Common use of Successor Funding Agent Clause in Contracts

Successor Funding Agent. The Funding Agent may resign at any time by giving thirty (30) days’ written notice thereof to the Purchasers, the Issuer and the Trustee. Upon any such resignation, the Purchasers shall have the right to appoint a successor Funding Agent. If no successor Funding Agent shall have been so appointed and shall have accepted such appointment, within thirty days after the retiring Funding Agent’s giving of notice of resignation, then the retiring Funding Agent may, on behalf of the Purchasers, appoint a successor Funding Agent. Upon the acceptance of any appointment as Funding Agent hereunder by a successor Funding Agent, such successor Funding Agent shall thereupon succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Funding Agent, and the retiring Funding Agent shall be discharged from its duties and obligations under this Note Purchase Agreement and the other Transaction Documents (other than obligations arising or to have been performed prior to such retirement). After any retiring Funding Agent’s resignation hereunder as Funding Agent, the provisions of this Article IX shall inure to its benefit as to any actions taken or omitted to be taken by it while it was an Funding Agent under this Note Purchase Agreement and the other Transaction Documents.

Successor Funding Agent. The Funding Agent may resign at any time by giving thirty (30) days’ written notice thereof to the Purchasers, the Issuer and the Trustee. Upon any such resignation, the Purchasers shall have the right to appoint a successor Funding Agent. If no successor Funding Agent shall have been so appointed and shall have accepted such appointment, within thirty days after the retiring Funding Agent’s giving of notice of resignation, then the retiring Funding Agent may, on behalf of the Purchasers, appoint a successor Funding Agent. Upon the acceptance of any appointment as Funding Agent hereunder by a successor Funding Agent, such successor Funding Agent shall thereupon succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Funding Agent, and the retiring Funding Agent shall be discharged from its duties and obligations under this Note Purchase Agreement and the other Transaction Documents (other than obligations arising or to have been performed prior to such retirement). After any retiring Funding Agent’s resignation hereunder as Funding Agent, the provisions of this Article IX shall inure to its benefit as to any actions taken or omitted to be taken by it while it was an the Funding Agent under this Note Purchase Agreement and the other Transaction Documents.

Successor Funding Agent. The Funding Agent may resign at any time by giving thirty (30) days’ written notice thereof to the Purchasers, the Issuer Lenders and the Trusteeeach Borrower. Upon any such resignation, the Purchasers Majority Lenders shall have the right to appoint a successor Funding Agent. If no successor Funding Agent shall have been so appointed by the Majority Lenders, and shall have accepted such appointment, within thirty 30 days after the retiring Funding Agent’s giving Agent gives of notice of resignation, then the retiring Funding Agent may, on behalf of the PurchasersLenders, appoint a successor Funding Agent, which shall be a commercial bank organized or licensed under the laws of the United States of America or of any State thereof and having a combined capital and surplus of at least $100,000,000. Upon the acceptance of any appointment as Funding Agent hereunder by a successor Funding Agent, the resignation of the retiring Funding Agent shall become effective, such successor Funding Agent shall thereupon succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Funding Agent, and the retiring Funding Agent shall be discharged from its duties and obligations under this Note Purchase Agreement and the other Transaction Documents (other than obligations arising or to have been performed prior to such retirement)Agreement. After any retiring Funding Agent’s resignation hereunder as Funding Agent's resignation, the provisions of this Article IX 7 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was an Funding Agent under this Note Purchase Agreement and the other Transaction DocumentsAgreement.