Common use of Successor Facility Agents Clause in Contracts

Successor Facility Agents. Any Facility Agent may resign at any time by giving written notice thereof to the Banks and the Borrower and may be removed at any time with or without cause by the Majority Banks. Upon any such resignation or removal, the Majority Banks shall have the right to appoint a successor to such Facility Agent. If no successor to such Facility Agent shall have been so appointed by the Majority Banks, and shall have accepted such appointment, within 30 days after retiring Facility Agent's giving of notice of resignation or the Majority Banks' removal of such retiring Facility Agent, then such retiring Facility Agent on behalf of the Banks, shall appoint a successor Facility Agent (which successor Facility Agent shall be a Bank or another commercial bank organized under the laws of the United States of America or of any State thereof and having a combined capital and surplus of at least $50,000,000). Upon the acceptance of any appointment as a Facility Agent hereunder by any successor Facility Agent, such successor Facility Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Facility Agent, and such retiring Facility Agent shall be discharged from its duties and obligations under this Agreement. After any retiring Facility Agent's resignation or removal hereunder, the provisions of this Article XII shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Facility Agent.

Successor Facility Agents. Any Either Facility Agent may resign at any time by giving written notice thereof to the Banks Lenders and the Borrower and may be removed at any time with or without cause by the Majority BanksBorrowers. Upon any such resignation or removalresignation, the Majority Banks Applicable Requisite Lenders shall have the right to appoint a successor to such Applicable Facility Agent. If no successor to such Applicable Facility Agent shall have been so appointed by the Majority BanksApplicable Requisite Lenders, and shall have accepted such appointment, within 30 thirty days after the retiring Applicable Facility Agent's ’s giving of notice of resignation or the Majority Banks' removal of such retiring Facility Agentresignation, then such the retiring Applicable Facility Agent may, on behalf of the BanksLenders, shall appoint a successor Applicable Facility Agent Agent, selected from among the Lenders. In either case, such appointment shall be subject to the prior written approval of the Borrowers (which successor Facility Agent approval may not be unreasonably withheld and shall not be a Bank or another commercial bank organized under required upon the laws occurrence and during the continuance of the United States an Event of America or of any State thereof and having a combined capital and surplus of at least $50,000,000Default). Upon the acceptance of any appointment as a Facility Agent hereunder by any a successor Facility Agent, such successor Facility Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Facility Agent, and such the retiring Facility Agent shall be discharged from its duties and obligations under this AgreementAgreement and the other Loan Documents. After Prior to any retiring Facility Agent's ’s resignation or removal hereunderhereunder as Facility Agent, the provisions retiring Facility Agent shall take such action as may be reasonably necessary to assign to the successor Facility Agent its rights as Facility Agent under the Loan Documents. After such resignation, the retiring Facility Agent shall continue to have the benefit of this Article XII shall inure to its benefit X as to any actions taken or omitted to be taken by it while it was Facility AgentAgent under this Agreement and the other Loan Documents.

Successor Facility Agents. Any Facility Agent may resign at any time by giving five days' written notice thereof to its related Conduit Lender and Alternate Lender, the Banks Borrower, the Portfolio Administrator, the Trustee and the Borrower and may be removed at any time with or without cause by the Majority BanksEligible Lender Trustee. Upon any such resignation or removalresignation, the Majority Banks related Conduit Lender and Alternate Lender shall have the right to appoint a successor to such Facility AgentAgent approved by the Borrower (which approval will not be unreasonably withheld or delayed). If no successor to such Facility Agent shall have been so appointed by the Majority Banks, and shall have accepted such appointment, within 30 sixty days after the retiring Facility Agent's giving of notice of resignation or the Majority Banks' removal of such retiring Facility Agentresignation, then such the retiring Facility Agent may, on behalf of the Banksrelated Conduit Lender and Alternate Lender, shall appoint a successor Facility Agent. If the successor Facility Agent (which is not an Affiliate of the resigning Facility Agent, such successor Facility Agent shall be a Bank subject to the Borrower's prior written approval (which approval will not be unreasonably withheld or another commercial bank organized under the laws of the United States of America or of any State thereof and having a combined capital and surplus of at least $50,000,000delayed). Upon the acceptance of any appointment as a Facility Agent hereunder by any a successor Facility Agent, such successor Facility Agent shall thereupon succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Facility Agent, and such the retiring Facility Agent shall be discharged from its duties and obligations under this Agreement. After any retiring Facility Agent's resignation or removal hereunderhereunder as a Facility Agent, the provisions of this Article XII shall inure to its benefit as to any actions taken or omitted to be taken by it while it was an Facility AgentAgent under this Agreement.

Successor Facility Agents. Any Facility Agent may resign at any time by giving written notice thereof to the Banks and the Subsidiary Borrower and may be removed at any time with or without cause by the Majority Banks. Upon any such resignation or removal, the Majority Banks shall have the right to appoint a successor to such Facility Agent. If no successor to such Facility Agent shall have been so appointed by the Majority Banks, and shall have accepted such appointment, within 30 days after the retiring Facility Agent's giving of notice of resignation or the Majority Banks' removal of such retiring Facility Agent, then such retiring Facility Agent on behalf of the Banks, shall appoint a successor Facility Agent (which successor Facility Agent shall be a Bank or another commercial bank organized under the laws of the United States of America or of any State thereof and having a combined capital and surplus of at least $50,000,000). Upon the acceptance of any appointment as a Facility Agent hereunder by any successor Facility Agent, such successor Facility Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Facility Agent, and such retiring Facility Agent shall be discharged from its duties and obligations under this Agreement. After any retiring Facility Agent's resignation or removal hereunder, the provisions of this Article XII IX shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Facility Agent.