Common use of Resignation of the Facility Agent or Security Agent Clause in Contracts

Resignation of the Facility Agent or Security Agent. Subject to the proviso set out at the end of this Clause 25.12: (a) the Facility Agent or Security Agent may resign and appoint one of its Affiliates as successor by giving notice to the other Finance Parties and the Borrower; (b) alternatively the Facility Agent or Security Agent may resign by giving notice to the other Finance Parties and the Borrower, in which case the Majority Lenders (after consultation with the Borrower) may appoint a successor Facility Agent or Security Agent; (c) if the Majority Lenders have not appointed a successor Facility Agent or Security Agent in accordance with paragraph (b) above within 30 days after notice of resignation was given, the Facility Agent or Security Agent (after consultation with the Borrower) may appoint a successor Facility Agent or, as the case may be, Security Agent; (d) the retiring Facility Agent or Security Agent shall, at its own cost, make available to its successor Facility Agent or Security Agent such documents and records and provide such assistance as its successor Facility Agent or Security Agent may reasonably request for the purposes of performing its functions as Facility Agent or Security Agent under the Finance Documents; and (e) the Facility Agent’s or the Security Agent’s resignation notice shall only take effect upon the appointment of a successor, provided that any successor Facility Agent or successor Security Agent shall also act as facility agent and security agent under the Sinosure Facility. (f) Upon the appointment of a successor, the retiring Facility Agent or Security Agent shall be discharged from any further obligation in respect of the Finance Documents but shall remain entitled to the benefit of this Clause 25. Its successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party. (g) After consultation with the Borrower, the Majority Lenders may, by notice to the Facility Agent or, as the case may be, the Security Agent, require it to resign in accordance with paragraph (b) above. In this event, the Facility Agent or the Security Agent shall resign in accordance with paragraph (b) above.

Resignation of the Facility Agent or Security Agent. Subject to the proviso set out at the end of this Clause 25.12: (a) the The Facility Agent or the Security Agent may resign and appoint one of its Affiliates acting through an office in France as successor Facility Agent or, as the case may be, Security Agent by giving notice to the other Finance Parties and the Borrower;Co-ordinator. (b) alternatively Alternatively the Facility Agent or the Security Agent may resign without having designated a successor as agent under paragraph (a) above (and shall do so if so required by the Majority Lenders) by giving 30 days’ notice to the other Finance Parties Lenders and the BorrowerCo-ordinator, in which case the Majority Lenders (after consultation with the Borrower) may appoint a successor Facility Agent or Security Agent; (c) if the Majority Lenders have not appointed a successor Facility Agent or Security Agent in accordance with paragraph (b) above within 30 days after notice prior written consent of resignation was given, the Facility Agent or Security Agent (after consultation with the BorrowerAvis Europe) may appoint a successor Facility Agent or, as the case may be, Security Agent;. (c) If the Majority Lenders have not appointed a successor Facility Agent or, as the case may be, Security Agent in accordance with paragraph (b) above within 20 days after notice of resignation was given, the retiring Facility Agent or, as the case may be, Security Agent (after consultation with Avis Europe) may appoint a successor Facility Agent or Security Agent (as the case may be). (d) the The retiring Facility Agent or Security Agent shall, at its own cost, shall make available to its successor Facility Agent or Security Agent such documents and records and provide such assistance as its successor Facility Agent or Security Agent may reasonably request for the purposes of performing its functions as Facility Agent or Security Agent under the Senior Finance Documents; and. (e) The resignation notice of the Facility Agent’s Agent or the Security Agent’s resignation notice Agent shall only take effect upon the appointment of a successor, provided that any successor Facility Agent or successor Security Agent shall also act as facility agent and security agent under the Sinosure Facility. (f) Upon the appointment of a successor, the retiring Facility Agent or Security Agent shall be discharged from any further obligation in respect of the Senior Finance Documents but shall remain entitled to the benefit of this Clause 2524.12. Its successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party. (g) After consultation with the BorrowerAvis Europe, the Majority Lenders may, by notice to the Facility Agent or, as the case may be, the Security Agent, require it to resign in accordance with paragraph (b) above. In this event, the Facility Agent or or, as the case may be, the Security Agent shall resign in accordance with paragraph (b) above.

Resignation of the Facility Agent or Security Agent. Subject to the proviso set out at the end of this Clause 25.12: (a) the Facility Agent or Security Agent may resign and appoint one of its Affiliates as successor by giving notice to the other Finance Parties and the Borrower; (b) alternatively the Facility Agent or Security Agent may resign by giving notice to the other Finance Parties and the Borrower, in which case the Majority Lenders (after consultation with the Borrower) may appoint a successor Facility Agent or Security Agent; (c) if the Majority Lenders have not appointed a successor Facility Agent or Security Agent in accordance with paragraph (b) above within 30 days after notice of resignation was given, the Facility Agent or Security Agent (after consultation with the Borrower) may appoint a successor Facility Agent or, as the case may be, Security Agent; (d) the retiring Facility Agent or Security Agent shall, at its own cost, make available to its successor Facility Agent or Security Agent such documents and records and provide such assistance as its successor Facility Agent or Security Agent may reasonably request for the purposes of performing its functions as Facility Agent or Security Agent under the Finance Documents; : and (e) the Facility Agent’s or the Security Agent’s resignation notice shall only take effect upon the appointment of a successorsuccessor and subject to the approval by Sinosure, provided that any successor Facility Agent or successor Security Agent shall also act as facility agent and security agent under the Sinosure COFACE Facility. (f) Upon the appointment of a successor, the retiring Facility Agent or Security Agent shall be discharged from any further obligation in respect of the Finance Documents but shall remain entitled to the benefit of this Clause 25. Its successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party. (g) After consultation with the Borrower, the Majority Lenders may, by notice to the Facility Agent or, as the case may be, the Security Agent, require it to resign in accordance with paragraph (b) above. In this event, the Facility Agent or the Security Agent shall resign in accordance with paragraph (b) above.

Resignation of the Facility Agent or Security Agent. Subject to the proviso set out at the end of this Clause 25.12: (a) the Facility Agent or Security Agent may resign and appoint one of its Affiliates as successor by giving notice to the other Finance Parties and the Borrower; (b) alternatively the Facility Agent or Security Agent may resign by giving notice to the other Finance Parties and the Borrower, in which case the Majority Lenders (after consultation with the Borrower) may appoint a successor Facility Agent or Security Agent; (c) if the Majority Lenders have not appointed a successor Facility Agent or Security Agent in accordance with paragraph (b) above within 30 days after notice of resignation was given, the Facility Agent or Security Agent (after consultation with the Borrower) may appoint a successor Facility Agent or, as the case may be, Security Agent; (d) the retiring Facility Agent or Security Agent shall, at its own cost, make available to its successor Facility Agent or Security Agent such documents and records and provide such assistance as its successor Facility Agent or Security Agent may reasonably request for the purposes of performing its functions as Facility Agent or Security Agent under the Finance Documents; and (e) the Facility Agent’s or the Security Agent’s resignation notice shall only take effect upon the appointment of a successorsuccessor and subject to the approval by Sinosure, provided that any successor Facility Agent or successor Security Agent shall also act as facility agent and security agent under the Sinosure COFACE Facility. (f) Upon the appointment of a successor, the retiring Facility Agent or Security Agent shall be discharged from any further obligation in respect of the Finance Documents but shall remain entitled to the benefit of this Clause 25. Its successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party. (g) After consultation with the Borrower, the Majority Lenders may, by notice to the Facility Agent or, as the case may be, the Security Agent, require it to resign in accordance with paragraph (b) above. In this event, the Facility Agent or the Security Agent shall resign in accordance with paragraph (b) above.