TERMINATION & RESIGNATION. The rights and powers granted herein to the Collateral Agent have been granted in order to perfect its security interests in the Collateral Account, are powers coupled with an interest and are not intended to be affected by the bankruptcy (or similar event) of VCP or the lapse of time. The obligations of the Intermediary hereunder shall continue in effect until the security interest of the Collateral Agent in the Collateral Account has been terminated pursuant to the Security Agreement and the Collateral Agent has notified the Intermediary of such termination in writing. The Intermediary may at any time resign by giving at least 30 days’ prior written notice of resignation to the Collateral Agent and VCP, and may at any time (with or without cause) be removed by the Collateral Agent by giving at least 30 days’ prior written notice to the Intermediary from the Collateral Agent, and such resignation or removal shall be effective upon the appointment by the Collateral Agent of a successor and the acceptance by the successor of such appointment.
Appears in 2 contracts
Sources: Export Prepayment Facility Agreement (Votorantim Pulp & Paper Inc), Collateral Account Control Agreement (Votorantim Pulp & Paper Inc)
TERMINATION & RESIGNATION. The rights and powers granted herein to the Collateral Agent have been granted in order to perfect its security interests in the Collateral Collection Account, are powers coupled with an interest and are not intended to be affected by the bankruptcy (or similar event) of VCP the Off-taker or the lapse of time. The obligations of the Intermediary hereunder shall continue in effect until the security interest of the Collateral Agent in the Collateral Collection Account has been terminated pursuant to the Security Agreement and the Collateral Agent has notified the Intermediary of such termination in writing. The Intermediary may at any time resign by giving at least 30 days’ prior written notice of resignation to the Collateral Agent and VCPthe Off-taker, and may at any time (with or without cause) be removed by the Collateral Agent by giving at least 30 days’ prior written notice to the Intermediary from the Collateral Agent, and such resignation or removal shall be effective upon the appointment by the Collateral Agent of a successor and the acceptance by the successor of such appointment.
Appears in 2 contracts
Sources: Senior Export and Working Capital Facility Agreement (Gerdau Ameristeel Corp), Senior Export and Working Capital Facility Agreement (Gerdau Ameristeel Corp)