Resignation or Removal of Collateral Agent. Subject to the appointment of a successor Collateral Agent as provided in Section 6.2 and the acceptance of such appointment by the successor Collateral Agent:
Resignation or Removal of Collateral Agent. Subject to the appointment and acceptance of a successor Collateral Agent as provided below, Collateral Agent may resign at any time by giving notice thereof to Administrative Agent and the Banks, and Collateral Agent may be removed at any time with or without cause by the Required Banks. Upon any such resignation or removal, the Required Banks shall have the right to appoint a successor Collateral Agent, which Collateral Agent shall be reasonably acceptable to Borrower. If no successor Collateral Agent shall have been appointed by the Required Banks and shall have accepted such appointment within thirty (30) days after the retiring Collateral Agent's giving of notice of resignation or the Required Banks' removal of the retiring Collateral Agent, then Administrative Agent may, on behalf of the Banks, appoint a successor Collateral Agent, which shall be a Bank under this Agreement and which shall be reasonably acceptable to Borrower. Upon the acceptance of any appointment as Collateral Agent hereunder by a successor Collateral Agent, such successor Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Collateral Agent, and the retiring Collateral Agent shall be discharged from its duties and obligations hereunder. After any retiring Collateral Agent's resignation or removal hereunder as Collateral Agent, the provisions of this Section 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 Collateral Agent.
Resignation or Removal of Collateral Agent. (a) The Collateral Agent may resign at any time by giving at least 60 days' notice thereof to the Secured Parties (such resignation to take effect upon the acceptance by a successor Collateral Agent of any appointment as the Collateral Agent hereunder). The Collateral Agent may be removed at any time with or without cause by written notice received by the Collateral Agent from the Required Secured Parties, such removal to be effective on the date specified by the Required Secured Parties. In the event of any such resignation or removal of the Collateral Agent, the Required Secured Parties shall thereupon have the right to appoint a successor Collateral Agent. If no successor Collateral Agent shall have accepted such appointment within 60 days after the notice of the intent of the Collateral Agent to resign or 60 days of the notice of removal, as the case may be, then the retiring or removed Collateral Agent may, on behalf of the Secured Parties, appoint a successor Collateral Agent. If the Collateral Agent has resigned or been removed and no successor Collateral Agent has been appointed, the Required Secured Parties may perform all the duties of the Collateral Agent hereunder and the Grantors shall make all payments in respect of the Secured Obligations to the applicable Secured Party and for all other purposes shall deal directly with the Secured Parties. Any successor Collateral Agent appointed pursuant to this clause shall be a commercial bank or other financial institution organized under the laws of the United States of America or any state thereof having (1) a combined capital and surplus of at least $500,000,000 and (2) a rating upon its long-term senior unsecured indebtedness of "A" or better by Xxxxx'x Investors Service, Inc. or "A" or better by Standard & Poor's Corporation.
Resignation or Removal of Collateral Agent. If the Collateral Agent resigns or is removed in accordance with the Indenture, such retiring Collateral Agent shall cease to be a party to this Agreement and all obligations imposed upon such retiring Collateral Agent pursuant to this Agreement shall be terminated as to such retiring Collateral Agent and deemed to be imposed upon the successor Collateral Agent appointed pursuant to the terms of the Indenture, provided, however, the retiring Collateral Agent’s indemnification rights contained in this Agreement, the Indenture or otherwise shall continue in favor of the retiring Collateral Agent.
Resignation or Removal of Collateral Agent. Subject to compliance by the Collateral Agent with the second sentence and third sentence of Section 5.2 hereof, if applicable, (i) the Collateral Agent may resign at any time by giving not less than 30 days’ notice of resignation to the Trustees and the Company and (ii) the Collateral Agent may be removed at any time, with or without cause, by an Act of the Applicable Authorized Representative. So long as no Event of Default has occurred and is continuing, the Company may remove the Collateral Agent, by providing written notice, if:
Resignation or Removal of Collateral Agent. Subject to the appointment and acceptance of a successor Collateral Agent as provided below, (i) BOCP shall resign as Collateral Agent, without notice to any Person, if it ceases to have any right, title or interest in the Credit Facility and (ii) the Collateral Agent may resign at any time by giving notice thereof to each Note Holder and the Company. Upon any such resignation, a successor Collateral Agent may be appointed by the Required Note Holders, provided that any such successor Collateral Agent shall either be another Note Holder or a depository institution with capital and surplus greater than $25,000,000 that is qualified to perform its duties hereunder and under the Security Documents. If no successor Collateral Agent shall have been appointed as aforesaid and shall have accepted such appointment within 30 days after the retiring Collateral Agent's giving of notice of resignation, then the retiring Collateral Agent may, on behalf of the Note Holders, appoint a successor Collateral Agent which shall be a depository institution with capital and surplus greater than $25,000,000 and which shall be qualified to perform its duties hereunder and under the Security Documents. If the Collateral Agent shall fail or refuse to perform or commence performing any act set forth in written instructions delivered pursuant to, and in accordance with the terms and conditions of, this Agreement (other than where such nonperformance is beyond the control of the Collateral Agent or where such performance would entail a violation of applicable law or conflict with the provisions of this Agreement or any Financing Document), and such failure continues for a period of 15 days from the date of receipt of said written instructions, the Collateral Agent may be removed by the Note Holder directing the action which the Collateral Agent failed or refused to take. Such Note Holder shall also have the right to appoint a successor
Resignation or Removal of Collateral Agent. The Collateral Agent may resign as Collateral Agent at any time upon written notice to the Secured Party Representatives and Grantor, and may be removed at any time with or without cause by the Required Secured Parties, with any such resignation or removal to become effective only upon the appointment of a successor Collateral Agent under this Section. If the Collateral Agent shall provide notice of its resignation or be removed as Collateral Agent, then the Required Secured Parties shall (and if no such successor shall have been appointed within 45 days of the Collateral Agent’s resignation or removal, the Collateral Agent may) appoint a successor agent for the Secured Parties, which successor agent shall be reasonably acceptable to Grantor, whereupon such successor agent shall succeed to the rights, powers and duties of the “Collateral Agent,” and the term “
Resignation or Removal of Collateral Agent. (a) The Collateral Agent may resign at any time by delivering notice of such resignation to the Parties, effective on the date set forth in such notice or, if no such date is set forth therein, on the date such notice shall be effective in accordance with the terms of this Section 9.9. If the Collateral Agent delivers any such notice, the Required Purchasers shall have the right to appoint a successor Collateral Agent. If, after 30 days after the date of the resigning Collateral Agent’s notice of resignation, no successor Collateral Agent has been appointed by the Required Purchasers and has accepted such appointment, then the resigning Collateral Agent may, on behalf of the Purchasers, appoint a successor Collateral Agent from among the Purchasers.
Resignation or Removal of Collateral Agent. (a) The Collateral Agent may resign at any time by giving not less than 30 days’ prior written notice of resignation to each Priority Lien Representative and the Company; and
Resignation or Removal of Collateral Agent. The Collateral Agent may resign at any time, upon thirty (30) days' prior written notice to PBM and Worldwide, and may be removed by the mutual consent of PBM and Worldwide, upon at least thirty (30) days' prior notice to the Collateral Agent. Prior to the effective date of the resignation or removal of the Collateral Agent, or any successor Collateral Agent, PBM and Worldwide shall appoint a successor collateral agent to hold the Collateral Shares then held by the Collateral Agent, and any such successor collateral agent shall execute and deliver to the predecessor collateral agent and to PBM and Worldwide an instrument accepting such appointment, and thereupon such successor collateral agent shall, without further act, become vested with all the rights and powers of the predecessor collateral agent as if originally named in this Collateral Agreement, and shall thereafter become subject to the duties of the predecessor collateral agent. If PBM and Worldwide are unable to agree on a successor collateral agent by the effective date of the resignation or removal of the Collateral Agent, or any successor collateral agent, the Collateral Shares then held by the Collateral Agent or such successor collateral agent shall be deposited with a party that shall be selected by Worldwide provided that Worldwide shall provide a written opinion of its legal counsel (who shall be reasonably acceptable to PBM) that the holding of the Collateral Shares by such party shall permit PBM to obtain and maintain a valid perfected first lien position in the Collateral Shares.
