Common use of Successor Collateral Agent Clause in Contracts

Successor Collateral Agent. Collateral Agent may, upon forty-five (45) days' notice to the Loan Parties and Lender, and Collateral Agent will, upon the direction of the Required Lenders (other than Collateral Agent, in its individual capacity), resign as Collateral Agent. If Collateral Agent shall resign, then the Required Lenders during such fifteen-day period shall appoint a successor Collateral Agent and if the Required Lenders direct Collateral Agent to resign, such direction shall include an appointment of a successor Collateral Agent. If for any reason no successor Collateral Agent is appointed by the Required Lenders during such fifteen-day period, then effective upon the expiration of such fifteen-day period, Lenders shall perform all of the duties of Collateral Agent hereunder and for all purposes shall deal directly with Lenders. After any retiring Collateral Agent's resignation hereunder as Collateral Agent, the provisions of this Section 21 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Collateral Agent under this Agreement.

Successor Collateral Agent. The Collateral Agent may, upon forty-five may resign from the performance of all its functions and duties hereunder at any time by giving at least fifteen (4515) days' Business Days’ prior written notice to the Loan Parties Company and Lender, and each holder of the Transaction Notes. Such resignation shall take effect upon the acceptance by a successor Collateral Agent willof appointment as provided below. Upon any such notice of resignation, upon the direction of the Required Lenders (other than Collateral Agent, in its individual capacity), resign as Collateral Agent. If Collateral Agent shall resign, then the Required Lenders during such fifteen-day period Noteholders shall appoint a successor Collateral Agent and if Agent. Upon the Required Lenders direct acceptance of the appointment as Collateral Agent to resignAgent, such direction shall include an appointment of a successor Collateral Agent. If for any reason no successor Collateral Agent is appointed by shall succeed to and become vested with all the Required Lenders during such fifteen-day periodrights, then effective upon the expiration of such fifteen-day periodpowers, Lenders shall perform all privileges and duties of the duties of retiring Collateral Agent, and the retiring Collateral Agent hereunder shall be discharged from its duties and for all purposes shall deal directly with Lendersobligations under this Agreement. After any retiring Collateral Agent's ’s resignation hereunder as Collateral Agenthereunder, the provisions of this Section 21 9 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was his benefit. If a successor Collateral Agent under this Agreementshall not have been so appointed within said fifteen (15) Business Day period, the retiring Collateral Agent shall then appoint a successor Collateral Agent who shall serve until such time, if any, as the Required Noteholders appoint a successor Collateral Agent as provided above.

Successor Collateral Agent. The Collateral Agent may, upon forty-five may resign from the performance of all its functions and duties hereunder and under the other Transaction Documents at any time by giving at least thirty (4530) days' Business Days’ prior written notice to the Loan Parties Company and Lender, and each holder of Securities. Such resignation shall take effect upon the acceptance by a successor Collateral Agent willof appointment as otherwise provided below. Upon any such notice of resignation, upon the direction of the Required Lenders (other than Collateral Agent, in its individual capacity), resign as Collateral Agent. If Collateral Agent shall resign, then the Required Lenders during such fifteen-day period Majority Holders shall appoint a successor collateral agent. Upon the acceptance of any appointment as collateral agent hereunder by a successor agent, such successor collateral agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the collateral agent, and the Collateral Agent shall be discharged from its duties and if obligations under this Indenture and the Required Lenders direct Collateral Agent to resign, such direction shall include an appointment of a successor other Transaction Documents. After the Collateral Agent. If for any reason no successor Collateral Agent is appointed by the Required Lenders during such fifteen-day period, then effective upon the expiration of such fifteen-day period, Lenders shall perform all of the duties of Collateral Agent hereunder and for all purposes shall deal directly with Lenders. After any retiring Collateral Agent's ’s resignation hereunder as Collateral Agentthe collateral agent, the provisions of this Section 21 11.10 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Collateral Agent under this AgreementIndenture and the other Transaction Documents. If a successor collateral agent shall not have been so appointed within said 30 Business Day period, the Collateral Agent shall then appoint a successor collateral agent who shall serve as the collateral agent until such time, if any, as the Majority Holders appoint a successor collateral agent as provided above.

Successor Collateral Agent. The Collateral Agent may, upon forty-five may resign from the performance of all its functions and duties hereunder at any time by giving at least fifteen (4515) days' Business Days’ prior written notice to the Loan Parties Company and Lender, and each holder of the Transaction Notes. Such resignation shall take effect upon the acceptance by a successor Collateral Agent willof appointment as provided below. Upon any such notice of resignation, upon the direction of the Required Lenders (other than Collateral Agent, in its individual capacity), resign as Collateral Agent. If Collateral Agent shall resign, then the Required Lenders during such fifteen-day period Noteholders shall appoint a successor Collateral Agent and if Agent. Upon the Required Lenders direct acceptance of the appointment as Collateral Agent to resignAgent, such direction shall include an appointment of a successor Collateral Agent. If for any reason no successor Collateral Agent is appointed by shall succeed to and become vested with all the Required Lenders during such fifteen-day periodrights, then effective upon the expiration of such fifteen-day periodpowers, Lenders shall perform all privileges and duties of the duties of retiring Collateral Agent, and the retiring Collateral Agent hereunder shall be discharged from its duties and for all purposes shall deal directly with Lendersobligations under this Agreement. After any retiring Collateral Agent's ’s resignation hereunder as Collateral Agenthereunder, the provisions of this Section 21 9 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was benefit. If a successor Collateral Agent under this Agreementshall not have been so appointed within said fifteen (15) Business Day period, the retiring Collateral Agent shall then appoint a successor Collateral Agent who shall serve until such time, if any, as the Required Noteholders appoint a successor Collateral Agent as provided above.

Successor Collateral Agent. Collateral Agent may resign at any time by delivering notice of such resignation to the Lenders and Borrower, effective on the date set forth in such notice or, if no such date is set forth therein, upon the date such notice shall be effective, in accordance with the terms of this Section 7 of this Annex I. If Collateral Agent delivers any such notice, the Required Lenders shall have the right to appoint a successor Collateral Agent. If, after 30 days after the date of the retiring Collateral Agent’s notice of resignation, no successor Collateral Agent has been appointed by the Required Lenders that has accepted such appointment, then the retiring Collateral Agent may, upon forty-five (45) days' notice to the Loan Parties and Lender, and Collateral Agent will, upon the direction on behalf of the Required Lenders (other than Collateral AgentLenders, in its individual capacity), resign as Collateral Agent. If Collateral Agent shall resign, then the Required Lenders during such fifteen-day period shall appoint a successor Collateral Agent and if from among the Required Lenders direct Lenders. Effective immediately upon its resignation, (a) the retiring Collateral Agent to resignshall be discharged from its duties and obligations under the Loan Documents, such direction shall include an appointment of a successor Collateral Agent. If for any reason no successor Collateral Agent is appointed by (b) the Required Lenders during such fifteen-day period, then effective upon the expiration of such fifteen-day period, Lenders shall assume and perform all of the duties of Collateral Agent hereunder and for all purposes until a successor Collateral Agent shall deal directly with Lenders. After any have accepted a valid appointment hereunder, (c) the retiring Collateral Agent's resignation hereunder as Collateral Agent, Agent and its Related Persons shall no longer have the provisions benefit of this Section 21 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Collateral Agent under this Agreement.provision of any Loan Document other than with respect to