Common use of SECTION Successor Agent Clause in Contracts

SECTION Successor Agent. The Agent may resign at any time by giving written notice thereof to the Lenders and the Borrower and may be removed at any time with or without cause by the Majority Lenders, with any such resignation or removal to become effective only upon the appointment of a successor Agent pursuant to this Section 7.06. Upon any such resignation or removal, the Majority Lenders shall have the right to appoint a successor Agent. Such successor shall be subject to the approval of the Borrower, such approval not to be unreasonably withheld or delayed, provided that such approval shall not be necessary if at the time such successor is appointed there shall have occurred and be continuing an Event of Default or an Unmatured Default. If no successor Agent shall have been so appointed by the Majority Lenders, and shall have accepted such appointment, within 30 days after the retiring Agent's giving of notice of resignation or the Majority Lenders' removal of the retiring Agent, then the retiring Agent may, on behalf of the Lenders, appoint a successor Agent, which shall be a Lender or shall be another commercial bank or trust company organized under the laws of the United States of America or of any State thereof and having a combined capital and surplus of at least $50,000,000. Upon the acceptance of any appointment as Agent hereunder by a successor Agent, such successor Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Agent, and the retiring Agent shall be discharged from its duties and obligations under this Agreement. After any retiring Agent's resignation or removal hereunder as Agent, the provisions of this Article VII shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent under this Agreement.

SECTION Successor Agent. The Subject to the appointment and acceptance of a successor Agent as provided below, (i) Agent may resign at any time by giving written notice thereof to the Lenders Banks and Borrower, or (ii) Agent may be removed upon the written direction of the Borrower and may be removed at any time with or without cause by the Majority Lenders, with any such resignation or removal to become effective only upon the appointment of a successor Agent pursuant to this Section 7.06Banks. Upon any such resignation or removal, the Majority Lenders shall Banks will have the right to appoint another Bank as a successor Agent. Such ; provided however, so long as no Default exists, any such successor shall Agent must also be subject to the approval of the approved by Borrower, such which approval may not to be unreasonably withheld or delayed, provided that such approval shall not be necessary if at the time such successor is appointed there shall have occurred and be continuing an Event of Default or an Unmatured Defaultwithheld. If no successor Agent shall have been so appointed by the Majority Lenders, Banks and shall have accepted such appointment, appointment within 30 thirty (30) days after the retiring Agent's giving of notice of resignation or the Majority Lenders' removal its receipt of the retiring Agenta written direction of its removal, then the retiring Managing Agent may, on behalf shall succeed to the position of the Lenders, appoint a successor Agent, which shall be a Lender or shall be another commercial bank or trust company organized under the laws of the United States of America or of any State thereof and having a combined capital and surplus of at least $50,000,000Agent hereunder. Upon the acceptance of any its appointment as Agent hereunder by a successor Agent, such successor Agent shall thereupon succeed to and become vested with all the rights, powers, privileges privileges, immunities and duties of the retiring resigning or removed Agent, and the retiring resigning or removed Agent shall be discharged from its duties and obligations under this AgreementAgreement and the other Loan Documents. After any retiring Agent's resignation or removal hereunder as Agent, the provisions of this Article VII X shall inure to continue in effect for its benefit as to in respect of any actions taken or omitted to be taken by it while it was Agent. Each Agent (including each successor Agent) agrees that, so long as it is acting as Agent under this Agreement., it shall be a Bank under this Agreement. XI. ARTICLE

SECTION Successor Agent. The Agent may resign at any time as Agent upon an Event of Default by giving providing thirty (30) days written notice thereof to the Lenders and the Borrower and Lenders. The Agent may be removed at any time with or without cause by the Majority LendersRequired Lenders if the Agent is grossly negligent or engages in willful misconduct in the performance of its duties under this Agreement. If the Agent shall resign or be removed as Agent under this Agreement, with any such resignation or removal to become effective only upon then the appointment of Required Lenders shall appoint from among the Lenders a successor Agent pursuant to this Section 7.06. Upon any such resignation or removal, agent for the Majority Lenders shall have the right to appoint a which successor Agent. Such successor agent shall be subject to approved by the approval of the Borrower, such approval not to be unreasonably withheld or delayed, provided that such Borrowers (which approval shall not be necessary if at the time unreasonably withheld), whereupon such successor is appointed there agent shall have occurred and be continuing an Event of Default or an Unmatured Default. If no successor Agent shall have been so appointed by the Majority Lenders, and shall have accepted such appointment, within 30 days after the retiring Agent's giving of notice of resignation or the Majority Lenders' removal of the retiring Agent, then the retiring Agent may, on behalf of the Lenders, appoint a successor Agent, which shall be a Lender or shall be another commercial bank or trust company organized under the laws of the United States of America or of any State thereof and having a combined capital and surplus of at least $50,000,000. Upon the acceptance of any appointment as Agent hereunder by a successor Agent, such successor Agent shall thereupon succeed to and become vested with all the rights, powers, privileges powers and duties of the retiring Agent, and the retiring term "Agent" shall mean such successor agent effective upon its appointment, and the former Agent's rights, powers and duties as Agent shall be discharged from its duties and obligations under terminated, without any other or further act or deed on the part of such former Agent or any of the parties to this AgreementAgreement or any holders of the Notes. After any retiring Agent's resignation or removal hereunder as Agent, the provisions of this Article VII Section 14.7 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent under this Agreement.. Notwithstanding anything to the contrary contained herein, the Agent's right to resign as Agent, or to assign its status as Agent, pursuant to the terms of this Section 14.9 shall be expressly conditioned upon a successor Agent being appointed simultaneously therewith. 1. SECTION

SECTION Successor Agent. The Subject to the appointment and acceptance of a successor Agent as provided below, Agent may resign at any time by giving written notice thereof to the Lenders and the Borrower and may be removed at any time with or without cause by the Majority Lenders, with any such resignation or removal to become effective only upon the appointment of a successor Agent pursuant to this Section 7.06Borrower. Upon any such resignation resignation, Required Lenders, with the consent of Borrower (which consent shall not be unreasonably withheld, conditioned or removaldelayed), will have the Majority Lenders right to appoint another Lender as a successor Agent; provided, however, that, so long as Compass Bank is a Lender hereunder and has a Commitment amount (or aggregate outstanding principal amount of Loans and Letter of Credit Liabilities) of at least $10,000,000, it shall have the right to appoint a be appointed as successor Agent. Such Borrower hereby consents, in advance to Compass Bank as a successor shall be subject to the approval of the Borrower, such approval not to be unreasonably withheld or delayed, provided that such approval shall not be necessary if at the time such successor Agent so long as Compass Bank is appointed there shall have occurred and be continuing an Event of Default or an Unmatured Defaulta Lender hereunder. If no successor Agent shall have been so appointed by the Majority Lenders, Required Lenders (with Borrower's consent) and shall have accepted such appointment, appointment within 30 days after the retiring Agent's giving of notice of resignation or the Majority Lenders' removal of the retiring Agentresignation, then the retiring Agent may, on behalf may (without the necessity of the Lenders, any consent of Borrower) appoint a successor Agent, which shall be a Lender or shall be another commercial bank or trust company lender organized under the laws of the United States of America U.S. or of any State state thereof and having a combined capital and surplus of at least $50,000,000500,000,000. Upon the acceptance of any its appointment as Agent hereunder by a successor Agent, such successor Agent shall thereupon succeed to and become vested with all the rights, powers, privileges privileges, immunities and duties of the retiring resigning Agent, and the retiring resigning Agent shall be discharged from its duties and obligations under this AgreementAgreement and the other Loan Documents (except for such duties and obligations which arose prior to such resignation). After any retiring Agent's resignation or removal hereunder as Agent, the provisions of this Article VII 12 shall inure to continue in effect for its benefit as to in respect of any actions taken or omitted to be taken by it while it was Agent under this AgreementAgent.