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

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: (i) the Collateral Agent fails to satisfy the eligibility requirements specified in clauses (i) – (iii) of Section 5.2 hereof; (ii) the Collateral Agent is adjudged bankrupt or insolvent or an order for relief is entered with respect to the Collateral Agent under any Bankruptcy Law; (iii) a custodian takes charge of the Collateral Agent or its property; or (iv) the Collateral Agent becomes demonstrably incapable of acting or fails to act in any material respect in accordance with the terms of this Agreement.

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 Working Capital Facility Agent, the Trustee 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, Agent if: (i) the Collateral Agent fails to satisfy comply with the eligibility requirements specified in clauses (i) – (iii) terms of the second sentence of Section 5.2 hereof; (ii) the Collateral Agent is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Collateral Agent under any Bankruptcy Law; (iii) a custodian takes charge of the Collateral Agent or its property; or (iv) the Collateral Agent becomes demonstrably incapable of acting or fails to act in any material respect in accordance with the terms of this Agreement.

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: (i) the Collateral Agent fails to satisfy the eligibility requirements specified in clauses (i) – (iii) of Section 5.2 hereof; (ii) the Collateral Agent is adjudged bankrupt or insolvent or an order for relief is entered with respect to the Collateral Agent under any Bankruptcy Law; (iii) a custodian takes charge of the Collateral Agent or its property; oror 0000-0000-0000 v10 (iv) the Collateral Agent becomes demonstrably incapable of acting or fails to act in any material respect in accordance with the terms of this Agreement.

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 Priority Facility Agent, the Working Capital Facility Agent, the Trustee 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, Agent if: (i) the Collateral Agent fails to satisfy comply with the eligibility requirements specified in clauses (i) – (iii) terms of the second sentence of Section 5.2 hereof; (ii) the Collateral Agent is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Collateral Agent under any Bankruptcy Law; (iii) a custodian takes charge of the Collateral Agent or its property; or (iv) the Collateral Agent becomes demonstrably incapable of acting or fails to act in any material respect in accordance with the terms of this Agreement.

Resignation or Removal of Collateral Agent. Subject to compliance the appointment of a successor Collateral Agent as provided in Section 5.2 and the acceptance of such appointment by the successor Collateral Agent with the second sentence and third sentence of Section 5.2 hereof, if applicableAgent, (i) the Collateral Agent may resign at any time by giving not less than 30 days’ notice of resignation to the Trustees Administrative Agent, the Trustee 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 RepresentativeSecured Debtholders. So long as no Event of Default has occurred and is continuing, the Company may remove the Collateral Agent, by providing written notice, Agent if: (i) the Collateral Agent fails to satisfy comply with the eligibility requirements specified in clauses (i) – (iii) terms of the second sentence of Section 5.2 hereof; (ii) the Collateral Agent is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Collateral Agent under any the Bankruptcy LawCode; (iii) a custodian takes charge of the Collateral Agent or its property; or (iv) the Collateral Agent becomes demonstrably incapable of acting or fails to act in any material respect in accordance with the terms of this Agreement. The Trustee and the Administrative Agent may exercise such power if an Event of Default has occurred and is continuing.