Common use of Resignation of Agent; Appointment of Successor Clause in Contracts

Resignation of Agent; Appointment of Successor. (a) The Agent or any successor thereto may resign at any time without cause by giving at least 30 calendar days’ prior written notice to the Borrower and the Lenders, such resignation to be effective only upon the acceptance of the agency by a successor Agent. In addition, the Majority Junior Lenders may at any time remove the Agent with cause by an instrument in writing delivered to the Borrower, each other Lender and the Agent, such removal to be effective upon the acceptance of the agency by the successor Agent. In the case of the resignation or removal of the Agent, the Majority Junior Lenders may appoint a successor Agent by an instrument signed by the Majority Junior Lenders and, so long as no Event of Default shall have occurred and be continuing, in consultation with the Borrower. If a successor Agent shall not have been appointed within 30 days after such notice of resignation or removal, the Agent, the Borrower or any Lender may apply to any court of competent jurisdiction to appoint a successor Agent to act until such time, if any, as a successor shall have been appointed as above provided. The successor Agent so appointed by such court shall immediately and without further act be superseded by any successor Agent appointed as above provided.

Resignation of Agent; Appointment of Successor. (a) The Agent or any successor thereto may resign at any time without cause by giving at least 30 calendar days’ prior written notice to the Borrower and the Lenders, such resignation to be effective only upon the acceptance of the agency by a successor Agent. In addition, the Majority Junior Senior Lenders may at any time remove the Agent with cause by an instrument in writing delivered to the Borrower, each other Lender and the Agent, such removal to be effective upon the acceptance of the agency by the successor Agent. In the case of the resignation or removal of the Agent, the Majority Junior Senior Lenders may appoint a successor Agent by an instrument signed by the Majority Junior Senior Lenders and, so long as no Event of Default shall have occurred and be continuing, in consultation with the Borrower. If a successor Agent shall not have been appointed within 30 days after such notice of resignation or removal, the Agent, the Borrower or any Lender may apply to any court of competent jurisdiction to appoint a successor Agent to act until such time, if any, as a successor shall have been appointed as above provided. The successor Agent so appointed by such court shall immediately and without further act be superseded by any successor Agent appointed as above provided.