasonably, such appointment to be promptly made. If no such appointment has been made within 30 thirty (30) days of the Agent’s 's written notification of resignation, the resigning Agent, the Borrower Borrower, or any Lender Lender, may apply to a court having jurisdiction in the matter and on notice to the other Parties, for an order appointing a replacement agent. The appointment of the replacement agent shall be conditional upon the replacement agent becoming a Lender and agreeing to be bound by the Loan Documents.