Common use of Resignation by any Agent Clause in Contracts

Resignation by any Agent. An Agent's status as an Agent under this Agreement shall automatically terminate fifteen (15) days after the closing or liquidation of such Agent or fifteen (15) days after such Agent is adjudicated insolvent. Additionally, any Agent may resign its position as an Agent at any time by giving at least thirty (30) days written notice thereof to Borrower and the other Lenders. Upon any such occurrence causing a termination of an Agent or the delivery of such notice of resignation from such Agent, the Required Lenders and Borrower shall select a successor for the Administrative Agent and may select a successor for the Syndication Agent. If the Required Lenders and Borrower cannot agree upon the choice of the successor Administrative Agent within ten (10) days after the occurrence causing a termination in the case of a termination of such Administrative Agent, or ten (10) days prior to the effective resignation date set forth in such Administrative Agent's resignation notice in the case of a resignation by such Administrative Agent, then the Designated Successor Agent shall become the Administrative Agent's successor. Borrower shall be entitled to participate in the selection of the replacement Administrative Agent only prior to the occurrence of a Default. Upon any such termination or resignation, (a) the successor Agent shall automatically be vested with all rights, powers and privileges and be bound to all duties, obligations and responsibilities of the Agent being replaced in and under this Agreement and the other Loan Documents and shall thereafter be deemed the "Administrative Agent", "Syndication Agent", or other designated Agent, for all purposes under the Loan Documents and (b) such terminating or resigning Agent shall act only in a custodial capacity for the holding by it of any funds theretofore received from Borrower and any such funds shall be held in trust for the benefit of Lenders or Borrower, as the case may be. Additionally, upon the successor Agent becoming an Agent as provided in this Section 10.13, the terminating or resigning Agent and the new Agent shall execute such documents as any Lender may reasonably request to reflect such succession. All costs incurred in connection with the execution of such documents shall be paid by Lenders in proportion to each Lender's Aggregate Loan Percentage.

Resignation by any Agent. An Agent's ’s status as an Agent under this Agreement shall automatically terminate fifteen (15) days after the closing or liquidation of such Agent or fifteen (15) days after such Agent is adjudicated insolvent. Additionally, any Agent may resign its position as an Agent at any time by giving at least thirty (30) days written notice thereof to Borrower and the other Lenders. Upon any such occurrence causing a termination of an Administrative Agent or the delivery of such notice of resignation from such Agent, the Required Lenders and Borrower shall select a successor for the Administrative Agent and may select a successor for the Syndication Agent. If the Required Lenders and Borrower cannot agree upon the choice of the successor Administrative Agent within ten (10) days after the occurrence causing a termination in the case of a termination of such Administrative Agent, or ten (10) days prior to the effective resignation date set forth in such Administrative Agent's ’s resignation notice in the case of a resignation by such Administrative Agent, then the Designated Successor Agent shall become the Administrative Agent's ’s successor. Borrower shall be entitled to participate in the selection of the replacement Administrative Agent only prior to the occurrence if no Default has occurred and is continuing and no Event of Default has occurred. If any Agent other than Administrative Agent shall resign or be terminated, Administrative Agent and, so long as no Event of Default has occurred and is continuing, Borrower may select a Defaultsuccessor for any other Agent. Upon any such termination or resignation, (a) the successor Agent shall automatically be vested with all rights, powers and privileges and be bound to all duties, obligations and responsibilities of the Agent being replaced in and under this Agreement and the other Loan Documents and shall thereafter be deemed the "“Administrative Agent"”, "“Syndication Agent"”, “Documentation Agent”, “Co-Agent” or other designated Agent, for all purposes under the Loan Documents and (b) such terminating or resigning Agent shall act only in a custodial capacity for the holding by it of any funds theretofore received from Borrower and any such funds shall be held in trust for the benefit of Lenders or Borrower, as the case may be. Additionally, upon the successor Agent becoming an Agent as provided in this Section 10.13, the terminating or resigning Agent and the new Agent shall execute such documents as any Lender may reasonably request to reflect such succession. All costs incurred in connection with the execution of such documents shall be paid by the Lenders in proportion to each Lender's Aggregate Loan ’s Commitment Percentage.. Sole Lead Arranger or either Joint Bookrunner may resign its position at any time by giving at least ten (10) days written notice thereof to Borrower and Administrative Agent. Notwithstanding the foregoing, however, Bank of America, N.A. may not be removed as Administrative Agent at the request of the Required Lenders unless Bank of America, N.A. shall also simultaneously be replaced as “Fronting Bank” and “Swingline Lender” pursuant to documentation in form and substance reasonably satisfactory to Bank of America, N.A.

Resignation by any Agent. An Agent's status as an Agent under this Agreement shall automatically terminate fifteen (15) days after the closing or liquidation of such Agent or fifteen (15) days after such Agent is adjudicated insolvent. Additionally, any Agent may resign its position as an Agent at any time by giving at least thirty (30) days written notice thereof to Borrower and the other Lenders. Upon any such occurrence causing a termination of an the Administrative Agent or the delivery of such notice of resignation from such Agent, the Required Lenders and Borrower shall select a successor for the Administrative Agent and may select a successor for the Syndication Agent. If the Required Lenders and Borrower cannot agree upon the choice of the successor Administrative Agent within ten (10) days after the occurrence causing a termination in the case of a termination of such Administrative Agent, or ten (10) days prior to the effective resignation date set forth in such Administrative Agent's resignation notice in the case of a resignation by such Administrative Agent, then the Designated Successor Agent shall become the Administrative Agent's successor. Borrower shall be entitled to participate in the selection of the replacement Administrative Agent only prior to if no Default has occurred and is continuing and no Event of Default has occurred. If any Agent other than the occurrence Administrative Agent shall resign or be terminated, Administrative Agent and, so long as no Event of Default has occurred and is continuing, Borrower may select a Defaultsuccessor for any other Agent. Upon any such termination or resignation, (a) the successor Agent shall automatically be vested with all rights, powers and privileges and be bound to all duties, obligations and responsibilities of the Agent being replaced in and under this Agreement and the other Loan Documents and shall thereafter be deemed the "Administrative Agent", "Syndication Agent", "Documentation Agent", "Managing Agent" or other designated Agent, for all purposes under the Loan Documents and (b) such terminating or resigning Agent shall act only in a custodial capacity for the holding by it of any funds theretofore received from Borrower and any such funds shall be held in trust for the benefit of Lenders or Borrower, as the case may be. Additionally, upon the successor Agent becoming an Agent as provided in this Section SECTION 10.13, the terminating or resigning Agent and the new Agent shall execute such documents as any Lender may reasonably request to reflect such succession. All costs incurred in connection with the execution of such documents shall be paid by the Lenders in proportion to each Lender's Aggregate Loan Commitment Percentage. Sole Lead Arranger may resign its position at any time by giving at least ten (10) days written notice thereof to Borrower and Administrative Agent.

Resignation by any Agent. An Agent's status as an Agent under this Agreement shall automatically terminate fifteen (15) days after the closing or liquidation of such Agent or fifteen (15) days after such Agent is adjudicated insolvent. Additionally, any Agent may resign its position as an Agent at any time by giving at least thirty (30) days written notice thereof to Borrower and the other Lenders. Upon any such occurrence causing a termination of an Administrative Agent or the delivery of such notice of resignation from such Agent, the Required Lenders and Borrower shall select a successor for the Administrative Agent and may select a successor for the Syndication Agent. If the Required Lenders and Borrower cannot agree upon the choice of the successor Administrative Agent within ten (10) days after the occurrence causing a termination in the case of a termination of such Administrative Agent, or ten (10) days prior to the effective resignation date set forth in such Administrative Agent's resignation notice in the case of a resignation by such Administrative Agent, then the Designated Successor Agent shall become the Administrative Agent's successor. Borrower shall be entitled to participate in the selection of the replacement Administrative Agent only prior to the occurrence if no Default has occurred and is continuing and no Event of Default has occurred. If any Agent other than Administrative Agent shall resign or be terminated, Administrative Agent and, so long as no Event of Default has occurred and is continuing, Borrower may select a Defaultsuccessor for any other Agent. Upon any such termination or resignation, (a) the successor Agent shall automatically be vested with all rights, powers and privileges and be bound to all duties, obligations and responsibilities of the Agent being replaced in and under this Agreement and the other Loan Documents and shall thereafter be deemed the "Administrative Agent", "Syndication Agent", "Documentation Agent", "Co-Agent" or other designated Agent, for all purposes under the Loan Documents and (b) such terminating or resigning Agent shall act only in a custodial capacity for the holding by it of any funds theretofore received from Borrower and any such funds shall be held in trust for the benefit of Lenders or Borrower, as the case may be. Additionally, upon the successor Agent becoming an Agent as provided in this Section 10.13, the terminating or resigning Agent and the new Agent shall execute such documents as any Lender may reasonably request to reflect such succession. All costs incurred in connection with the execution of such documents shall be paid by the Lenders in proportion to each Lender's Aggregate Loan Commitment Percentage.. Sole Lead Arranger or either Joint Bookrunner may resign its position at any time by giving at least ten (10) days written notice thereof to Borrower and Administrative Agent. Notwithstanding the foregoing, however, Bank of America, N.A. may not be removed as Administrative Agent at the request of the Required Lenders unless Bank of America, N.A. shall also simultaneously be replaced as "Fronting Bank" and "Swingline Lender" pursuant to documentation in form and substance reasonably satisfactory to Bank of America, N.A.