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

Resignation of Collateral Agent; Successor Collateral Agent. The Requisite Purchasers may replace the Collateral Agent at any time with or without cause. The Collateral Agent may resign at any time by giving thirty days’ prior written notice thereof to the Purchasers and the Company. Upon any such notice of resignation by the Collateral Agent, the Requisite Purchasers shall have the right, upon five (5) Business Days’ notice to the Company, to appoint a successor Collateral Agent. If no such successor shall have been so appointed by the Requisite Purchasers and shall have accepted such appointment within thirty days after the retiring Collateral Agent gives notice of its resignation, the retiring Collateral Agent may, on behalf of the Purchasers, appoint a successor Collateral Agent. If the Collateral Agent shall notify the Purchasers and the Company that no Person has accepted such appointment as successor Collateral Agent, such resignation shall nonetheless become effective in accordance with the Collateral Agent’s notice and the retiring Collateral Agent shall be discharged from its duties and obligations under the Note Documents, except that any Collateral held by the Collateral Agent will continue to be held by it until a Person shall have accepted the appointment of successor Collateral Agent. Upon the acceptance of any appointment as Collateral Agent hereunder by a successor Collateral Agent, that successor Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring the Collateral Agent and the retiring Collateral Agent shall be discharged from its duties and obligations under this Agreement (if not already discharged as set forth above). After any retiring Collateral Agent’s resignation hereunder, the provisions of this Article XII shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Collateral Agent under this Agreement.

Resignation of Collateral Agent; Successor Collateral Agent. The Requisite Purchasers may replace the Collateral Agent at any time with or without causecause by giving five (5) Business Days’ written notice to the Collateral Agent and the Company. The Collateral Agent may resign at any time by giving thirty days’ prior written notice thereof to the Purchasers and the Company. Upon any such notice of resignation by the Collateral Agent, the Requisite Purchasers shall have the right, upon five (5) Business Days’ notice to the Company, to appoint a successor Collateral Agent. If no such successor shall have been so appointed by the Requisite Purchasers and shall have accepted such appointment within thirty days after the retiring Collateral Agent gives notice of its resignation, the retiring Collateral Agent may, on behalf of the Purchasers, appoint a successor Collateral Agent. If the Collateral Agent shall notify the Purchasers and the Company that no Person has accepted such appointment as successor Collateral Agent, such resignation shall nonetheless become effective in accordance with the Collateral Agent’s notice and the retiring Collateral Agent shall be discharged from its duties and obligations under the Note Documents, except that any Collateral held by the Collateral Agent will continue to be held by it until a Person shall have accepted the appointment of successor Collateral Agent. Upon the acceptance of any appointment as Collateral Agent hereunder by a successor Collateral Agent, that successor Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring the Collateral Agent and the retiring Collateral Agent shall be discharged from its duties and obligations under this Agreement (if not already discharged as set forth above). After any retiring Collateral Agent’s resignation hereunder, the provisions of this Article XII shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Collateral Agent under this Agreement.

Resignation of Collateral Agent; Successor Collateral Agent. The Requisite Purchasers may replace the Collateral Agent at any time with or without cause. The Collateral Agent may resign at any time (i) be removed upon at least 30 days' prior written notice to the Collateral Agent provided by the Required Holders or (ii) resign by giving thirty days’ (30) days prior written notice thereof to each Noteholder, the Purchasers Company and Funding, provided that no resignation shall be effective until a successor for the CompanyCollateral Agent is appointed. Upon any such notice of resignation by the Collateral Agentor removal, the Requisite Purchasers Required Holders shall have the right, upon five (5) Business Days’ notice to the Company, right to appoint a successor Collateral Agent. If no such successor Collateral Agent shall have been so appointed by the Requisite Purchasers and shall have accepted such appointment within thirty (30) days after the retiring Collateral Agent gives Agent's giving of notice of its resignation, then the retiring Collateral Agent may, on behalf of the PurchasersRequired Holders, as applicable, appoint a successor Collateral Agent. If the Collateral Agent shall notify the Purchasers and the Company that no Person has accepted such appointment as successor Collateral Agent, such resignation shall nonetheless become effective in accordance with the Collateral Agent’s notice and the retiring Collateral Agent which shall be discharged from its duties a bank or trust company incorporated and obligations under doing business within the Note Documents, except that any Collateral held by the Collateral Agent will continue to be held by it until United States of America having a Person shall have accepted the appointment combined capital and surplus of successor Collateral Agentat least $250,000,000. Upon the acceptance of any appointment as Collateral Agent hereunder by a successor Collateral Agent, that such successor Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring the Collateral Agent Agent, and the retiring Collateral Agent shall be discharged from its duties and obligations under this Agreement (if not already discharged as set forth above)hereunder. After any retiring Collateral Agent’s 's resignation hereunderor removal, the provisions of this Article XII Agreement shall inure to continue in effect for its benefit as to in respect of any actions taken or omitted to be taken by it while it was the acting as Collateral Agent under this AgreementAgent.

Resignation of Collateral Agent; Successor Collateral Agent. The Requisite Purchasers may replace the Collateral Agent at any time with or without cause. (a) The Collateral Agent may resign at any time resign by giving thirty days’ ten (10) days prior written notice thereof to the Purchasers each Noteholder and the Company, provided -------- that no resignation shall be effective until a successor for the Collateral Agent is appointed. Upon any such notice of resignation by the Collateral Agentresignation, the Requisite Purchasers Required Holders (or, if the Obligations have been paid in full) shall have the right, upon five (5) Business Days’ notice to the Company, right to appoint a successor Collateral Agent. If no such successor Collateral Agent shall have been so appointed by the Requisite Purchasers and shall have accepted such appointment within thirty (30) days after the retiring Collateral Agent gives Agent's giving of notice of its resignation, then the retiring Collateral Agent may, on behalf of the PurchasersRequired Holders, as applicable, appoint a successor Collateral Agent. If the Collateral Agent shall notify the Purchasers and the Company that no Person has accepted such appointment as successor Collateral Agent, such resignation shall nonetheless become effective in accordance with the Collateral Agent’s notice and the retiring Collateral Agent which shall be discharged from its duties a bank or trust company incorporated and obligations under doing business within the Note Documents, except that any Collateral held by the Collateral Agent will continue to be held by it until United States of America having a Person shall have accepted the appointment combined capital and surplus of successor Collateral Agentat least $250,000,000. Upon the acceptance of any appointment as Collateral Agent hereunder by a successor Collateral Agent, that such successor Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring the Collateral Agent Agent, and the retiring Collateral Agent shall be discharged from its duties and obligations under this Agreement (if not already discharged as set forth above)hereunder. After any retiring Collateral Agent’s resignation hereunder's resignation, the provisions of this Article XII Agreement shall inure to continue in effect for its benefit as to in respect of any actions taken or omitted to be taken by it while it was the acting as Collateral Agent under this AgreementAgent.