Common use of Resignation of Administrative Agent and Collateral Agent Clause in Contracts

Resignation of Administrative Agent and Collateral Agent. Each of the Administrative Agent and the Collateral Agent may resign at any time by giving thirty (30) days’ prior written notice thereof to Lenders and, so long as no Event of Default has occurred and is continuing, the Borrower. Upon any such notice of resignation, the Required Remedies Lenders shall have the right, upon five (5) Business Days’ prior notice to Borrower and each other Lender, to appoint a successor Administrative Agent or Collateral Agent, as the case may be, with the consent of a majority of the Class B Lenders (calculated by excluding the Class B Exposures of all Lenders that are the same entity as the resigning Administrative Agent or Affiliates of the Resigning Administrative Agent), which consent shall not be