Resignation or Removal of the Collateral Agent. Subject to the appointment and acceptance of a successor Collateral Agent as provided below: (a) the Collateral Agent may resign at any time by giving thirty days’ prior written notice thereof to each Representative; and (b) the Collateral Agent may be removed by the Required Lenders if the Collateral Agent shall fail or refuse to perform or commence performing any act set forth in written instructions delivered to it pursuant to and in accordance with this Agreement, such removal to be effective upon thirty days’ prior written notice of such removal. Upon any such resignation or removal, a successor Collateral Agent shall be appointed by the Required Lenders; provided that such successor Collateral Agent shall be (i) a bank or trust company having a combined capital and surplus of at least $500,000,000, subject to supervision or examination by a Federal or state banking authority; and (ii) authorized under the laws of the jurisdiction of its incorporation or organization to assume the functions of the Collateral Agent hereunder and under the Collateral Documents. If no successor Collateral Agent shall have been appointed as aforesaid and shall have accepted such appointment within thirty days after the retiring Collateral Agent’s giving of notice of resignation or having received notice of removal, then any Lender or the Collateral Agent (unless the Collateral Agent is being removed) may petition a court of competent jurisdiction for the appointment of a successor Collateral Agent. Such court shall, after such notice as it may deem proper, appoint a successor Collateral Agent meeting the qualifications specified above. The Lenders hereby consent to such petition and appointment so long as such criteria are met. Upon the acceptance of any appointment as the 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 under this Agreement or any Collateral Document, except to the extent for acts or omissions prior to the resignation or removal. After any retiring Collateral Agent’s resignation or removal hereunder as the Collateral Agent: (a) the provisions of Sections 5.07 and 5.08 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 Colla...
Resignation or Removal of the Collateral Agent. The Collateral Agent may resign at any time by giving written notice thereof to the Lenders and the Borrowers, with any such resignation to become effective only upon the appointment of a successor Collateral Agent pursuant to this Section 4.
Resignation or Removal of the Collateral Agent. Until ---------------------------------------------- such time as the Obligations shall have been paid in full, the Collateral Agent may at any time, by giving written notice to the Pledgor, Senior Noteholders and Convertible Noteholders, resign and be discharged of the responsibilities hereby created, such resignation to become effective upon (i) the appointment of a successor Collateral Agent and (ii) the acceptance of such appointment by such successor Collateral Agent. As promptly as practicable after the giving of any such notice, the Majority Noteholders shall appoint a successor Collateral Agent, which successor Collateral Agent shall be reasonably acceptable to the Pledgor. If no successor Collateral Agent shall be appointed and shall have accepted such appointment within 90 days after the Collateral Agent gives the aforesaid notice of resignation, the Collateral Agent may apply to any court of competent jurisdiction to appoint a successor Collateral Agent to act until such time, if any, as a successor shall have been appointed as provided in this Section 19.16. Any successor so appointed by such court shall immediately and without further act be superseded by any successor Collateral Agent appointed by the Majority Noteholders, as provided in this Section 19.
Resignation or Removal of the Collateral Agent. Subject to the appointment of a successor Collateral Agent as provided in Section 6.12 and the acceptance of such appointment by the successor Collateral Agent, (i) the Collateral Agent may resign at any time by giving not less than 45 days’ notice of resignation to the Trustee, a Term Loan Agent, the Swap Representative known to it, and DRI, and (ii) the Collateral Agent may be removed at any time, with or without cause, pursuant to the instructions of the Directing Creditors.
Resignation or Removal of the Collateral Agent. The Collateral Agent may resign as Collateral Agent upon thirty (30) days' notice to the Senior Parties and may be removed at any time with or without cause by the Required Senior Parties, with any such resignation or removal to become effective only upon the appointment of a successor Collateral Agent under this SECTION 6.
Resignation or Removal of the Collateral Agent. Until such time as the Obligations shall have been paid in full, the Debentures Collateral Agent may at any time, by giving written notice to the Pledgor and Holders, resign and be discharged of the responsibilities hereby created, such resignation to become effective upon (i) the appointment of a successor Debentures Collateral Agent and (ii) the acceptance of such appointment by such successor Debentures Collateral Agent. As promptly as practicable after the giving of any such notice, the Holders shall appoint a successor Debentures Collateral Agent, which successor Debentures Collateral Agent shall be reasonably acceptable to the Pledgor. If no successor Debentures Collateral Agent shall be appointed and shall have accepted such appointment within
Resignation or Removal of the Collateral Agent. The Collateral Agent may resign as Collateral Agent upon 30 days' notice to the Secured Parties and may be removed at any time with or without cause by the Required Creditors, with any such resignation or removal to become effective only upon the appointment of a successor Collateral Agent under this Section 4.06. If the Collateral Agent shall resign or be removed as Collateral Agent under the Security Documents then the Administrative Agent shall (and if no such successor shall have been appointed within 30 days of the Collateral Agent's resignation or removal, the Collateral Agent may) appoint a successor agent for the Secured Parties, whereupon such successor agent shall succeed to the rights, powers and duties of the "Collateral Agent", and the term "Collateral Agent" shall mean such successor agent effective upon its appointment, and the former Collateral Agent's rights, powers and duties as Collateral Agent shall be terminated, without any other or further act or deed on the part of such former Collateral Agent (except that the resigning Collateral Agent shall deliver all Collateral then in its possession to the successor Collateral Agent) or any of the other Secured Parties. After any retiring Collateral Agent's resignation or removal hereunder as Collateral Agent, the provisions of Article IV of this Agreement shall continue to inure to its benefit as to any actions taken or omitted to be taken by it while it was Collateral Agent under the Security Documents.
Resignation or Removal of the Collateral Agent. The Collateral Agent may resign as Collateral Agent upon ten days' notice to each of the Authorized Representatives and the Borrower and may be removed at any time with or without cause by the Required Voting Parties, with any such resignation or removal to become effective only upon the appointment of a successor collateral agent under this Article 6. If the Collateral Agent shall resign or be removed as Collateral Agent, then the Facility Agent and the Required Voting Parties shall (and if no such successor shall have been appointed within 30 days of the Collateral Agent's notice of resignation or removal, the Collateral Agent may) appoint a successor collateral agent for the Secured Parties, which successor collateral agent (so long as no Default or Hedge Default has occurred and is continuing) shall be reasonably acceptable to the Borrower, whereupon such successor collateral agent shall succeed to the rights, powers and duties of the Collateral Agent, and the term “
Resignation or Removal of the Collateral Agent. The Collateral Agent may resign as Collateral Agent upon thirty (30) days' written notice to the Pledgor and the Pledgee and may be removed at any time with or without cause by the Pledgee, with any such resignation or removal to become effective only upon the appointment of a successor Collateral Agent under this Section 4.
Resignation or Removal of the Collateral Agent. The Collateral Agent may at any time (a) by giving 30 days' prior written notice to the Lender Agent and, prior to the Merger Date, the Interim Agent, resign and be discharged from the responsibilities hereby created, or (b) if the Directing Parties conclude that the Collateral Agent shall have acted under and in respect of this Agreement in a manner which constitutes negligence or otherwise conclude in the reasonable exercise of their business judgment that the Collateral Agent should be removed, be removed from its position as Collateral Agent by the Directing Parties, such resignation or removal to become effective upon the earlier of (x) the acceptance of the appointment of a successor pursuant to the following sentence or (y) the appointment of a successor by the Directing Parties and the acceptance of such appointment by such successor. If no successor shall be appointed and approved pursuant to clause (y) above within 30 days after the date of any such resignation, the Collateral Agent may apply to any court of competent jurisdiction to appoint a successor to act until a successor shall have been appointed by the Directing Parties as above provided or may, on behalf of the Representative Creditors, appoint a successor Collateral Agent. Any successor Collateral Agent shall be a bank organized under the laws of the United States or any State thereof, with an office in New York, New York, having a combined capital and surplus of at least $500,000,000 that is authorized to perform the functions of the Collateral Agent hereunder.
