Common use of Resignation by the Security Agent Clause in Contracts

Resignation by the Security Agent. (a) The Security Agent may resign from the performance of all its functions and duties under the Agreement and the other Transaction Documents at any time by giving 30 days’ prior written notice (as provided in the Agreement) to the Company and the Secured Parties. Such resignation shall take effect upon the appointment of a successor Security Agent pursuant to clauses (b) and (c) below. (b) Upon any such notice of resignation, the Secured Parties, acting by a Majority in Interest, shall appoint a successor Security Agent hereunder. (c) If a successor Security Agent shall not have been so appointed within said 30-day period, the Security Agent shall then appoint a successor Security Agent who shall serve as Security Agent until such time, if any, as the Secured Parties appoint a successor Security Agent as provided above. If a successor Security Agent has not been appointed within such 30-day period, the Security Agent may petition any court of competent jurisdiction or may interplead the Company and the Secured Parties in a proceeding for the appointment of a successor Security Agent, and all fees, including, but not limited to, extraordinary fees associated with the filing of interpleader and expenses associated therewith, shall be payable by the Company on demand.

Resignation by the Security Agent. (a) The Security Agent may resign from the performance of all its functions and duties under the Agreement and the other Transaction Documents Agreements at any time by giving 30 days’ prior written notice (as provided in the Agreement) to the Company and the Secured PartiesParty. Such resignation shall take effect upon the appointment of a successor Security Agent pursuant to clauses (bSections 8.7(b) and (c8.7(c) below. (b) Upon any such notice of resignation, the Secured PartiesParty, acting by a Majority in Interest, shall appoint a successor Security Agent hereunder. (c) If a successor Security Agent shall not have been so appointed within said 30-day period, the Security Agent shall then appoint a successor Security Agent who shall serve as Security Agent until such time, if any, as the Secured Parties Party appoint a successor Security Agent as provided above. If a successor Security Agent has not been appointed within such 30-day period, the Security Agent may petition any court of competent jurisdiction or may interplead the Company and the Secured Parties Party in a proceeding for the appointment of a successor Security Agent, and all fees, including, but not limited to, extraordinary fees associated with the filing of interpleader and expenses associated therewith, shall be payable by the Company on demand.

Resignation by the Security Agent. (a) The Security Agent may resign from the performance of all its functions and duties under the Agreement and the other Transaction Facility Documents at any time by giving 30 thirty (30) days’ prior written notice (as provided in the Agreement) to the Company Borrower and the Secured PartiesLenders. Such resignation shall take effect upon the appointment of a successor Security Agent pursuant to clauses (b) and (c) below. (b) Upon any such notice of resignation, the Secured Parties, acting by a Majority in Interest, Required Lenders shall appoint a successor Security Agent hereunder. (c) If a successor Security Agent shall not have been so appointed within said 30-day period, the Security Agent shall then appoint a successor Security Agent agent who shall serve as Security Agent until such time, if any, as the Secured Parties Lenders appoint a successor Security Agent agent as provided above. If a successor Security Agent agent has not been appointed within such 30-day period, the Security Agent may petition any court of competent jurisdiction or may interplead the Company Borrower and the Secured Parties Lenders in a proceeding for the appointment of a successor Security Agent, and all fees, including, but not limited to, extraordinary fees associated with the filing of interpleader and expenses associated therewith, shall be payable by the Company Borrower on demand.

Resignation by the Security Agent. (a) The Security Agent may resign from the performance of all its functions and duties under the Agreement and the other Transaction Documents at any time by giving 30 days’ ' prior written notice (as provided in the Agreement) to the Company and the Secured Parties. Such resignation shall take effect upon the appointment of a successor Security Agent pursuant to clauses (b) and (c) below. (b) Upon any such notice of resignation, the Secured Parties, acting by a Majority in Interest, shall appoint a successor Security Agent hereunder. (c) If a successor Security Agent shall not have been so appointed within said 30-day period, the Security Agent shall then appoint a successor Security Agent who shall serve as Security Agent until such time, if any, as the Secured Parties appoint a successor Security Agent as provided above. If a successor Security Agent has not been appointed within such 30-day period, the Security Agent may petition any court of competent jurisdiction or may interplead the Company and the Secured Parties in a proceeding for the appointment of a successor Security Agent, and all fees, including, but not limited to, extraordinary fees associated with the filing of interpleader and expenses associated therewith, shall be payable by the Company on demand.