Common use of Appointment of Replacement Calculation Agent Clause in Contracts

Appointment of Replacement Calculation Agent. At any time following the delivery of a Servicer Termination Notice or receipt of any notice of resignation under Section 8.09, the Administrative Agent (acting at the direction of the Majority Lenders) may, with the consent of the Borrower (such consent not to be unreasonably withheld or delayed and such consent not being required if an Event of Default has occurred and is continuing), appoint a new Calculation Agent (if such Servicer Termination Notice relates to the Calculation Agent) or Portfolio Asset Servicer (if such Servicer Termination Notice relates to the Portfolio Asset Servicer) (the “Replacement Servicer”), which appointment shall take effect upon the Replacement Servicer accepting such appointment by a written assumption in a form satisfactory to the Administrative Agent (acting at the direction of the Majority Lenders) and, if no Event of Default has occurred and is continuing at such time, the Borrower (such consent not to be unreasonably withheld or delayed). Any Replacement Servicer shall be an established financial institution or registered investment advisory firm, having a net worth of not less than $50,000,000 and whose regular business includes the servicing of assets similar to the Collateral. Notwithstanding anything to the contrary herein, no Competitor shall be appointed as a Replacement Servicer.

Appointment of Replacement Calculation Agent. At any time following the delivery of a Servicer Termination Notice or receipt of any notice of resignation under Section 8.09, the Administrative Agent (acting at the direction of the Majority Lenders) may, with the consent of the Borrower (such consent not to be unreasonably withheld or delayed and such consent not being required if an Event of Default has occurred and is continuing), appoint a new Calculation Agent (if such Servicer Termination Notice relates to the Calculation Agent) or Portfolio Asset Servicer (if such Servicer Termination Notice relates to the Portfolio Asset Servicer) (the “"Replacement Servicer”"), which appointment shall take effect upon the Replacement Servicer accepting such appointment by a written assumption in a form satisfactory to the Administrative Agent (acting at the direction of the Majority Lenders) and, if no Event of Default has occurred and is continuing at such time, the Borrower (such consent not to be unreasonably withheld or delayed). Any Replacement Servicer shall be an established financial institution or registered investment advisory firm, having a net worth of not less than $50,000,000 and whose regular business includes the servicing of assets similar to the Collateral. Notwithstanding anything to the contrary herein, no Competitor shall be appointed as a Replacement Servicer.

Appointment of Replacement Calculation Agent. At any time following the delivery of a Servicer Termination Notice or receipt of any notice of resignation under Section 8.09, the Administrative Agent (acting at the direction of the Majority Lenders) may, with the consent of the Borrower (such consent not to be unreasonably withheld or delayed and such consent not being required if an Event of Default has occurred and is continuing), appoint a new Calculation Agent (if such Servicer Termination Notice relates to the Calculation Agent) or Portfolio Asset Servicer (if such Servicer Termination Notice relates to the Portfolio Asset Servicer) (the “"Replacement Servicer”"), which appointment shall take effect upon the Replacement Servicer accepting such appointment by a written assumption in a form satisfactory to the Administrative Agent (acting at the direction of the Majority Lenders) and, if no Event of Default has occurred and is continuing at such time, the Borrower (such consent not to be unreasonably withheld or delayed). Any Replacement Servicer shall be an established financial institution or registered investment advisory firm, having a net worth of not less than $50,000,000 and whose regular business includes the servicing of assets similar to the Collateral. Notwithstanding anything to the contrary herein, no Competitor shall be appointed as a Replacement Servicer.. (d)