Successor Servicing Agent Clause Samples

Successor Servicing Agent. The Servicing Agent may resign as Servicing Agent upon not less than forty-five days' prior written notice to the Agent, the Borrower and the Banks. In addition, the Agent may terminate PNC Bank or any successor thereof as Servicing Agent at any time with or without cause. If the Servicing Agent shall resign or be terminated under this Agreement, then the Agent shall appoint a successor servicing agent (which may be itself) for the Agent and the Banks. Upon its acceptance of its appointment, such successor servicing agent shall succeed to the rights, powers and duties of the Servicing Agent and the term "Servicing Agent" shall mean such successor servicing agent, effective upon its appointment, and the former Servicing Agent's rights, powers and duties as Servicing Agent shall be terminated without any other or further act or deed on the part of such former Servicing Agent or any of the parties to this Agreement. Notwithstanding such resignation, the provisions of this Article lOA shall continue to inure to the benefit of such former Servicing Agent in respect of the period during which it acted as Servicing Agent hereunder.

Successor Servicing Agent. The Servicing Agent may resign at any time by giving written notice thereof to the Agent, the Lenders and the Borrower, and the Servicing Agent may be removed at any time with or without cause by written notice received by the Servicing Agent from the Required Lenders. Upon any such resignation or removal, the Required Lenders shall have the right to appoint, on behalf of the Borrower, the Agent and the Lenders, a successor Servicing Agent. If no successor Servicing Agent shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Servicing Agent's giving notice of resignation, then the retiring Servicing Agent may appoint, on behalf of the Borrower, the Agent and the Lenders, a successor Servicing Agent. Notwithstanding anything herein to the contrary, so long as no Default has occurred and is continuing, each such successor Servicing Agent shall be subject to approval by the Borrower, which approval shall not be unreasonably withheld. Such successor Servicing Agent shall be a commercial bank having capital and retained earnings of at least $50,000,000. Upon the acceptance of any appointment as the Servicing Agent hereunder by a successor Servicing Agent, such successor Servicing Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Servicing Agent, and the retiring Servicing Agent shall be discharged from its duties and obligations hereunder and under the other Advance Documents. After any retiring Servicing Agent's resignation hereunder as Servicing Agent, the provisions of this Article 9 shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as the Servicing Agent hereunder and under the other Advance Documents.