Common use of Resignation or Removal of Administrative Agent Clause in Contracts

Resignation or Removal of Administrative Agent. (a) Subject to the appointment and acceptance of a successor Administrative Agent as provided in this Section 11.06, the Administrative Agent may resign at any time by notifying the Lenders, the Issuing Banks and the Borrower. Upon any such resignation, the Majority Lenders shall have the right (with, so long as no Event of Default has occurred and is continuing, the consent of the Borrower (such consent not to be unreasonably withheld, delayed or conditioned)) to appoint a successor. If no successor shall have been so appointed by the Majority Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may, on behalf of the Lenders and the Issuing Banks, appoint a successor Administrative Agent.

Resignation or Removal of Administrative Agent. (a) Subject The Administrative Agent may at any time give notice of its resignation to the appointment Lenders, the Letter of Credit Issuer and acceptance of a successor Administrative Agent as provided in this Section 11.06the Borrower, and the Administrative Agent may resign be removed at any time with or without cause by notifying the Required Lenders, the Issuing Banks and the Borrower. Upon any such resignationresignation or removal, the Majority Required Lenders shall have the right (withright, so long as no Event of Default has occurred and is continuingin consultation with the Borrower, the consent of the Borrower (such consent not to be unreasonably withheld, delayed or conditioned)) to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by the Majority Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives Agent’s giving of notice of its resignationresignation or the Required Lenders’ removal of the retiring Administrative Agent, then the retiring Administrative Agent may, may on behalf of the Lenders and the Issuing BanksLetter of Credit Issuer, appoint a successor Administrative Agent.Agent meeting the qualifications set forth

Resignation or Removal of Administrative Agent. (a) Subject to the appointment and acceptance of a successor Administrative Agent as provided in this Section 11.06, the Administrative Agent may resign at any time by notifying the Lenders, the Issuing Banks and the Borrower. Upon any such resignation, the Majority Lenders shall have the right (with, so long as no Event of Default has occurred and is continuing, the consent of the Borrower (such consent not to be unreasonably withheld, delayed or conditioned)) to appoint a successor. If no successor shall have been so appointed by the Majority Lenders and shall have accepted such appointment within 30 thirty (30) days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may, on behalf of the Lenders and the Issuing Banks, appoint a successor Administrative Agent.