Common use of Resignation of the Facility Agent Clause in Contracts

Resignation of the Facility Agent. (a) The Facility Agent may resign by giving written notice to the Lenders and the Borrower, in which case the Majority Lenders shall appoint a successor facility agent of which the Borrower approves, such approval not to be unreasonably withheld or delayed. (b) If no successor Facility Agent has been appointed under paragraph (a) above within thirty (30) days after notice of resignation was given, the Facility Agent may appoint a successor Facility Agent. (c) The resignation of the Facility Agent and the appointment of any successor facility agent will both become effective only when the successor facility agent notifies all the Parties that it accepts its appointment and confirms that it is satisfied that the rights under the Security Documents have been assigned or transferred to it. On giving the notification and confirmation, the successor facility agent will succeed to the position of the Facility Agent and the term Facility Agent will mean the successor facility agent. (d) The retiring Facility Agent must, at its own cost, make available to the successor Facility Agent such documents and records and provide such assistance as the successor Facility Agent may reasonably request for the purposes of performing its functions as the Facility Agent under the Finance Documents. (e) Upon its resignation becoming effective, this Clause will continue to benefit the retiring Facility Agent in respect of any action taken or not taken by it in connection with the Finance Documents while it was the Facility Agent and, subject to paragraph (d) above, it will have no further obligations in its capacity as Facility Agent under any Finance Document. (f) The Majority Lenders may, by notice to the Facility Agent require it to resign under paragraph (a) above.

Resignation of the Facility Agent. (a) The Facility Agent may resign by giving written notice to the Lenders and the Borrower, in which case the Majority Lenders shall appoint a successor facility agent of which the Borrower approves, such approval not to be unreasonably withheld or delayed. (b) If no successor Facility Agent has been appointed under paragraph (a) above within thirty (30) days after notice of resignation was given, the Facility Agent may appoint a successor Facility Agent. (c) The resignation of the Facility Agent and the appointment of any successor facility agent will both become effective only when the successor facility agent (i) notifies all the Parties that it accepts its appointment and (ii) confirms that it is satisfied that the rights under the Security Documents have been assigned or transferred to it. On giving the notification and confirmation, the successor facility agent will succeed to the position of the Facility Agent and the term Facility Agent will mean the successor facility agent. (d) The retiring Facility Agent must, at its own cost, make available to the successor Facility Agent such documents and records and provide such assistance as the successor Facility Agent may reasonably request for the purposes of performing its functions as the Facility Agent under the Finance Documents. (e) Upon its resignation becoming effective, this Clause will continue to benefit the retiring Facility Agent in respect of any action taken or not taken by it in connection with the Finance Documents while it was the Facility Agent Agent, and, subject to paragraph (d) above, it will have no further obligations in its capacity as Facility Agent under any Finance Document. (f) The Majority Lenders may, by notice to the Facility Agent Agent, require it to resign under paragraph (a) above.

Resignation of the Facility Agent. (a) The Facility Agent may resign by giving written notice to the Lenders and the BorrowerBorrowers, in which case the Majority Lenders shall appoint a successor facility agent of which the Borrower approvesBorrowers approve, such approval not to be unreasonably withheld or delayed. (b) If no successor Facility Agent has been appointed under paragraph (a) above within thirty (30) days after notice of resignation was given, the Facility Agent may appoint a successor Facility Agent. (c) The resignation of the Facility Agent and the appointment of any successor facility agent will both become effective only when the successor facility agent notifies all the Parties that it accepts its appointment and confirms that it is satisfied that the rights under the Security Documents have been assigned or transferred to it. On giving the notification and confirmation, the successor facility agent will succeed to the position of the Facility Agent and the term Facility Agent will mean the successor facility agent. (d) The retiring Facility Agent must, at its own cost, make available to the successor Facility Agent such documents and records and provide such assistance as the successor Facility Agent may reasonably request for the purposes of performing its functions as the Facility Agent under the Finance Documents. (e) Upon its resignation becoming effective, this Clause will continue to benefit the retiring Facility Agent in respect of any action taken or not taken by it in connection with the Finance Documents while it was the Facility Agent and, subject to paragraph (d) above, it will have no further obligations in its capacity as Facility Agent under any Finance Document. (f) The Majority Lenders may, by notice to the Facility Agent Agent, require it to resign under paragraph (a) above.

Resignation of the Facility Agent. (a) The Facility Agent may resign by giving written notice to the Lenders and the BorrowerObligors, in which case the Majority Lenders shall appoint a successor facility agent of which the Borrower approvesObligors approve, such approval not to be unreasonably withheld or delayed. (b) If no successor Facility Agent has been appointed under paragraph (a) above within thirty (30) 30 days after notice of resignation was given, the Facility Agent may appoint a successor Facility Agent. (c) The resignation of the Facility Agent and the appointment of any successor facility agent will both become effective only when the successor facility agent notifies all the Parties that it accepts its appointment and confirms that it is satisfied that the rights under the Security Documents have been assigned or transferred to itappointment. On giving the notification and confirmationnotification, the successor facility agent will succeed to the position of the Facility Agent and the term Facility Agent will mean the successor facility agent. (d) The retiring Facility Agent must, at its own cost, make available to the successor Facility Agent such documents and records and provide such assistance as the successor Facility Agent may reasonably request for the purposes of performing its functions as the Facility Agent under the Finance Documents. (e) Upon its resignation becoming effective, this Clause will continue to benefit the retiring Facility Agent in respect of any action taken or not taken by it in connection with the Finance Documents while it was the Facility Agent Agent, and, subject to paragraph (d) above, it will have no further obligations in its capacity as Facility Agent under any Finance Document. (f) The Majority Lenders may, by notice to the Facility Agent Agent, require it to resign under paragraph (a) above.