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

Resignation or Removal of Collateral Agent. The Collateral Agent may resign at any time, upon thirty (30) days' prior written notice to Parker and EMB, and may be removed by the mutual consent of Parker axx XXX, upon at least thirty (30) days' prior notice to the Xxxxxxeral Agent. Prior to the effective date of the resignation or removal of the Collateral Agent, or any successor Collateral Agent, Parker and EMB shall appoint a successor collateral agent to hold thx Xxxxateral Shares then held by the Collateral Agent, and any such successor collateral agent shall execute and deliver to the predecessor collateral agent and to Parker and EMB an instrument accepting such appointment, and thereupxx xxxh 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 Parker and EMB are unable to agree on a successor collateral agent bx xxx 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 EMB provided that EMB shall provide a written opinion of its legal counsel (who shall be reasonably acceptable to Parker) that the holding of the Collateral Shares by such party shalx xxxxit Parker to obtain and maintain a valid perfected first lien position xx xxx Collateral Shares.

Resignation or Removal of Collateral Agent. The Collateral Agent may resign at any time, upon thirty (30) days' prior written notice to Parker Xxxxxx and EMB, and may be removed by the mutual consent of Parker axx XXXXxxxxx and EMB, upon at least thirty (30) days' prior notice to the Xxxxxxeral Collateral Agent. Prior to the effective date of the resignation or removal of the Collateral Agent, or any successor Collateral Agent, Parker Xxxxxx and EMB shall appoint a successor collateral agent to hold thx Xxxxateral 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 Parker Xxxxxx and EMB an instrument accepting such appointment, and thereupxx xxxh 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 Parker Xxxxxx and EMB are unable to agree on a successor collateral agent bx xxx 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 EMB provided that EMB shall provide a written opinion of its legal counsel (who shall be reasonably acceptable to ParkerXxxxxx) that the holding of the Collateral Shares by such party shalx xxxxit Parker shall permit Xxxxxx to obtain and maintain a valid perfected first lien position xx xxx in the Collateral Shares.

Resignation or Removal of Collateral Agent. The Collateral Agent may resign at any time, upon thirty (30) days' prior written notice to Parker FGFC Holdings and EMB, and may be removed by the mutual consent of Parker axx XXXFGFC Holdings and EMB, upon at least thirty (30) days' prior notice to the Xxxxxxeral Collateral Agent. Prior to the effective date of the resignation or removal of the Collateral Agent, or any successor Collateral Agent, Parker FGFC Holdings and EMB shall appoint a successor collateral agent to hold thx Xxxxateral 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 Parker FGFC Holdings and EMB an instrument accepting such appointment, and thereupxx xxxh 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 Parker FGFC Holdings and EMB are unable to agree on a successor collateral agent bx xxx 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 EMB provided that EMB shall provide a written opinion of its legal counsel (who shall be reasonably acceptable to ParkerFGFC Holdings) that the holding of the Collateral Shares by such party shalx xxxxit Parker shall permit FGFC Holdings to obtain and maintain a valid perfected first lien position xx xxx in the Collateral Shares.

Resignation or Removal of Collateral Agent. The Collateral Agent may resign at any time, upon thirty (30) days' prior written notice to Parker PBM and EMBWorldwide, and may be removed by the mutual consent of Parker axx XXXPBM and Worldwide, upon at least thirty (30) days' prior notice to the Xxxxxxeral Collateral Agent. Prior to the effective date of the resignation or removal of the Collateral Agent, or any successor Collateral Agent, Parker PBM and EMB Worldwide shall appoint a successor collateral agent to hold thx Xxxxateral 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 Parker PBM and EMB Worldwide an instrument accepting such appointment, and thereupxx xxxh 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 Parker PBM and EMB Worldwide are unable to agree on a successor collateral agent bx xxx 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 EMB Worldwide provided that EMB Worldwide shall provide a written opinion of its legal counsel (who shall be reasonably acceptable to ParkerPBM) that the holding of the Collateral Shares by such party shalx xxxxit Parker shall permit PBM to obtain and maintain a valid perfected first lien position xx xxx in the Collateral Shares.