Common use of Successor Lead Agent Clause in Contracts

Successor Lead Agent. The Lead Agent may resign at any -------------------- time by giving notice thereof to the Banks and the Borrower. In addition, if the Lead Agent at any time shall have been finally determined to have committed gross negligence or willful misconduct in connection with its performance of its duties as Lead Agent hereunder, then, upon notice from the Required Banks, the Lead Agent shall resign. Upon any such resignation, the Required Banks shall have the right to appoint a successor Lead Agent with the consent of the Borrower provided that no Event of Default shall have occurred and be continuing. If no successor Lead Agent shall have been so appointed by the Required Banks, and shall have accepted such appointment, within 30 days after the retiring Lead Agent gives notice of resignation, then the retiring Lead Agent may, on behalf of the Banks, appoint a successor Lead 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 $50,000,000. Upon the acceptance of its appointment as the Lead Agent hereunder by a successor Lead Agent, such successor Lead Agent shall thereupon succeed to and become vested with all the rights and duties of the retiring Lead Agent, and the retiring Lead Agent shall be discharged from its duties and obligations hereunder first accruing or arising after the effective date of such retirement. After any retiring Lead Agent's resignation hereunder as Lead Agent, the provisions of this Article shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Lead Agent. If, at any time during the Term, the Lead Agent shall no longer have any Commitment under this Agreement, the Lead Agent shall give notice of its offer to resign to the Banks and the Borrower. Upon any such offer of resignation, the Required Banks shall have the right to appoint a successor Lead Agent or to retain the Lead Agent with the consent of the Borrower, provided that no Event of Default shall be outstanding.

Successor Lead Agent. The Lead Agent may resign at any -------------------- time by giving notice thereof to the Banks and the Borrower. In addition, if the Lead Agent at any time shall have been finally determined to have committed gross negligence or willful misconduct in connection with its performance of its duties as Lead Agent hereunder, then, upon notice from the Required BanksXxxxx, the Lead Agent shall resign. Upon any such resignation, the Required Banks shall have the right to appoint a successor Lead Agent with the consent of the Borrower provided that no Event of Default shall have occurred and be continuing. If no successor Lead Agent shall have been so appointed by the Required Banks, and shall have accepted such appointment, within 30 days after the retiring Lead Agent gives notice of resignation, then the retiring Lead Agent may, on behalf of the Banks, appoint a successor Lead 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 $50,000,000. Upon the acceptance of its appointment as the Lead Agent hereunder by a successor Lead Agent, such successor Lead Agent shall thereupon succeed to and become vested with all the rights and duties of the retiring Lead Agent, and the retiring Lead Agent shall be discharged from its duties and obligations hereunder first accruing or arising after the effective date of such retirement. After any retiring Lead Agent's resignation hereunder as Lead Agent, the provisions of this Article shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Lead Agent. If, at any time during the Term, the Lead Agent shall no longer have any Commitment under this Agreement, the Lead Agent shall give notice of its offer to resign to the Banks and the Borrower. Upon any such offer of resignation, the Required Banks shall have the right to appoint a successor Lead Agent or to retain the Lead Agent with the consent of the Borrower, provided that no Event of Default shall be outstanding.

Successor Lead Agent. The Lead Agent may resign at -------------------- any -------------------- time by giving notice thereof to the Banks and the Borrower. In addition, if the Lead Agent at any time shall have been finally determined to have committed gross negligence or willful misconduct in connection with its performance of its duties as Lead Agent hereunder, then, upon notice from the Required Banks, the Lead Agent shall resign. Upon any such resignation, the Required Banks shall have the right to appoint a successor Lead Agent with the consent of the Borrower provided that no Event of Default shall have occurred and be continuing. If no successor Lead Agent shall have been so appointed by the Required Banks, and shall have accepted such appointment, within 30 days after the retiring Lead Agent gives notice of resignation, then the retiring Lead Agent may, on behalf of the Banks, appoint a successor Lead 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 $50,000,000. Upon the acceptance of its appointment as the Lead Agent hereunder by a successor Lead Agent, such successor Lead Agent shall thereupon succeed to and become vested with all the rights and duties of the retiring Lead Agent, and the retiring Lead Agent shall be discharged from its duties and obligations hereunder first accruing or arising after the effective date of such retirement. After any retiring Lead Agent's resignation hereunder as Lead Agent, the provisions of this Article shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Lead Agent. If, at any time during the Term, the Lead Agent shall no longer have any Commitment under this Agreement, the Lead Agent shall give notice of its offer to resign to the Banks and the Borrower. Upon any such offer of resignation, the Required Banks shall have the 115 right to appoint a successor Lead Agent or to retain the Lead Agent with the consent of the Borrower, provided that no Event of Default shall be outstanding.

Successor Lead Agent. The Lead Agent may resign at any -------------------- time by giving notice thereof to the Banks Banks, the Borrower and each other and the BorrowerLead Agent shall resign in the event its Commitment is reduced to zero. In addition, if the Required Banks shall have the right to remove the Lead Agent if at any time the Lead Agent shall have been finally determined to have committed commit gross negligence or willful misconduct in connection with its performance of its duties as Lead Agent hereunder, then, upon notice from the Required Banks, the Lead Agent shall resignmisconduct. Upon any such resignationresignation or removal, the Required Banks shall have the right to appoint a successor Lead Agent, which successor Lead Agent with the consent of the Borrower shall, provided that no Event of Default shall have has occurred and is then continuing, be continuingsubject to Xxxxxxxx's approval, which approval shall not be unreasonably withheld or delayed. If no successor Lead Agent shall have been so appointed by the Required BanksBanks and approved by the Borrower, and shall have accepted such appointment, within 30 days after the retiring Lead Agent gives notice of resignationresignation or after any such removal, then the retiring or removed Lead Agent may, on behalf of the Banks, appoint a successor Lead Agent, which shall be the Lead Agent who shall act until the Required Banks shall appoint 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 $50,000,000Lead Agent. Upon the acceptance of its appointment as the Lead Agent hereunder by a successor Lead Agent, such successor Lead Agent shall thereupon succeed to and become vested with all the rights and duties of the retiring Lead Agent, and the retiring Lead Agent shall be discharged from its duties and obligations hereunder first accruing or arising after the effective date of such retirementhereunder. After any retiring Lead Agent's resignation hereunder as Lead Agentor removal hereunder, the provisions of this Article shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Lead Agent. IfIn addition, if Xxxxxx Guaranty Trust Company of New York ("Xxxxxx"), as Lead Agent, shall at any time during hold ------ Commitments equal to less than $10,000,000 in the Termaggregate, the Lead Agent it shall no longer have any Commitment under this Agreement, the Lead Agent shall give notice of its offer to resign to promptly notify the Banks and the BorrowerBorrower thereof and shall offer to resign as Lead Agent. Upon any If such offer of resignation, shall be accepted by the Required Banks (for this purpose only, Xxxxxx shall be deemed to have the right accepted its own offer to appoint resign), a successor Lead Agent or to retain the Lead Agent with the consent of the Borrower, provided that no Event of Default shall be outstandingappointed in accordance with this Section 7.8.

Successor Lead Agent. The Lead Agent may resign at any -------------------- time by giving thirty days notice thereof to the Banks and the Borrower. In addition, if (a) the Required Banks may remove the Lead Agent at any time shall have been finally determined to have committed in the event of the Lead Agent's gross negligence or willful misconduct in connection with its the performance of its duties as Lead Agent hereunder, then, upon notice from hereunder and (b) the Required Banks, Banks (determined without the vote of the Lead Agent and its Bank Affiliates and without regard to the Commitments held by the Lead Agent and its Bank Affiliates) may remove the Lead Agent in the event that the aggregate Commitments of the Lead Agent and its Bank Affiliates (including any portion thereof subject to a participation) shall resignbecome less than $10,000,000. Upon any such resignationresignation or removal of the Lead Agent, the Required Banks shall have the right to appoint a successor Lead Agent with the consent of the Borrower Borrower, provided that no Event of Default shall have occurred and be continuing. If in the case of a resigning Lead Agent no successor Lead Agent shall have been so appointed by the Required Banks, and shall have accepted such appointment, within 30 days after the retiring Lead Agent gives notice of resignation, then the retiring Lead Agent may, on behalf of the Banks, appoint a successor Lead 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 $50,000,0005,000,000,000. Upon the acceptance of its appointment as the Lead Agent hereunder by a successor Lead Agent, such successor Lead Agent shall thereupon succeed to and become vested with all the rights and duties of the retiring Lead Agent, and the retiring Lead Agent shall be discharged from its duties and obligations hereunder first accruing or arising after the effective date of such retirement. After any retiring Lead Agent's resignation or removal hereunder as Lead Agent, the provisions of this Article shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Lead Agent. If, at any time during the Term, the Lead Agent shall no longer have any Commitment under this Agreement, the Lead Agent shall give notice of its offer to resign to the Banks and the Borrower. Upon any such offer of resignation, the Required Banks shall have the right to appoint a successor Lead Agent or to retain the Lead Agent with the consent of the Borrower, provided that no Event of Default shall be outstanding.