Effective Date of Resignation or Removal. The resignation or removal of the Operator shall become effective as soon as practical but no later than 7:00 a.m. on the first day of the month following a period of ninety (90) days after the date of resignation or removal, unless a longer period is required for the Parties to obtain approval of the designation of the successor Operator, and designated applicant for oil spill financial responsibility purposes, by the MMS; however, in no event shall the resignation or removal of Operator become effective until a successor Operator has assumed the duties of Operator. The resignation or removal of the outgoing Operator shall not prejudice any rights, obligations, or liabilities resulting from its operatorship. The successor Operator may charge the Joint Account for reasonable costs incurred in connection with copying or obtaining the former Operator's records, information or data except when the change of Operator results from a merger, consolidation, reorganization or sale or transfer to an Affiliate of the Operator.
Effective Date of Resignation or Removal. No resignation or removal of the Agent shall be effective until a successor agent is appointed pursuant to the provisions of this Section and has accepted the appointment as provided in this Section.
Effective Date of Resignation or Removal. Resignation or removal of a Trustee shall take effect on the date specified in the notice of resignation or removal, but the date thus specified shall not be less than 60 days following the date of mailing or delivery of such notice unless otherwise agreed by the parties.
Effective Date of Resignation or Removal. No resignation or removal of the Agent shall be effective until (a) a successor Agent is appointed pursuant to the provisions of this Agreement and has accepted the appointment as provided in this Agreement, with a copy of such acceptance to be provided by the successor Agent to the predecessor Agent, the Borrower and the Lenders (but no notice to any other Person shall be required), and (b) the resigning or removed Agent has taken such actions (including the deliver to the successor Agent of Collateral and the execution and delivery to the successor Agent of assignments) as may be necessary or appropriate to cause the successor Agent to have a perfected Lien in the collateral for the benefit of the Lenders (provided, that the Lenders may elect to waive the requirements of this clause (b) to facilitate succession, although no such waiver shall excuse the resigning or removed Agent from its obligations under this clause (b) or otherwise), and the Agent agrees to take any and all such actions as the successor Agent may reasonably request. Each Lender shall be responsible, ratably, for its share of all reasonable expenses of the resigning or removed Agent and of the successor Agent incurred in connection with the actions to be taken in accordance with the provisions of this Section.
Effective Date of Resignation or Removal. No resignation or removal of the Custodian or any successor as custodian of the Loan Papers shall be effective until a successor Custodian is appointed pursuant to the provisions of this Section 8 and has accepted the appointment as provided in this Section 8; provided that if such appointment has not been so made or if the Custodian’s duties have not been assumed by the appointed successor on or before ninety (90) days after the date of the Custodian’s notice of resignation, the Custodian may deliver the Files then in its possession to the Agent at no cost to the Seller and cease acting as Custodian hereunder, and shall have no further responsibility therefor, at the close of business on the tenth (10th) Business Day after such ninety-day period. The Custodian or any successor hereafter appointed shall continue to act as custodian under this Custody Agreement until it delivers the Files to a duly appointed successor, or to the Agent under the circumstances last above described.
Effective Date of Resignation or Removal. Any resignation or removal of the 1999-A Owner Trustee and appointment of a successor 1999-A Owner Trustee pursuant to any of the provisions of this Section 6.07 shall not become effective until acceptance of appointment by the successor 1999-A Owner Trustee as provided in Section 6.08. The Servicer shall give the 1999-A Indenture Trustee and each Rating Agency notice of any such resignation or removal of the 1999-A Owner Trustee and appointment and acceptance of a successor 1999-A Owner Trustee.
Effective Date of Resignation or Removal. The resignation or removal of the Operator shall become effective as of 7:00 a.m. on the first day of the month following a period of ninety (90) days from, and inclusive of, the day of the Parties’ receipt of the applicable notice, unless a longer period is required for the Parties to obtain approval of the designation of the successor Operator, and certification for oil spill financial responsibility purposes by the MMS, in which case the resignation or removal of the Operator shall become effective at 7:00 a.m. on the day immediately following MMS approval. The resignation or removal of the outgoing Operator shall not prejudice any rights, obligations, or liabilities of the outgoing Operator which accrued during its tenure. The outgoing Operator and the successor Operator may charge the Joint Account for the reasonable Costs incurred in connection with the change of operatorship, except when the change of operatorship results from a merger, consolidation, reorganization, or sale or transfer to an Affiliate of the Operator.
Effective Date of Resignation or Removal. No resignation or removal of the Administrative Agent shall be effective until (a) a successor Administrative Agent is appointed pursuant to the provisions of this Agreement and has accepted the appointment as provided in this Agreement, with a copy of such acceptance to be provided by the successor Administrative Agent to the predecessor Administrative Agent, the Obligors and the Banks (but no notice to any other Person shall be required), and (b) the resigning or removed Administrative Agent has taken such actions, and the resigning or removed Administrative Agent agrees to take any and all such actions as may be necessary or appropriate to substitute the successor Administrative Agent hereunder, and resigning or removed Agent aggress to take any and all such actions as the successor Administrative Agent may reasonably request. Each Bank shall be responsible, Ratably, for its share of all reasonable expenses of the resigning or removed Administrative Agent and of the successor Administrative Agent incurred in connection with the actions to be taken in accordance with the provisions of this Section. No successor Administrative Agent shall accept appointment as provided in this Section unless at the time of such acceptance such successor Administrative Agent shall be eligible under the provisions of Section 9.6.
Effective Date of Resignation or Removal. No resignation or removal of the Seasoned Warehouse Agent or successor custodian as "custodian" of the Warehouse Collateral Papers shall be effective until a successor custodian is appointed pursuant to the provisions of this SECTION 8 and has accepted the appointment as provided in this SECTION 8. The Seasoned Warehouse Agent, or any successor custodian hereafter appointed, shall continue to act as custodian under this Agreement until it delivers the Files to a duly appointed successor.
Effective Date of Resignation or Removal. The resignation or removal of the Operator shall become effective at 7:00 a.m. on the first day of the month following a period of ninety (90) days after said notice, unless a longer period of time is required to obtain approval by the Minerals Management Service. Prior to the successor Operator's assumption of the Operator's duties, the previous Operator (the "outgoing Operator") shall continue to exercise its authorities and meet its duties as Operator. Upon selection of a successor Operator, the outgoing Operator shall be bound by the terms of this Agreement as a Non-Operating Party. The resignation or removal of the outgoing Operator shall not prejudice any rights, obligations or liabilities which accrued during the period when the outgoing Operator acted as the Operator. If the outgoing Operator resigns or is removed, it shall be entitled to charge the Joint Account for the reasonable Costs incurred in connection with the change of operatorship.
