Common use of Replacement of Administrative Agent Clause in Contracts

Replacement of Administrative Agent. (1) The Administrative Agent may at any time give notice of its resignation to the Lenders and the Borrowers. Upon receipt of any such notice of resignation, the Majority Lenders shall have the right, with (provided no Event of Default has occurred and is continuing) the prior consent of the Borrowers, to appoint a successor, which shall be a Lender having an office in Toronto, Ontario or an Affiliate of any Lender with an office in Toronto. The Administrative Agent may also be removed at any time by the Majority Lenders upon 30 days’ notice to the Administrative Agent and the Borrowers as long as the Majority Lenders, with the prior consent of the Borrowers, appoint and obtain the acceptance of a successor within such 30 days, which shall be a Lender having an office in Toronto, or an Affiliate of any Lender with an office in Toronto.

Replacement of Administrative Agent. (1a) The Administrative Agent may at any time give notice of its resignation to the Lenders Xxxxxxx and the BorrowersBorrower. Upon receipt of any such notice of resignation, the Majority Required Lenders shall have the right, in consultation with (provided no Event of Default has occurred and is continuing) the prior consent of the BorrowersXxxxxxxx, to appoint a successor, which shall be a Lender having a Commitment to a Loan if one or more is established in this Agreement and having an office in Toronto, Ontario Toronto or an Affiliate of any such Lender with an office in Toronto. The Administrative Agent may also be removed at any time by the Majority Required Lenders upon 30 days’ notice to the Administrative Agent and the Borrowers Borrower as long as the Majority Required Lenders, in consultation with the prior consent of the BorrowersBorrower, appoint and obtain the acceptance of a successor within such 30 days, which shall be a Lender having a Commitment to a Loan if one or more is established in this Agreement and having an office in Toronto, Toronto or an Affiliate of any such Lender with an office in Toronto.

Replacement of Administrative Agent. (1) The Administrative Agent may at any time give notice of its resignation to the Lenders and the Borrowers. Upon receipt of any such notice of resignation, the Majority Lenders shall have the right, with (provided no Event of Default has occurred and is continuing) the prior consent of the BorrowersOpen Text, to appoint a successor, which shall be a Lender having a Revolving Credit Commitment and having an office in Toronto, Ontario or an Affiliate of any such Lender with an office in Toronto. The Administrative Agent may also be removed at any time by the Majority Lenders upon 30 days’ notice to the Administrative Agent and the Borrowers Open Text as long as the Majority Lenders, with the prior consent of the BorrowersBorrower, appoint and obtain the acceptance of a successor within such 30 days, which shall be a Revolving Credit Lender having an office in Toronto, or an Affiliate of any such Lender with an office in Toronto.

Replacement of Administrative Agent. (1a) The Administrative Agent may at any time give notice of its resignation to the Lenders and the BorrowersBorrower. Upon receipt of any such notice of resignation, the Majority Required Lenders shall have the right, in consultation with (provided no Event of Default has occurred and is continuing) the prior consent of the BorrowersBorrower, to appoint a successor, which shall be a Lender having a Commitment to a Loan if one or more is established in this Agreement and having an office in Toronto, Ontario Toronto or an Affiliate of any such Lender with an office in Toronto. The Administrative Agent may also be removed at any time by the Majority Required Lenders upon 30 days’ notice to the Administrative Agent and the Borrowers Borrower as long as the Majority Required Lenders, in consultation with the prior consent of the BorrowersBorrower, appoint and obtain the acceptance of a successor within such 30 days, which shall be a Lender having a Commitment to a Loan if one or more is established in this Agreement and having an office in Toronto, Toronto or an Affiliate of any such Lender with an office in Toronto.