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

Resignation or Removal of the Collateral Agent. The Collateral Agent may resign upon not less than 30 days' prior written notice to the Company, each Administrative Agent and the Co-gen Agent and may be removed at any time with or without cause by the Majority Solutia Lenders or by the Company with the prior written consent of the Majority Solutia Lenders, with any such resignation or removal to become effective only upon the appointment of a successor Collateral Agent under this Section 2.04. If the Collateral Agent shall resign or be removed, then the Majority Solutia Lenders shall (and if no such successor shall have been appointed within 60 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 a bank or trust company organized under the laws of the United States of America or a State thereof and that has a combined capital and surplus of at least $500,000,000, 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, the provisions of this Agreement shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Collateral Agent.

Resignation or Removal of the Collateral Agent. The Collateral Agent may resign as Collateral Agent upon not less than 30 thirty (30) days' prior written notice to the Company, each Administrative Agent and the Co-gen Agent Secured Parties and may be removed at any time with or without cause upon thirty (30) days' notice by the Majority Solutia Lenders or by the Company with the prior written consent of the Majority Solutia LendersHolders, with any such resignation or removal to become effective only upon the appointment of a successor Collateral Agent under this Section 2.04SECTION 2.5. If no successor Collateral Agent shall have been so appointed within thirty (30) days, the resigning Collateral Agent may petition any court of competent jurisdiction for the appointment of a new Collateral Agent. If the Collateral Agent shall resign or be removed, removed as Collateral Agent by the Majority Holders then the Majority Solutia Lenders Holders shall (and if no such successor shall have been appointed within 60 thirty (30) days of the Collateral Agent's resignation or removal, the Collateral Agent may) appoint a successor agent Agent for the Secured Parties, which successor agent shall Agent shall, unless an Event of Default has occurred and is continuing, be a bank or trust company organized under the laws of the United States of America or a State thereof and that has a combined capital and surplus of at least $500,000,000reasonably acceptable to Funding Company, whereupon such successor agent Agent shall succeed to the rights, powers and duties of the "Collateral Agent" , and the term "Collateral Agent" shall mean such successor agent Agent effective upon its appointment, and except as provided in SECTION 2.4(a) and (b) (Indemnification; Bankruptcy) 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 hereunderhereunder as Collateral Agent, the provisions of this Agreement shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Collateral Agent.

Resignation or Removal of the Collateral Agent. The Collateral Agent may resign as Collateral Agent upon not less than 30 ten days' prior written notice to the Company, each Administrative Agent and the Co-gen Agent Secured Parties and may be removed at any time with or without cause by the Majority Solutia Lenders or by the Company with the prior written consent of the Majority Solutia LendersSuper-Required Holders, with any such resignation or removal to become effective only upon the appointment of a successor Collateral Agent under this Section 2.045.5. If the Collateral Agent shall resign or be removedremoved as Collateral Agent under this Agreement, then the Majority Solutia Lenders Super-Required Holders shall (and if no such successor shall have been appointed within 60 30 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 a bank or trust company organized under reasonably acceptable to the laws of the United States of America or a State thereof and that has a combined capital and surplus of at least $500,000,000Grantors, 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 or any of the other Secured Parties; provided, however, that the resigning Collateral Agent shall deliver all Collateral then in its possession to the successor Collateral Agent) or any Agent all Collateral, and copies of all filings, recordings and all other instruments and documents, then in its possession, and shall take all further action that the other Secured Partiessuccessor Collateral Agent may reasonably request. After any retiring Collateral Agent's resignation or removal hereunderhereunder as Collateral Agent, the provisions of this Agreement Section V shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Collateral AgentAgent under this Agreement.

Resignation or Removal of the Collateral Agent. The Collateral Agent may resign as Collateral Agent upon not less than 30 ten days' prior written notice to the CompanyParticipating Holders, each Administrative Agent the Company and the Co-gen Agent Pledgor and may be removed at any time with or without cause by the Majority Solutia Lenders or by the Company with the prior written consent of the Majority Solutia LendersParticipating Holders, with any such resignation or removal to become effective only upon the appointment of a successor Collateral Agent under this Section 2.04SECTION 6. If the Collateral Agent shall resign or be removedremoved as Collateral Agent, then the Majority Solutia Lenders Participating Holders shall (and if no such successor shall have been appointed within 60 30 days of the Collateral Agent's resignation or removal, the Collateral Agent may) appoint a successor agent for the Secured PartiesParticipating Holders, which successor agent shall be a bank or trust company organized under reasonably acceptable to the laws of Company and the United States of America or a State thereof and that has a combined capital and surplus of at least $500,000,000Pledgor, 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 former 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, the provisions of this Agreement shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Collateral Agent.Agency Agreement

Resignation or Removal of the Collateral Agent. The Collateral Agent may resign as Collateral Agent upon not less than 30 thirty (30) days' prior written notice to the Company, each Administrative Agent Pledgor and the Co-gen Agent Pledgee and may be removed at any time with or without cause by the Majority Solutia Lenders or by the Company with the prior written consent of the Majority Solutia LendersPledgee, with any such resignation or removal to become effective only upon the appointment of a successor Collateral Agent under this Section 2.044.3. If no successor Collateral Agent shall have been so appointed within thirty (30) days, the resigning Collateral Agent may petition any court of competent jurisdiction for the appointment of a new Collateral Agent. If the Collateral Agent shall resign or be removedremoved as Collateral Agent by the Pledgee, then the Majority Solutia Lenders Pledgee shall (and if no such successor shall have been appointed within 60 thirty (30) 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 a bank or trust company organized under the laws of the United States of America or a State thereof and that has a combined capital and surplus of at least $500,000,000collateral agent, whereupon such successor collateral 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 transfer 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), the provisions of this Agreement shall inure to its benefit as to any actions taken Pledgor or omitted to be taken by it while it was the Collateral AgentPledgee.

Resignation or Removal of the Collateral Agent. The Collateral Agent may resign as Collateral Agent upon not less than 30 days' prior written notice to the Company, each Administrative Agent and the Co-gen Agent Secured Parties and may be removed at any time with or without cause by the Majority Solutia Lenders or by the Company with the prior written consent of the Majority Solutia LendersRequired Creditors, with any such resignation or removal to become effective only upon the appointment of a successor Collateral Agent under this Section 2.044.06. If the Collateral Agent shall resign or be removed, removed as Collateral Agent under the Security Documents then the Majority Solutia Lenders Administrative Agent shall (and if no such successor shall have been appointed within 60 30 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 a bank or trust company organized under the laws of the United States of America or a State thereof and that has a combined capital and surplus of at least $500,000,000, 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 hereunderhereunder 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 Collateral AgentSecurity Documents.