Common use of Resignation by Agent Clause in Contracts

Resignation by Agent. (a) The Agent may resign from the performance of all its functions and duties hereunder at any time by giving 30 days' prior written notice to the Borrower and each of the Banks and Issuing Banks. Such resignation shall take effect upon the acceptance by a successor Agent of appointment pursuant to clauses (b) and (c) below or as otherwise provided below. (b) Upon any such notice of resignation, the Majority Banks shall appoint a successor Agent who shall be satisfactory to the Borrower and shall be an incorporated bank or trust company with a combined surplus and undivided capital of at least $400,000,000. (c) If a successor Agent shall not have been so appointed within said 30 day period, the resigning Agent, with the consent of the Borrower, shall then appoint a successor Agent who shall serve as the Agent until such time, if any, as the Majority Banks, with the consent of the Borrower, appoint a successor Agent as provided above. If no successor Agent has been appointed pursuant to clause (b) or (c) by the 40th day after the date such notice of resignation was given by the resigning Agent, the resigning Agent's resignation shall become effective and the Majority Banks shall thereafter perform all the duties of the resigning agent hereunder until such time, if any, as the Majority Banks, with the consent of the Borrower, appoint a successor Agent as provided above.

Resignation by Agent. (a) Section 8.6.1. The Agent may resign from the performance of all its functions and duties hereunder at any time by giving 30 days' prior written notice to the Borrower and each of the Banks and Issuing BanksLenders. Such resignation shall take effect upon the acceptance by a successor Agent of appointment pursuant to clauses (b) 8.6.2 and (c) 8.6.3 below or as otherwise provided below. (b) Section 8.6.2. Upon any such notice of resignation, the Majority Banks Lenders shall appoint a successor Agent agent who shall be a Lender and who shall be satisfactory to the Borrower and shall be an incorporated bank or trust company with a combined surplus and undivided capital of at least $400,000,000. (c) Section 8.6.3. If a successor Agent agent shall not have been so appointed within said 30 day period, the resigning Agentagent, with the consent of the Borrower, shall then appoint a successor Agent agent who shall be a Lender and who shall serve as the Agent until such time, if any, as the Majority BanksLenders, with the consent of the Borrower, appoint a successor Agent agent as provided above. Section 8.6.4. If no successor Agent agent has been appointed pursuant to clause (b) 8.6.2 or (c) 8.6.3 by the 40th day after the date such notice of resignation was given by the resigning Agentagent, the resigning Agentagent's resignation shall become effective and the Majority Banks Lenders shall thereafter perform all the duties of the resigning agent hereunder until such time, if any, as the Majority BanksLenders, with the consent of the Borrower, appoint a successor Agent agent as provided above.

Resignation by Agent. (aA) The Agent may resign from the performance of all its functions and duties hereunder at any time by giving 30 days' prior written notice to the Borrower and each of the Banks and Issuing Banks. Such resignation shall take effect upon the acceptance by a successor Agent of appointment pursuant to clauses (b) and (c) below or as otherwise provided below. (bB) Upon any such notice of resignation, the Majority Banks shall appoint a successor Agent who shall be satisfactory to the Borrower and shall be an incorporated bank or trust company with a combined surplus and undivided capital of at least Four Hundred Million Dollars ($400,000,000). (cC) If a successor Agent shall not have been so appointed within said 30 day period, the resigning Agent, with the consent of the Borrower, shall then appoint a successor Agent who shall serve as the Agent until such time, if any, as the Majority Banks, with the consent of the Borrower, appoint a successor Agent as provided above. . (D) If no successor Agent has been appointed pursuant to clause (bB) or (cC) by the 40th day after the date such notice of resignation was given by the resigning Agent, the resigning Agent's resignation shall become effective and the Majority Banks shall thereafter perform all the duties of the resigning agent hereunder until such time, if any, as the Majority Banks, with the consent of the Borrower, appoint a successor Agent as provided above.