Common use of Successor Operations Agent Clause in Contracts

Successor Operations Agent. The Operations Agent may resign at any time by giving written notice thereof to the Banks and the Borrower. Upon any such resignation, the Required Banks shall have the right to appoint a successor Operations Agent with, if no Event of Default has occurred and is continuing, the prior written consent of the Borrower, which consent shall not be unreasonably withheld or delayed. If no successor Operations Agent shall have been so appointed by the Required Banks within 30 days after the retiring Operations Agent gives notice of resignation, then the retiring Operations Agent may, on behalf of the Banks, appoint a successor Operations Agent, which shall be a commercial bank organized or licensed under the laws of the United States of America or of any State thereof and having a combined capital and surplus of at least $100,000,000. Upon the acceptance of its appointment as an Operations Agent hereunder by a successor Operations Agent, such successor Operations Agent shall thereupon succeed to and become vested with all the rights and duties of the retiring Operations Agent, and the retiring Operations Agent shall be discharged from its duties and obligations hereunder. After any retiring Operations Agent’s resignation hereunder as the Operations Agent, the provisions of this Article shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Operations Agent.

Successor Operations Agent. The Operations Agent may resign at any time by giving written notice thereof to the Banks and the Borrower. Upon any such resignation, the Required Banks shall have the right to appoint a successor Operations Agent with, if no Event of Default has occurred and is continuing, with the prior written consent of the Borrower, which consent shall not be unreasonably withheld or delayed. If no successor Operations Agent shall have been so appointed by the Required Banks within 30 days after the retiring Operations Agent gives notice of resignation, then the retiring Operations Agent may, on behalf of the Banks, appoint a successor Operations Agent, which shall be a commercial bank organized or licensed under the laws of the United States of America or of any State thereof and having a combined capital and surplus of at least $100,000,00050,000,000. Upon the acceptance of its appointment as an Operations Agent hereunder by a successor Operations Agent, such successor Operations Agent shall thereupon succeed to and become vested with all the rights and duties of the retiring Operations Agent, and the retiring Operations Agent shall be discharged from its duties and obligations hereunder. After any retiring Operations Agent’s resignation hereunder as the Operations Agent, the provisions of this Article shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Operations Agent.