Successor Security Agent Clause Samples
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Successor Security Agent. Security Agent may, and at the request of the Requisite Lenders shall, resign as Security Agent upon reasonable notice to Credit Facility Lenders and Borrower effective upon acceptance of appointment by a successor Security Agent. If Security Agent shall resign as Security Agent under this Agreement, the Requisite Lenders shall appoint from among Credit Facility Lenders a successor Security Agent for Credit Facility Lenders, which successor Security Agent shall be approved by Borrower (and such approval shall not be unreasonably withheld or delayed). If no successor Security Agent is appointed prior to the effective date of the resignation of Security Agent, Security Agent may appoint, after consulting with Credit Facility Lenders and Borrower, a successor Security Agent from among Credit Facility Lenders. Upon the acceptance of its appointment as successor Security Agent hereunder, such successor Security Agent shall succeed to all the rights, powers and duties of the retiring Security Agent and the term “Security Agent” shall mean such successor Security Agent and the retiring Security Agent’s appointment, powers and duties as Security Agent shall be terminated. After any retiring Security Agent’s resignation hereunder as Security Agent, the provisions of this Section 14, and Section 12.3, shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Security Agent under this Agreement. Notwithstanding the foregoing, if (a) Security Agent has not been paid those fees referenced in Section 2.6.3 or has not been reimbursed for any expense reimbursable to it under Sections 12.2 or 12.3, in either case for a period of at least one (1) year and (b) no successor Security Agent has accepted appointment as Security Agent by the date which is thirty (30) days following a retiring Security Agent’s notice of resignation, the retiring Security Agent’s resignation shall nevertheless thereupon become effective and Credit Facility Lenders shall perform all of the duties of Security Agent hereunder until such time, if any, as the Requisite Lenders appoint a successor Security Agent as provided for above.
Successor Security Agent. (a) The institution acting as Security Agent or any successor thereto may resign at any time without cause by giving at least thirty (30) days’ prior written notice to Borrower and each Lender, such resignation to be effective upon the acceptance by a successor institution of its appointment as Security Agent. In addition, a Majority in Interest of the Lenders may at any time (but only with the consent of Borrower (unless an Event of Default shall have occurred and be continuing), which consent shall not be unreasonably withheld, delayed or conditioned) remove the institution acting as Security
Successor Security Agent. The term Security Agent shall mean the Person named as the "Security Agent" in the first paragraph of this Escrow and Security Agreement until a successor Security Agent shall have become such, and thereafter "Security Agent" shall mean the Person who is then the Security Agent hereunder. If the Security Agent consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to another entity, the resulting, surviving or transferee entity, without any further act, shall be the successor Security Agent.
Successor Security Agent. Security Agent may, and at the request of the Requisite ▇▇▇▇▇▇▇ shall, resign as Security Agent upon reasonable notice to Credit Facility ▇▇▇▇▇▇▇ and Borrower effective upon acceptance of appointment by a successor Security Agent. If Security
Successor Security Agent. If the Security Agent gives notice of its resignation pursuant to Clause 24.12 (Resignation of the Security Agent), then subject to the prior written consent of Borrowers (such consent not to be unreasonably withheld or delayed), any reputable and experienced bank or other financial institution may be appointed as a successor to the Security Agent by an Instructing Group during the period of such notice but, if no such successor is so appointed, the Security Agent may appoint such a successor itself.
Successor Security Agent