Common use of Replacement and Resignation of Remarketing Agent Clause in Contracts

Replacement and Resignation of Remarketing Agent. (a) The Company and Sprint Capital may in their absolute discretion replace the Remarketing Agent and/or the Reset Agent appointed pursuant to Section 1 as the Remarketing Agent and as the Reset Agent hereunder by giving notice prior to 3:00 p.m., New York City time on the eleventh Business Day immediately prior to the Initial Remarketing Date, any Subsequent Remarketing Date or the Final Remarketing Date, as the case may be, provided, in either case, that the Company must replace the UBS Warburg LLC both as Remarketing Agent and as Reset Agent unless UBS Warburg LLC shall otherwise agree. Any such replacement shall become effective upon the Company's and Sprint Capital's appointment of a successor to perform the services that would otherwise be performed hereunder by the Remarketing Agent and the Reset Agent. Upon providing such notice, the Company and Sprint Capital shall use all reasonable efforts to appoint such a successor and to enter into a remarketing agreement with such successor as soon as reasonably practicable.

Replacement and Resignation of Remarketing Agent. (a) The Company and Sprint Capital may in their its absolute discretion replace the Remarketing Agent and/or the Reset Agent appointed pursuant to Section 1 Xxxxxxx Xxxxx as the Remarketing Agent and as the Reset Agent hereunder by giving notice prior to 3:00 p.m., New York City time (i) on the eleventh Business Day immediately prior to May 17, 2004, or (ii) in the event of a Failed Initial Remarketing, prior to 3:00 p.m., New York City time on the eleventh Business Day immediately prior to the Initial Remarketing Purchase Contract Settlement Date, any Subsequent Remarketing Date or the Final Remarketing Date, as the case may be, provided, in either case, that the Company must replace the UBS Warburg LLC Xxxxxxx Xxxxx both as Remarketing Agent and as Reset Agent unless UBS Warburg LLC Xxxxxxx Xxxxx shall otherwise agree. Any such replacement shall become effective upon the Company's and Sprint Capital's appointment of a successor to perform the services that would otherwise be performed hereunder by the Remarketing Agent and the Reset Agent. Upon providing such notice, the Company and Sprint Capital shall use all reasonable efforts to appoint such a successor and to enter into a remarketing agreement with such successor as soon as reasonably practicable.