Successor Administrative Agent and Collateral Agent. (a) The Administrative Agent may resign as Administrative Agent upon 30 days’ notice to the Lenders and the Company. If the Administrative Agent shall resign as 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 8(a) or Section 8(f) with respect to any Borrower shall have occurred and be continuing) be subject to approval by the Company (which approval shall not be unreasonably withheld or delayed), whereupon such successor agent shall succeed to the rights, powers and duties of the Administrative Agent and the term “Administrative Agent” shall mean such successor agent effective upon such appointment and approval, and the former Administrative Agent’s rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or any of the parties to this Agreement or any holders of the Loans. If no successor agent has accepted appointment as Administrative Agent by the date that is 30 days following a retiring Administrative Agent’s notice of resignation, the retiring Administrative Agent’s resignation shall nevertheless thereupon become effective, and the Lenders shall assume and perform all of the duties of the Administrative Agent hereunder until such time, if any, as the Required Lenders under this Agreement appoint a successor agent as provided for above. After any retiring Administrative Agent’s resignation as Administrative Agent, the provisions of this Section 9 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement and the other Loan Documents.
Successor Administrative Agent and Collateral Agent. (a) The Administrative Agent may resign as Administrative Agent and Collateral Agent upon 30 days’ notice to the Lenders with a copy of such notice to the Borrower. If the Administrative Agent resigns under this Agreement, the Required Lenders shall appoint from among the Lenders a successor administrative agent and collateral agent for the Lenders which successor administrative agent shall be consented to by the Borrower at all times other than during the existence of an Event of Default (which consent of the Borrower shall not be unreasonably withheld, conditioned or delayed). If no
Successor Administrative Agent and Collateral Agent. The Administrative Agent may resign as Administrative Agent upon 30 days' notice to the Lenders and the Administrative Agent may be removed at any time with or without cause by a written notice delivered to the Borrower, and the Administrative Agent and signed by the Required Lenders. If the Administrative Agent resigns or is removed under this Agreement, the Required Lenders shall appoint from among the Lenders a successor administrative agent for the Lenders which successor administrative agent shall be consented to by the Borrower at all times other than during the existence of an Event of Default (which consent of the Borrower shall not be unreasonably withheld or delayed). If no successor administrative agent is appointed prior to the effective date of the resignation or removal of the Administrative Agent, the Administrative Agent may appoint, after consulting with the Lenders and the Borrower, a successor administrative agent from among the Lenders. Upon the acceptance of its appointment as successor administrative agent hereunder, the Person acting as such successor administrative agent shall succeed to all the rights, powers and duties of the retiring Administrative Agent and the term "
Successor Administrative Agent and Collateral Agent. Administrative Agent and Collateral Agent may resign at any time by giving thirty days’ prior written notice thereof to Lenders and Company Agent. Upon any such notice of resignation, Requisite Lenders shall have the right, upon five Business Days’ notice to
Successor Administrative Agent and Collateral Agent. 15.1 Effective as of the Amendment No. 2 Effective Date, CNAI has resigned as Administrative Agent and Collateral Agent under the Loan Documents pursuant to that certain Successor Agent Agreement among CNAI, Bank of America and the Borrower dated as of the date hereof, and Bank of America has agreed to be appointed as successor Administrative Agent and Collateral Agent under the Loan Documents, in each case in accordance with Section 8.01 of the Credit Agreement.
15.2 Each of the parties hereto hereby (a) acknowledges the resignation of CNAI as Administrative Agent and Collateral Agent under the Loan Documents, (b) waives any requirement under the Credit Agreement (including, without limitation, Section 8.01 of the Credit Agreement) that CNAI must provide prior written notice prior to its resignation as Administrative Agent or Collateral Agent and (c) agrees that CNAI’s resignation is effective as of the Amendment No. 2
Successor Administrative Agent and Collateral Agent. Subject to the terms of this Section 9.7, the Administrative Agent may resign at any time upon 30 days, advance written notice to the Borrower, the Issuing Banks and the Lenders from its capacity as such. Any resignation of the Administrative Agent shall be deemed to be a resignation of the Collateral Agent, and any successor Administrative Agent appointed pursuant to this Section 9.7 shall, upon its acceptance of such appointment, become the successor Collateral Agent for all purposes of the Credit Documents. Upon receipt of any such notice of resignation, the Requisite Lenders shall have the right, subject to the consent of the Borrower (other than during the existence of an Event of Default under Section 8.1(a), 8.1(f) or 8.1(g)), which consent of the Borrower shall not be unreasonably withheld, delayed or conditioned, to appoint a successor. If no successor shall have been so appointed by the Requisite Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its intent to resign, then the retiring Administrative Agent may, on behalf of the Lenders DMFIRM #406105327 v12 225
Successor Administrative Agent and Collateral Agent. The Administrative Agent and/or the Collateral Agent may resign as Administrative Agent or Collateral Agent under the Loan Documents upon thirty (30) days' notice to the Lenders and the Company, and each agrees that it will so resign in the event it ceases to hold any Percentage Share of the Obligations. The Administrative Agent and/or the Collateral Agent may be removed from such capacity in the event the Lenders (other than the Administrative Agent or the Collateral Agent being removed, as the case may be) shall determine in their reasonable business judgment that the Administrative Agent or Collateral Agent has consistently failed to perform the obligations of the Administrative Agent or Collateral Agent hereunder. If the Administrative Agent or the Collateral Agent shall resign or be removed as provided herein, then the Lenders (other than the Administrative Agent or the Collateral Agent being removed, as the case may be) shall appoint from among the Lenders or, if such Lenders are unable to agree on the appointment of a successor agent, the Administrative Agent or Collateral Agent shall appoint a successor agent for the Lenders (which successor agent shall, in either case and assuming that there does not exist a Potential Default or Event of Default, be reasonably acceptable to the Company and shall be or become a Lender hereunder holding a Percentage Share of the Revolving Credit Limit of not less than $5,000,000), whereupon such successor agent shall succeed to the rights, powers
Successor Administrative Agent and Collateral Agent. The Administrative Agent or the Collateral Agent may resign at any time by giving 30 days' prior written notice thereof to Lenders and Borrowers, and the Administrative Agent or the Collateral Agent may be removed at any time with or without cause by an instrument or concurrent instruments in writing delivered to Borrowers and the Administrative Agent and signed by Majority Lenders. Upon any such notice of resignation or any such removal, Majority Lenders shall have the right, upon five Business Days' notice to Borrowers, to appoint a successor Administrative Agent or Collateral Agent, as applicable. Upon the acceptance of any appointment as the Administrative Agent or Collateral Agent, as applicable, hereunder by a successor Administrative Agent or Collateral Agent, as applicable, that successor Administrative Agent or Collateral Agent, as applicable, shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring or removed Administrative Agent or Collateral Agent, as applicable, and the retiring or removed Administrative Agent or Collateral Agent, as applicable, shall be discharged from its duties and obligations under this Agreement. After any retiring or removed Administrative Agent's, or any retiring or removed Collateral Agent's, resignation or removal hereunder as the Administrative Agent or the Collateral Agent, 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 the Administrative Agent or Collateral Agent, as applicable, under this Agreement.
Successor Administrative Agent and Collateral Agent. The Administrative Agent shall have the right to resign at any time by giving prior written notice thereof to Lenders and Parent. The Administrative Agent shall have the right to appoint a financial institution to act as the Administrative Agent and/or the Collateral Agent hereunder, subject to the reasonable satisfaction of Parent and the Required Lenders, and the Administrative Agent’s resignation shall become effective on the earlier of (i) the acceptance of such successor Administrative Agent by Parent and the Required Lenders or (ii) the thirtieth (30th) day after such notice of resignation. Upon any such notice of resignation, if a successor Administrative Agent has not already been appointed by the retiring Administrative Agent, the Required Lenders shall have the right, upon 97
Successor Administrative Agent and Collateral Agent. Upon the acceptance of any appointment as Administrative Agent and/or Collateral Agent under the Loan Documents by a successor Administrative Agent and/or Collateral Agent, such successor Administrative Agent and/or Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent and/or Collateral Agent, and the retiring Administrative Agent and/or Collateral Agent shall be discharged from its duties and obligations under the Loan Documents. Even after any retiring Administrative Agent's and/or Collateral Agent's resignation as Administrative Agent and/or Collateral Agent under the Loan Documents, the provisions of this Section 9.2 shall continue to inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent and/or Collateral Agent under the Loan Documents.
