Common use of Successor Administrative Agents Clause in Contracts

Successor Administrative Agents. Administrative Agent may resign as Administrative Agent under the Transaction Documents upon notice to Buyers and Seller. If Administrative Agent shall resign, then Buyers shall appoint a successor Administrative Agent; provided that such successor Administrative Agent meets the applicable “know your customer” requirements of the Servicer and Custodian. The term “Administrative Agent” shall mean each such successor Administrative Agent, effective upon its appointment, and the former Administrative Agent’s rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or any of the parties to this Agreement or any of the Transaction Documents or successors thereto. After any retiring Administrative Agent’s resignation hereunder as Administrative Agent, the provisions of the Transaction Documents shall inure to its benefit as to any actions taken or omitted to be taken by it while it was an Administrative Agent under the Transaction Documents. In no event shall there be more than one Administrative Agent hereunder.

Successor Administrative Agents. The Administrative Agent may resign as Administrative Agent under the Transaction Documents upon 30 days' notice to Buyers and Sellerthe Lenders. If the Administrative Agent shall resign, resign as Administrative Agent under this Agreement and the other Loan Documents then Buyers the Majority Lenders shall appoint from among the Lenders a successor Administrative Agent; agent for the Lenders, which successor agent (provided that such successor Administrative Agent meets it shall have been approved by the applicable “know your customer” requirements Borrower), shall succeed to the rights, powers and duties of the Servicer and Custodian. The term “Administrative Agent” shall mean each such successor Administrative Agent, effective hereunder. Effective upon its appointmentsuch appointment and approval, the term "Administrative Agent" shall mean and include such successor agent, and the former Administrative Agent’s 's rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or Agent, any of the parties to this Agreement or any holders of the Transaction Documents or successors theretoLoans. After any retiring Administrative Agent’s 's resignation hereunder as Administrative Agent, Agent the provisions of the Transaction Documents this Article XI shall inure to its benefit as to any actions taken or omitted to be taken by it while it was an Administrative Agent under this Agreement and the Transaction other Loan Documents. In no event shall there be more than one Administrative Agent hereunder.

Successor Administrative Agents. Administrative Agent may resign as Administrative Agent under the Transaction Documents upon notice to Buyers Xxxxxx and Seller. If Administrative Agent shall resign, then Buyers Xxxxxx shall appoint a successor Administrative Agent; provided that such successor Administrative Agent meets the applicable “know your customer” requirements of the Servicer and Custodian. The term “Administrative Agent” shall mean each such successor Administrative Agent, effective upon its appointment, and the former Administrative Agent’s rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or any of the parties to this Agreement or any of the Transaction Documents or successors thereto. After any retiring Administrative Agent’s resignation hereunder as Administrative Agent, the provisions of the Transaction Documents shall inure to its benefit as to any actions taken or omitted to be taken by it while it was an Administrative Agent under the Transaction Documents. In no event shall there be more than one Administrative Agent hereunder.

Successor Administrative Agents. Administrative Agent may resign as Administrative Agent under the Transaction Documents upon notice to Buyers Xxxxxx and Seller. If Administrative Agent shall resignresign or be removed by Xxxxxx, then Buyers Xxxxxx shall appoint a successor Administrative Agent; provided that such successor Administrative Agent meets the applicable “know your customer” requirements of the Servicer and Custodian. The term “Administrative Agent” shall mean each such successor Administrative Agent, effective upon its appointment, and the former Administrative Agent’s rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or any of the parties to this Agreement or any of the Transaction Documents or successors thereto. After any retiring Administrative Agent’s resignation or removal hereunder as Administrative Agent, the provisions of the Transaction Documents shall inure to its benefit as to any actions taken or omitted to be taken by it while it was an Administrative Agent under the Transaction Documents. In no event shall there be more than one Administrative Agent hereunder.

Successor Administrative Agents. Administrative Agent may resign as Administrative Agent under the Transaction Documents upon notice to Buyers and Seller. If Administrative Agent shall resignresign or be removed by Buyers, then Buyers shall appoint a successor Administrative Agent; provided that such successor Administrative Agent meets the applicable “know your customer” requirements of the Servicer and Custodian. The term “Administrative Agent” shall mean each such successor Administrative Agent, effective upon its appointment, and the former Administrative Agent’s rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or any of the parties to this Agreement or any of the Transaction Documents or successors thereto. After any retiring Administrative Agent’s resignation or removal hereunder as Administrative Agent, the provisions of the Transaction Documents shall inure to its benefit as to any actions taken or omitted to be taken by it while it was an Administrative Agent under the Transaction Documents. In no event shall there be more than one Administrative Agent hereunder.

Successor Administrative Agents. Each Administrative Agent may resign as Administrative Agent under the Transaction Documents upon 30 days' notice to Buyers and Sellerthe Lenders. If all Administrative Agents shall resign as Administrative Agent shall resign, under this Agreement and the other Loan Documents then Buyers the Majority Lenders shall appoint from among the Lenders a successor Administrative Agent; agent for the Lenders, which successor agent (provided that it shall have been approved by the Borrower), shall succeed to the rights, powers and duties of the Administrative Agents, hereunder. Effective upon such appointment and approval, the term "Administrative Agents" shall mean and include such successor Administrative Agent meets the applicable “know your customer” requirements of the Servicer and Custodian. The term “Administrative Agent” shall mean each such successor Administrative Agent, effective upon its appointmentagent, and the former Administrative Agent’s Agents' rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or Agents any of the parties to this Agreement or any holders of the Transaction Documents or successors theretoLoans. After any retiring Administrative Agent’s 's resignation hereunder as Administrative Agent, Agent the provisions of the Transaction Documents this Article XI shall inure to its benefit as to any actions taken or omitted to be taken by it while it was an Administrative Agent under this Agreement and the Transaction other Loan Documents. In no event shall there be more than one Administrative Agent hereunder.