Common use of Resignation of Facility Agent Clause in Contracts

Resignation of Facility Agent. The Facility Agent may resign at any time by giving notice thereof to the Lenders and the Borrowers. Upon any such resignation, the Required Lenders shall have the right to appoint a successor Facility Agent in consultation with the Borrowers. If no successor Facility Agent shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Facility Agent’s giving of notice of resignation, then the retiring Facility Agent may, on behalf of the Lenders, appoint a successor Facility Agent which shall be a commercial bank organized under the laws of the United States of America having combined capital and surplus of at least $500,000,000. Upon the acceptance of any appointment as Facility Agent hereunder by a successor, such successor shall thereupon succeed to and become vested with all the rights, powers, discretion, privileges, and duties of the retiring Facility Agent, and the retiring Facility Agent shall be discharged from its duties and obligations hereunder. After any retiring Facility Agent’s resignation hereunder as Facility Agent, the provisions of this Article VII shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as Facility Agent.

Resignation of Facility Agent. The Facility Agent may resign at any time by giving as Facility Agent upon thirty (30) days’ notice thereof to the Lenders and the BorrowersSPV and effective upon appointment of its successor as hereinafter provided. Upon any such resignationIf the Facility Agent resigns under this Agreement, the Required Majority Lenders shall have appoint from among the right to appoint Administrators a successor Facility Agent in consultation with agent for the BorrowersLenders, which, unless a Termination Event or a Potential Termination Event exists, shall be reasonably satisfactory to the SPV. If no successor Facility Agent shall have been so agent is appointed by prior to the Required Lenders and shall have accepted end of such appointment within thirty (30) days after day period, the retiring Facility Agent’s giving of notice of resignation, then the retiring Facility Agent maymay appoint, on behalf of after consulting with the Lenders, appoint Lenders a successor Facility Agent which shall be a commercial bank organized under agent from among the laws of the United States of America having combined capital and surplus of at least $500,000,000Administrators. Upon the acceptance of any its appointment as Facility Agent hereunder by a successorsuccessor agent hereunder, such successor agent shall thereupon succeed to and become vested with all the rights, powers, discretion, privileges, powers and duties of the retiring Facility Agent and the term “Facility Agent, ” shall mean such successor agent and the retiring Facility Agent’s appointment, powers and duties as Facility Agent shall be discharged from its duties and obligations hereunderterminated. After any retiring Facility Agent’s resignation hereunder as Facility Agent, the provisions of this Article VII Section 10.9 and Sections 10.3 and 10.7 shall continue in effect for inure to its benefit in respect of as to any actions taken or omitted to be taken by it while it was acting as the Facility AgentAgent under this Agreement.

Resignation of Facility Agent. The Facility Agent may resign at any time by giving as Facility Agent upon thirty (30) days’ notice thereof to the Lenders and the BorrowersSPVs and effective upon appointment of its successor as hereinafter provided. Upon any such resignationIf the Facility Agent resigns under this Agreement, the Required Majority Lenders shall have appoint from among the right to appoint Administrators a successor Facility Agent in consultation with agent for the BorrowersLenders, which, unless a Termination Event or a Potential Termination Event exists, shall be reasonably satisfactory to the SPVs. If no successor Facility Agent shall have been so agent is appointed by prior to the Required Lenders and shall have accepted end of such appointment within thirty (30) days after day period, the retiring Facility Agent’s giving of notice of resignation, then the retiring Facility Agent maymay appoint, on behalf of after consulting with the Lenders, appoint Lenders a successor Facility Agent which shall be a commercial bank organized under agent from among the laws of the United States of America having combined capital and surplus of at least $500,000,000Administrators. Upon the acceptance of any its appointment as Facility Agent hereunder by a successorsuccessor agent hereunder, such successor agent shall thereupon succeed to and become vested with all the rights, powers, discretion, privileges, powers and duties of the retiring Facility Agent and the term “Facility Agent, ” shall mean such successor agent and the retiring Facility Agent’s appointment, powers and duties as Facility Agent shall be discharged from its duties and obligations hereunderterminated. After any retiring Facility Agent’s resignation hereunder as Facility Agent, the provisions of this Article VII Section 10.9 and Sections 10.3 and 10.7 shall continue in effect for inure to its benefit in respect of as to any actions taken or omitted to be taken by it while it was acting as the Facility AgentAgent under this Agreement.