Common use of Change of Security Agent Clause in Contracts

Change of Security Agent. The Security Agent may resign at any time by giving not less than 30 days prior written notice to the Lender and the Borrower. The Lender shall have the right to appoint a successor security agent, but if it does not do so within the 30 day notice period, the Security Agent may do so on its behalf. The resignation of the Security Agent shall not take effect until a successor security agent has been appointed. Upon such appointment, the successor security agent shall succeed to and become vested with all of the rights, powers, discretions and duties of the retiring Security Agent.