Successor Managing Administrative Agent Clause Samples
The "Successor Managing Administrative Agent" clause defines the process for appointing a new administrative agent if the current one resigns or is removed. Typically, this clause outlines the conditions under which a successor can be selected, the responsibilities of the outgoing agent during the transition, and the effective date of the new agent's appointment. By establishing a clear procedure for succession, the clause ensures continuity in the administration of the agreement and prevents disruptions that could arise from a sudden change in agency.
Successor Managing Administrative Agent. The Managing Administrative Agent may resign as Managing Administrative Agent upon 10 days' notice to the Lenders and the Borrower. If the Managing Administrative Agent shall resign as Managing Administrative Agent under this Agreement and the other Loan Documents, then the Required Lenders shall appoint from among the Lenders a successor agent for the Lenders, which successor agent shall (unless an Event of Default under Section 7(a), 7(b), 7(g) or 7(h) with respect to the Borrower shall have occurred and be continuing) be subject to approval by the Borrower (which approval shall not be unreasonably withheld or delayed), whereupon such successor agent shall succeed to the rights, powers and duties of the Managing Administrative Agent, and the term "Managing Administrative Agent" shall mean such successor agent effective upon such appointment and approval, and the former Managing Administrative Agent's rights, powers and duties as Managing Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Managing Administrative Agent or any of the parties to this Agreement or any holders of the Loans. If no successor agent has accepted appointment as Managing Administrative Agent by the date that is 10 days following a retiring Managing Administrative Agent's notice of resignation, the retiring Managing Administrative Agent's resignation shall nevertheless thereupon become effective, and the Lenders shall assume and perform all of the duties of the Managing Administrative Agent hereunder until such time, if any, as the Required Lenders appoint a successor agent as provided for above. After any retiring Managing Administrative Agent's resignation as Managing Administrative 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 Managing Administrative Agent under this Agreement and the other Loan Documents.
Successor Managing Administrative Agent. The Managing Administrative Agent may resign as Managing Administrative Agent upon 15 days’ notice to the Lenders, and the Managing Administrative Agent may be removed at any time with or without cause by the Required Lenders. Upon any such resignation or removal, the Required Lenders shall appoint from among the Lenders a successor agent for the Lenders, which successor agent (provided that it shall have been approved by the Company (such approval not to be unreasonably withheld)), shall succeed to the rights, powers and duties of the Managing Administrative Agent hereunder. Effective upon such appointment and approval, the term “Managing Administrative Agent” shall mean such successor agent, and the former Managing Administrative Agent’s rights, powers and duties as Managing Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Managing Administrative Agent or any of the parties to this Agreement or any holders of the Loans. After any retiring Managing Administrative Agent’s resignation or removal as Managing Administrative Agent, the provisions of this Section 8 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Managing Administrative Agent under this Agreement and the other Loan Documents.
Successor Managing Administrative Agent. The Managing Administrative Agent may resign as Managing Administrative Agent upon 10 days’ notice to the Lenders and the Borrower. If the Managing Administrative Agent shall resign as Managing Administrative Agent under this Agreement and the other Loan Documents, then the Required Lenders shall appoint from