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 15 Business Days' prior written notice to ATel and the Banks. Such resignation shall take effect upon the acceptance by a successor Agent of appointment pursuant to subsections B and C below or as otherwise provided below. (B) Upon any such notice of resignation of the Agent, the Required Banks shall appoint a successor Agent acceptable to ATel and which shall be an incorporated bank or trust company or other qualified financial institution with operations in the United States and total assets of at least $1 billion. (C) If a successor Agent shall not have been so appointed within said 15 Business Day period, the resigning Agent with the consent of ATel shall then appoint a successor Agent (which shall be an incorporated bank or trust company or other qualified financial institution with operations in the United States and total assets of at least $1 billion) who shall serve as Agent until such time, if any, as the Required Banks appoint a successor Agent as provided above. (D) If no successor Agent has been appointed pursuant to subsection B or C by the 20th Business Day after the date such notice of resignation was given by the resigning Agent, such Agent's resignation shall become effective and the Required Banks shall thereafter perform all the duties of Agent hereunder until such time, if any, as the Required Banks appoint a successor Agent as provided above.

Resignation by Agent. (A) The Agent may resign from the -------------------- performance of all its functions and duties hereunder at any time by giving 15 30 Business Days' prior written notice to ATel Holdings, the Borrower and the Banks. Such resignation shall take effect upon the acceptance by a successor Agent of appointment pursuant to subsections B and C below or as otherwise provided below. (B) Upon any such notice of resignation of the Agent, the Required Banks shall appoint a successor Agent acceptable to ATel the Borrower and which shall be an incorporated bank or trust company or other qualified financial institution with operations in the United States and total assets of at least $1 billion. (C) If a successor Agent shall not have been so appointed within said 15 30 Business Day period, the resigning Agent with the consent of ATel the Borrower shall then appoint a successor Agent (which shall be an incorporated bank or trust company or other qualified financial institution with operations in the United States and total assets of at least $1 billion) who shall serve as Agent until such time, if any, as the Required Banks appoint a successor Agent as provided above. (D) If no successor Agent has been appointed pursuant to subsection B or C by the 20th 30th Business Day after the date such notice of resignation was given by the resigning Agent, such Agent's resignation shall become effective and the Required Banks shall thereafter perform all the duties of Agent hereunder until such time, if any, as the Required Banks appoint a successor Agent as provided above.

Resignation by Agent. (A) The Agent may resign from the performance of all its functions and duties hereunder at any time by giving 15 30 Business Days' prior written notice to ATel the Borrower and the Banks. Such resignation shall take effect upon the acceptance by a successor Agent of appointment pursuant to subsections B and C below or as otherwise provided below. (B) Upon any such notice of resignation of the Agent, the Required Banks shall appoint a successor Agent acceptable to ATel the Borrower and which shall be an incorporated bank or trust company or other qualified financial institution with operations in the United States and total assets of at least $1 billion. (C) If a successor Agent shall not have been so appointed within said 15 30 Business Day period, the resigning Agent with the consent of ATel the Borrower shall then appoint a successor Agent (which shall be an incorporated bank or trust company or other qualified financial institution with operations in the United States and total assets of at least $1 billion) who shall serve as Agent until such time, if any, as the Required Banks appoint a successor Agent as provided above. (D) If no successor Agent has been appointed pursuant to subsection B or C by the 20th 30th Business Day after the date such notice of resignation was given by the resigning Agent, such Agent's resignation shall become effective and the Required Banks shall thereafter perform all the duties of Agent hereunder until such time, if any, as the Required Banks appoint a successor Agent as provided above.

Resignation by Agent. (A) A. The Agent may resign from the performance of all its functions and duties hereunder at any time by giving 15 30 Business Days' prior written notice to ATel the Borrower and the Banks. Such resignation shall take effect upon the acceptance by a successor Agent of appointment pursuant to subsections B and C below or as otherwise provided below. (B) B. Upon any such notice of resignation of the Agent, the Required Banks shall appoint a successor Agent acceptable to ATel the Borrower and which shall be an incorporated bank or trust company or other qualified financial institution with operations in the United States and total assets of at least $1 billion. (C) C. If a successor Agent shall not have been so appointed within said 15 30 Business Day period, the resigning Agent with the consent of ATel the Borrower shall then appoint a successor Agent (which shall be an incorporated bank or trust company or other qualified financial institution with operations in the United States and total assets of at least $1 billion) who shall serve as Agent until such time, if any, as the Required Banks appoint a successor Agent as provided above. (D) D. If no successor Agent has been appointed pursuant to subsection B or C by the 20th 30th Business Day after the date such notice of resignation was given by the resigning Agent, such Agent's resignation shall become effective and the Required Banks shall thereafter perform all the duties of Agent hereunder until such time, if any, as the Required Banks appoint a successor Agent as provided above.