Common use of Transition of Administrative Agent Obligations Clause in Contracts

Transition of Administrative Agent Obligations. On the resignation or removal of the Administrative Agent becoming effective under Section 8.7(e), all rights, powers and obligations of the Administrative Agent under this Agreement will become the rights, powers and obligations of the successor Administrative Agent. The predecessor Administrative Agent will promptly transfer all property held by it as Administrative Agent to the successor Administrative Agent. The Borrowers will reimburse the Administrative Agent and any successor Administrative Agent for expenses related to the replacement of the Administrative Agent.