Common use of Resignation or Removal of the Agents Clause in Contracts

Resignation or Removal of the Agents. (a) Subject to the appointment and acceptance of a successor Administrative Agent as provided below, the Administrative Credit Agreement 58 Agent may resign at any time by giving notice thereof to the Lenders, Newark, each Newark Subsidiary, VCP Exportadora and VCP, and the Administrative Agent may be removed at any time with or without cause by the Majority Lenders. Upon any such resignation or removal, the Majority Lenders (if no Default then exists, with the consent of VCP, which consent shall not be unreasonably withheld or delayed) shall have the right to appoint a successor Administrative Agent. If no successor Administrative Agent shall have been so appointed and shall have accepted such appointment within 30 days after the existing Administrative Agent's giving of notice of resignation or the Majority Lenders' election to remove the existing Administrative Agent, then the existing Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent, which shall be a bank that has a combined capital and surplus of at least $500,000,000 (or its equivalent in any other currency). Upon the acceptance of any appointment as the Administrative Agent hereunder by a successor, such successor shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the existing Administrative Agent, and the existing Administrative Agent shall be discharged from its duties and obligations hereunder. After any Administrative Agent's resignation or removal hereunder, the provisions of this Article 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 the Administrative Agent. (b) The Collateral Agent may resign or be removed in the manner provided in the Security Agreement.

Resignation or Removal of the Agents. (a) Subject to the appointment and acceptance of a successor Administrative Agent as provided below, the Administrative Credit Agreement 58 any Agent may resign at any time by giving notice thereof to the Lendersother Agent, Newark, each Newark Subsidiary, VCP Exportadora the Lenders and VCPthe Company, and the Administrative any Agent may be removed Senior Guaranteed Credit Agreement 54 - 50 - at any time with or without cause by the Majority Lenders. Upon any such resignation or removal, the Majority Lenders (if no Default then exists, shall have the right to appoint a successor Agent with the prior consent of VCP, the Company (which consent shall not be unreasonably withheld or delayed) shall have the right to appoint a successor Administrative Agent). If no successor Administrative Agent shall have been so appointed by the Majority Lenders and shall have accepted such appointment within 30 days after the existing Administrative retiring Agent's giving of notice of resignation or the Majority Lenders' election to remove removal of the existing Administrative retiring Agent, then the existing Administrative retiring Agent may, on behalf of the Lenders, appoint a successor Administrative Agent, which that shall be a bank that has an office in New York, New York with a combined capital and surplus of at least $500,000,000 (or its equivalent in any other currency)500,000,000. Upon the acceptance of any appointment as the Administrative an Agent hereunder by a successorsuccessor Agent, such successor Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the existing Administrative retiring Agent, and the existing Administrative retiring Agent shall be discharged from its duties and obligations hereunder. After any Administrative retiring Agent's resignation or removal hereunderhereunder as Agent, the provisions of this Article Section 10 shall continue in effect for its the benefit of such Agent in respect of any actions taken or omitted to be taken by it while it was acting as the Administrative an Agent. (b) The Collateral Agent may resign or be removed in the manner provided in the Security Agreement.

Resignation or Removal of the Agents. (a) Subject to the appointment and acceptance of a successor Administrative Agent as provided below, the Administrative Credit Agreement 58 Agent may resign at any time by giving notice thereof to the Lenders, Newark, each Newark Subsidiary, VCP Exportadora and VCP, and the Administrative Agent may be removed at any time with or without cause by the Majority Lenders. Upon any such resignation or removal, the Majority Lenders (if no Default then exists, with the consent of VCP, which consent shall not be unreasonably withheld or delayed) shall have the right to appoint a successor Administrative Agent. If no successor Administrative Agent shall have been so appointed and shall have accepted such appointment within 30 days after the existing Administrative Agent's giving of Credit Agreement 67 notice of resignation or the Majority Lenders' election to remove the existing Administrative Agent, then the existing Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent, which shall be a bank that has a combined capital and surplus of at least $500,000,000 (or its equivalent in any other currency). Upon the acceptance of any appointment as the Administrative Agent hereunder by a successor, such successor shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the existing Administrative Agent, and the existing Administrative Agent shall be discharged from its duties and obligations hereunder. After any Administrative Agent's resignation or removal hereunder, the provisions of this Article 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 the Administrative Agent. (b) The Collateral Agent may resign or be removed in the manner provided in the Security Agreement.

Resignation or Removal of the Agents. (a) Subject to the appointment and acceptance of a successor Administrative Agent as provided below, the Administrative Credit Agreement 58 each Agent may resign at any time by giving notice thereof to the Lenders, Newark, each Newark Subsidiary, VCP Exportadora Lenders and VCPthe Obligors, and the Administrative each Agent may be removed at any time with or without cause by the Majority Lenders. Upon any such resignation or removal, the Majority Lenders (if no Default or Event of Default then exists, with the written consent of VCPthe Borrower, which consent shall not be unreasonably withheld or delayed) shall have the right to appoint a successor Administrative Agent or Collateral Agent, as the case may be. If no successor Administrative Agent or Collateral Agent, as the case may be, shall have been so appointed and shall have accepted such appointment within 30 days after the relevant existing Administrative Agent's ’s giving of notice of resignation or the Majority Lenders' ’ election to remove the such existing Administrative Agent, then the such existing Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent, which shall be a bank that has a combined capital and surplus of at least $500,000,000 (or its equivalent in any other currency). Upon the acceptance of any appointment as the Administrative Agent or Collateral Agent, as the case may be, hereunder by a successor, such successor shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the such existing Administrative Agent, and the such existing Administrative Agent shall be discharged from its duties and obligations hereunder. After any Administrative Agent's ’s resignation or removal hereunder, the provisions of this Article 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 the Administrative Agent. (b) The Collateral Agent may resign or be removed in the manner provided in the Security Agreement.