Common use of Successor Credit Agent Clause in Contracts

Successor Credit Agent. The Credit Agent may resign at any time by giving forty-five (45) days’ prior written notice to the Lenders and Borrower. Upon any such resignation, the Required Lenders shall have the right to appoint a successor Credit Agent, and, provided no Default or Event of Default has occurred and is continuing, the Borrower shall have the right to approve such successor Credit Agent, provided further, such approval shall not be unreasonably withheld. If no successor Credit Agent shall have been so appointed by the Required Lenders and accepted such appointment within forty-five (45) days after the retiring Credit Agent’s giving notice of resignation then the retiring Credit Agent may appoint, on behalf of the Borrower and the Lenders, a successor Credit Agent. Upon the acceptance of any appointment as Credit Agent hereunder by a successor Credit Agent, such successor Credit Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Credit Agent, and the retiring Credit Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents. After any retiring Credit Agent’s resignation hereunder, the provisions of this Section 11 shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as the Credit Agent hereunder.

Successor Credit Agent. The Credit Agent may resign at any time by giving forty-five (45) days’ prior written notice to the Lenders and BorrowerBorrowers. Upon any such resignation, the Required Lenders shall have the right to appoint a successor Credit Agent, and, provided no Default or Event of Default has occurred and is continuing, the Borrower Borrowers shall have the right to approve such successor Credit Agent, provided further, such approval shall not be unreasonably withheld. If no successor Credit Agent shall have been so appointed by the Required Lenders and accepted such appointment within forty-five (45) days after the retiring Credit Agent’s giving notice of resignation then the retiring Credit Agent may appoint, on behalf of the Borrower Borrowers and the Lenders, a successor Credit Agent. Upon the acceptance of any appointment as Credit Agent hereunder by a successor Credit Agent, such successor Credit Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Credit Agent, and the retiring Credit Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents. After any retiring Credit Agent’s resignation hereunder, the provisions of this Section 11 shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as the Credit Agent hereunder.

Successor Credit Agent. The Credit Agent may resign at any time by giving forty-five thirty (4530) days’ prior written notice to the Lenders and Borrowerthe Company. Upon any such resignation, the Required Lenders shall have the right to appoint a successor Credit Agent, andand provided, provided no Default or Event of Default has occurred and is continuing, the Borrower Company shall have the right to approve such successor Credit Agent, provided further, such approval shall not be unreasonably withheld. If no successor Credit Agent shall have been so appointed by the Required Lenders and accepted such appointment within forty-five thirty (4530) days after the retiring Credit Agent’s giving notice of resignation resignation, then the retiring Credit Agent may appoint, on behalf of the Borrower Company and the Lenders, a successor Credit Agent. Upon the acceptance of any appointment as Credit Agent hereunder by a successor Credit Agent, such successor Credit Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Credit Agent, and the retiring Credit Agent shall be discharged from its duties and obligations hereunder and under the other Loan Facility Documents. After any retiring Credit Agent’s resignation hereunder, the provisions of this Section 11 Article VIII shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as the Credit Agent hereunder.