Common use of Successor Administrative Agent and Collateral Agent Clause in Contracts

Successor Administrative Agent and Collateral Agent. 15.1 Effective as of the Amendment No. 2 Effective Date, CNAI has resigned as Administrative Agent and Collateral Agent under the Loan Documents pursuant to that certain Successor Agent Agreement among CNAI, Bank of America and the Borrower dated as of the date hereof, and Bank of America has agreed to be appointed as successor Administrative Agent and Collateral Agent under the Loan Documents, in each case in accordance with Section 8.01 of the Credit Agreement. 15.2 Each of the parties hereto hereby (a) acknowledges the resignation of CNAI as Administrative Agent and Collateral Agent under the Loan Documents, (b) waives any requirement under the Credit Agreement (including, without limitation, Section 8.01 of the Credit Agreement) that CNAI must provide prior written notice prior to its resignation as Administrative Agent or Collateral Agent and (c) agrees that CNAI’s resignation is effective as of the Amendment No. 2