Common use of Resignation of the Facility Agent Clause in Contracts

Resignation of the Facility Agent. Should the Facility Agent decide to resign its duties as the Facility Agent at any time, it shall provide written notices at least sixty (60) days in advance to the Lenders and the Borrower. The Majority Lenders shall be entitled to designate a successor Facility Agent. If the Lenders have not designated a Facility Agent within sixty (60) days after receiving the notice or the designated Facility Agent has not agreed to accept the appointment, the resigned Facility Agent shall designate a successor Facility Agent on behalf of the Lenders. The Facility Agent’s resignation shall take effect after the successor Facility Agent has been appointed and agreed to take on the position. The successor Facility Agent shall inherit the original rights, privileges, decision making rights, and duties of the resigned Facility Agent; and the resigned Facility Agent shall be absolved of any continued responsibilities and obligations as the Facility Agent under the terms of this Agreement. The resigned Facility Agent shall remit the unearned Facility Agent Fee that it has already received based on the ratio calculated according to the effective date of its resignation to the successor Facility Agent. The parties to the Agreement agree to sign any documents required for the replacement of Facility Agent. After the resignation of the original Facility Agent, the terms provided by Paragraphs 7, 8, and 9 of this Article shall serve to protect the interests of the resigned Facility Agent, and the resigned Facility Agent’s actions or inactions within its terms of office shall remain valid.

Resignation of the Facility Agent. Should the The Facility Agent decide to may resign its duties as the Facility Agent at any time, provided that it shall provide written notices has notified each Lender and the Co-Borrowers in writing at least sixty (60) days in advance prior to the Lenders and the Borrowerresignation. The Majority Lenders shall be Banks are entitled to designate a successor Facility Agent. If In the event that the Lenders have not designated fail to designate a successor Facility Agent within such sixty (60) days after receiving the notice or the designated Facility Agent has not agreed to accept the appointmentdays, the resigned Facility Agent shall be entitled to designate a successor Facility Agent on behalf of the Lenders. The resignation of the Facility Agent’s resignation Agent shall not take effect after until the successor Facility Agent has been appointed delegated and has agreed to take on the position. The successor Facility Agent shall inherit assume and be entitled to the original rights, privilegesauthority, decision making rights, rights and duties of the resigned Facility Agent; Agent upon its agreement of succession, and the resigned Facility Agent shall be absolved of exempt from bearing any continued responsibilities and assuming obligations as the Facility Agent under hereunder upon the terms of this Agreementsuccession. The resigned Facility Agent shall remit the unearned Facility Agent deliver Agents' Fee that which it has already received based on the ratio calculated according to the as of effective date of its the resignation to the successor Facility AgentAgent on a pro-rata basis. The parties to the this Agreement agree to sign execute any documents required for the replacement of Facility Agentthe Agent Banks. After the resignation of the original Facility Agent, the terms provided by Paragraphs 7provisions in Sections 11.7, 811.8 and 11.9 shall, and 9 of this Article shall serve to protect for the interests interest of the resigned designated Facility Agent, and to the resigned extent of acts or omissions of the designated Facility Agent’s actions or inactions Agent within its terms term of office shall office, remain valideffective.