Common use of SUCCESSOR LOAN AGENT AND COLLATERAL AGENT Clause in Contracts

SUCCESSOR LOAN AGENT AND COLLATERAL AGENT. Each of the Loan Agent and the Collateral Agent may with the consent (not to be unreasonably withheld) of the Lenders and, if no Event of Default has occurred and is continuing, the Borrowers (or, if an Event of Default has occurred and is continuing and if legally permissible, upon notice to the Borrowers), resign at any time by giving written notice thereof to the Lenders and may, at any time, with or without cause, be removed by the Requisite Lenders acting through the Loan Agent with, if no Event of Default has occurred and is continuing and if the Collateral Agent is not in default of any Obligation under the Loan Documents and if no representation or warranty of the Collateral Agent under the Loan Documents has proven to be incorrect in any material respect, the consent (not to be unreasonably withheld) of the Borrowers (or, if an Event of Default has occurred and is continuing, upon notice to the Borrowers). Upon any such resignation or removal, the Borrowers shall have the right to appoint a successor agent, subject to consent of the Lenders. If no successor agent shall have accepted such appointment within 30 days after (i) the retiring Loan Agent's or Collateral Agent's, as applicable, giving of notice of resignation or (ii) the Loan Agent giving notice, if legally permissible, of such removal, the Loan Agent or the Collateral Agent, as applicable, may, with the consent (not to be unreasonably withheld) of the Requisite Lenders and, if no Event of Default has occurred and is continuing, the Borrowers, appoint a successor Loan Agent or Collateral Agent, as applicable, who shall be willing to accept such appointment. Upon the acceptance of any appointment as Loan Agent or Collateral Agent hereunder by a successor Loan Agent or Collateral Agent, such successor Loan Agent or Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring or removed Loan Agent or Collateral Agent, and the retiring or removed Loan Agent or Collateral Agent shall be discharged from its duties and obligations as agent under this Agreement. After any Loan Agent's or Collateral Agent's resignation or removal hereunder as Loan Agent or Collateral Agent, as applicable, the provisions of this Article 9 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Loan Agent or Collateral Agent under this Agreement.