Common use of Resignation by the Agent Clause in Contracts

Resignation by the Agent. (a) The Agent may resign from the performance of all its functions and duties hereunder and/or under the other Credit Documents at any time by giving 15 Business Days' prior written notice to the Borrower and the Banks. Such resignation shall take effect upon the appointment of a successor Agent pursuant to clauses (b) and (c) below or as otherwise provided below. (b) Upon any such notice of resignation, the Required Banks shall appoint a successor Agent hereunder or thereunder who shall be a commercial bank or trust company reasonably acceptable to the Borrower (it being understood and agreed that any Bank is deemed to be acceptable to the Borrower). (c) If a successor Agent shall not have been so appointed within such 15 Business Day period, the Agent, with the consent of the Borrower, shall then appoint a successor Agent who shall serve as Agent hereunder or there-under until such time, if any, as the Banks appoint a successor Agent as provided above. (d) If no successor Agent has been appointed pursuant to clause (b) or (c) above by the 30th Business Day after the date such notice of resignation was given by the Agent, the Agent's resignation shall become effective and the Banks shall thereafter perform all the duties of the Agent hereunder and/or under any other Credit Document until such time, if any, as the Banks appoint a successor Agent as provided above.

Resignation by the Agent. (a) The Agent may resign from the performance of all its functions and duties hereunder here- under and/or under the other Credit Documents at any time by giving 15 Business Days' prior written notice to the Borrower Company and the Banks. Such resignation shall take effect upon the appointment appoint- ment of a successor Agent pursuant to clauses (b) and (c) below or as otherwise provided below. (b) Upon any such notice of resignationresignation of the Agent, the Required Banks shall appoint a successor Agent hereunder or thereunder who shall be a commercial bank or trust company reasonably acceptable to the Borrower Company (it being understood and agreed that any Bank is deemed to be acceptable to the BorrowerCompany). (c) If a successor Agent shall not have been so appointed within such 15 Business Day period, the Agent, with the consent of the BorrowerCompany, shall then appoint a successor Agent who shall serve as the Agent hereunder or there-under thereunder until such time, if any, as the Banks appoint a successor Agent as provided above. (d) If no successor Agent has been appointed pursuant to clause (b) or (c) above by the 30th 20th Business Day after the date such notice of resignation was given by the Agent, the Agent's resignation shall become effective and the Banks shall thereafter perform all the duties of the Agent hereunder and/or under any other Credit Document until such time, if any, as the Banks appoint a successor Agent as provided above.

Resignation by the Agent. (a) The Agent may resign from the performance of all its functions and duties hereunder and/or under the other Credit Documents at any time by giving 15 Business Days' prior written notice to the Borrower and the BanksLenders. Such resignation shall take effect upon the appointment of acceptance by a successor Agent of appointment pursuant to clauses (b) and (c) below or as otherwise provided below. (b) Upon any such notice of resignationresignation by the Agent, the Required Banks Lenders shall appoint a successor Agent hereunder or thereunder who shall be a commercial satisfactory to the Borrower and shall be an incorporated bank or trust company reasonably acceptable to having total assets in excess of $3 billion (or the Borrower (it being understood and agreed that any Bank is deemed to be acceptable to the Borrowerforeign currency equivalent thereof). (c) If a successor Agent shall not have been so appointed ap pointed within such said 15 Business Day period, the Agent, with the consent of the Borrower, shall then appoint a successor Agent who shall serve as Agent hereunder or there-under until such time, if any, as the Banks Required Lenders, with the consent of the Borrower, appoint a successor Agent as provided above. (d) If no successor Agent has been appointed pursuant to clause (b) or (c) above by the 30th 20th Business Day after the date such notice of resignation was given by the Agent, the Agent's resignation shall become effective and the Banks Required Lenders shall thereafter perform all the duties of the Agent hereunder and/or under any other Credit Document until such time, if any, as the Banks Required Lenders, with the consent of the Borrower, appoint a successor Agent as provided above.

Resignation by the Agent. (a) The Agent may resign from the performance of all its functions and duties hereunder and/or under the other Credit Documents at any time by giving 15 Business Days' prior written notice to the Borrower and the BanksLenders. Such resignation shall take effect upon the appointment of acceptance by a successor Agent of appointment pursuant to clauses (b) and (c) below or as otherwise provided below. (b) Upon any such notice of resignationresignation by the Agent, the Required Banks Lenders shall appoint a successor Agent hereunder or thereunder who shall be a commercial satisfactory to the Borrower and shall be an incorporated bank or trust company reasonably acceptable to having total assets in excess of $3 billion (or the Borrower (it being understood and agreed that any Bank is deemed to be acceptable to the Borrowerforeign currency equivalent thereof). (c) If a successor Agent shall not have been so appointed within such said 15 Business Day period, the Agent, with the consent of the Borrower, shall then appoint a successor Agent who shall serve as Agent hereunder or there-under until such time, if any, as the Banks Required Lenders, with the consent of the Borrower, appoint a successor Agent as provided above. (d) If no successor Agent has been appointed pursuant to clause (b) or (c) above by the 30th 20th Business Day after the date such notice of resignation was given by the Agent, the Agent's resignation shall become effective and the Banks Required Lenders shall thereafter perform all the duties of the Agent hereunder and/or under any other Credit Document until such time, if any, as the Banks Required Lenders, with the consent of the Borrower, appoint a successor Agent as provided above.