Common use of Removal or Resignation of Collateral Agent Clause in Contracts

Removal or Resignation of Collateral Agent. Subject to the appointment of a successor Collateral Agent as provided in Section 7.2 and the acceptance of such appointment by the successor Collateral Agent: (a) the Collateral Agent may resign at any time by giving not less than 30 days’ notice of resignation to each Secured Representative and the Company; and (b) the Collateral Agent may be removed at any time, with or without cause, by an Act of Required Secured Debtholders by giving not less than 10 days’ notice of removal to each Secured Representative, the Company and the Collateral Agent.

Removal or Resignation of Collateral Agent. Subject to the appointment of a successor Collateral Agent as provided in Section 7.2 6.2 and the acceptance of such appointment by the successor Collateral Agent: (a) the Collateral Agent may resign at any time by giving not less than 30 days’ notice of resignation to each Secured Representative and the Company; and (b) the Collateral Agent may be removed at any timetime by the Controlling Secured Representative, with or without cause, by an Act of Required the Controlling Secured Debtholders by Representative giving not less than 10 days5 Business Days’ notice of removal to each Non-Controlling Secured Representative, the Company and the Collateral Agent.

Removal or Resignation of Collateral Agent. Subject to the appointment of a successor Collateral Agent as provided in Section 7.2 and the acceptance of such appointment by the successor Collateral Agent: (a) the Collateral Agent may resign at any time by giving not less than 30 15 days’ notice of resignation to each Secured Pari Passu Debt Representative and the Company; and (b) the Collateral Agent may be removed at any time, with or without cause, by an Act of Required Secured Debtholders by giving not less than 10 days’ notice of removal to each Secured Representative, the Company and the Collateral AgentPari Passu Debtholders.