Common use of Successor Administration Agent Clause in Contracts

Successor Administration Agent. The Administration Agent may resign at any time by giving 30 days’ written notice thereof to the Lenders and the Borrowers. Upon such resignation the Lenders shall have the right to appoint a successor Administration Agent which successor Administration Agent shall be a Canadian chartered bank approved by the Borrowers (such approval not to be unreasonably withheld). If no successor Administration Agent shall have been so appointed by the Lenders and shall have accepted such appointment within 30 days after delivery of the retiring Administration Agent’s notice of resignation, the retiring Administration Agent may, on behalf of the Lenders, appoint a successor Administration Agent, which shall be a Lender approved by the Borrowers (such approval not to be unreasonably withheld). Upon the acceptance of any appointment as Administration Agent hereunder by a successor Administration Agent, such successor Administration Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administration Agent, the retiring Administration Agent shall be discharged from its duties and obligations under this Agreement, and the Lender which is such successor Administration Agent shall thereupon become the Issuing Lender hereunder. After any retiring Administration Agent’s resignation or removal hereunder as Administration Agent, the provisions of this Article shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administration Agent under this Agreement.

Successor Administration Agent. The Administration Agent may resign at any time by giving 30 days’ ' written notice thereof to the Lenders and the Borrowers. Upon such resignation the Lenders shall have the right to appoint a successor Administration Agent which successor Administration Agent shall be a Canadian chartered bank approved by the Borrowers (such approval not to be unreasonably withheld). If no successor Administration Agent shall have been so appointed by the Lenders and shall have accepted such appointment within 30 days after delivery of the retiring Administration Agent’s 's notice of resignation, the retiring Administration Agent may, on behalf of the Lenders, appoint a successor Administration Agent, which shall be a Lender approved by the Borrowers (such approval not to be unreasonably withheld). Upon the acceptance of any appointment as Administration Agent hereunder by a successor Administration Agent, such successor Administration Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administration Agent, the retiring Administration Agent shall be discharged from its duties and obligations under this Agreement, and the Lender which is such successor Administration Agent shall thereupon become the Issuing Lender hereunder. After any retiring Administration Agent’s 's resignation or removal hereunder as Administration Agent, the provisions of this Article shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administration Agent under this Agreement.