Common use of Resignation of Collateral Agent Clause in Contracts

Resignation of Collateral Agent. The Collateral Agent may resign at any time by giving written notice of such resignation to the Lenders and Duratek. Upon any such resignation, the Majority Lenders shall have the right, in consultation with Duratek, to appoint a successor Collateral Agent; provided that if, at the time of the resignation of the Administrative Agent, no successor Collateral Agent has been appointed by the Majority Lenders, the retiring Collateral Agent may, on behalf of the Lenders, appoint a successor Collateral Agent and, after its resignation and prior to the appointment of any successor Collateral Agent, the retiring Collateral Agent will act as a nominee for perfection with respect to the applicable Collateral. Upon the acceptance of any appointment as Collateral Agent hereunder by a successor Collateral Agent, such successor Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges, duties and obligations of the retiring Collateral Agent and the retiring Collateral Agent shall be discharged from its duties and obligations under the Loan Documents. After any retiring Collateral Agent’s resignation hereunder as Collateral Agent, the provisions of this Article shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as the Collateral Agent.

Resignation of Collateral Agent. The Subject to the appointment and acceptance of a successor Collateral Agent as provided below, the Collateral Agent may resign at any time by giving written notice of such resignation thereof to the Lenders other Secured Parties and Duratekthe Obligors. Upon any such resignation, the Majority Lenders Required Secured Parties shall have the right, with the consent of the Borrower not to be unreasonably withheld (or if an Event of Default or Trigger Event has occurred and is continuing in consultation with Duratek, the Borrower) to appoint a successor Collateral Agent; provided that if, at the time of the resignation of the Administrative Agent, . If no successor Collateral Agent has shall have been so appointed by the Majority LendersRequired Secured Parties and shall have accepted such appointment within 30 days after the retiring Collateral Agent’s giving of written notice of resignation of the retiring Collateral Agent, then the retiring Collateral Agent may, on behalf of the Lendersother Secured Parties, appoint a successor Collateral Agent and, after its resignation and prior to the appointment of any successor Collateral Agent, the retiring Collateral Agent will act as that shall be a nominee for perfection with respect to the applicable Collateralbank that has an office in New York, New York and has a combined capital and surplus and undivided profits of at least $1,000,000,000. Upon the acceptance of any appointment as Collateral Agent hereunder by a successor Collateral Agent, such successor Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges, privileges and duties and obligations of the retiring Collateral Agent Agent, and the retiring Collateral Agent shall be discharged from its duties and obligations under the Loan Documentshereunder. After any retiring Collateral Agent’s resignation hereunder as Collateral Agent, the provisions of this Article Section 9 shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as the Collateral Agent. The Borrower shall pay to any successor Collateral Agent the fees and charges necessary to induce such successor Collateral Agent to accept its appointment hereunder.

Resignation of Collateral Agent. The Collateral Agent may resign at any time by giving written notice of such resignation to the Lenders Lender Parties and DuratekEnergySolutions. Upon any such resignation, the Majority Lenders shall have the right, in consultation with DuratekEnergySolutions, to appoint a successor Collateral Agent; provided that if, at the time of the resignation of the Administrative Agent, no successor Collateral Agent has been appointed by the Majority Lenders, the retiring Collateral Agent may, on behalf of the LendersLender Parties, appoint a successor Collateral Agent and, after its resignation and prior to the appointment of any successor Collateral Agent, the retiring Collateral Agent will act as a nominee for perfection with respect to the applicable Collateral. Upon the acceptance of any appointment as Collateral Agent hereunder by a successor Collateral Agent, such successor Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges, duties and obligations of the retiring Collateral Agent and the retiring Collateral Agent shall be discharged from its duties and obligations under the Loan Documents. After any retiring Collateral Agent’s resignation hereunder as Collateral AgentAgent (including, for the avoidance of doubt, Calyon’s resignation as collateral agent pursuant to the Successor Agent Agreement), the provisions of this Article shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as the Collateral AgentAgent (and with respect to Calyon, including any action taken or omitted to be taken subsequent to its resignation in connection with the payoff of the Original Term Loans).

Resignation of Collateral Agent. The Collateral Agent may resign at any time by giving written notice of such resignation to the Lenders and DuratekSecured Parties. Upon any such resignation, the Majority Lenders Secured Parties shall have the right, in consultation with Duratek, right to appoint a successor Collateral Agent; provided that if, at the time of the resignation of the Administrative Agent, no successor Collateral Agent has been appointed by the Majority Lenders, the retiring Collateral Agent may, on behalf of the Lenders, appoint a successor Collateral Agent and, after its resignation and prior to the appointment of any successor Collateral Agent, the retiring Collateral Agent will act as a nominee for perfection with respect to the applicable Collateral. Upon the acceptance of any appointment as a Collateral Agent hereunder by a successor Collateral Agentsuccessor, such successor Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges, privileges and duties and obligations of the retiring Collateral Agent Agent, and the retiring Collateral Agent shall be discharged from its duties and obligations under the Loan Documents. After any retiring Collateral Agent’s resignation hereunder as a Collateral Agent, as appropriate, under this Intercreditor Agreement, the Collateral Documents and the other Financing Documents and the provisions of this Article Section 6.4 shall continue in effect for inure to its benefit in respect of as to any actions taken or omitted to be taken by it while it was acting a Collateral Agent under this Intercreditor Agreement. No resignation of the Collateral Agent shall become effective until a successor Collateral Agent shall have accepted appointment as Collateral Agent; provided that in the event a successor Collateral Agent has not accepted appointment within sixty (60) days after the retiring Collateral Agent’s giving notice of resignation, the retiring Collateral Agent may apply to a court of competent jurisdiction for appointment of a successor Collateral Agent.

Resignation of Collateral Agent. The Subject to the appointment and acceptance of a successor Collateral Agent as provided below, Collateral Agent may resign at any upon giving notice thereof to the Secured Parties; provided, however, that such resignation shall not be effective until such time by giving as the successor Collateral Agent is in place and shall deliver written notice of such resignation appointment to the Lenders and DuratekBorrower. Upon any such resignation, the Majority Lenders shall have the right, in consultation with Duratek, right to appoint a successor Collateral Agent; provided that if, at the time of the resignation of the Administrative Agent, . If no successor Collateral Agent has shall have been so appointed by the Majority LendersLenders and shall have accepted such appointment within 30 days after the retiring Collateral Agent's giving of notice of resignation, then the retiring Collateral Agent may, on behalf of the Lenders, Lenders appoint a successor Collateral Agent and, after its resignation and prior to the appointment of any successor Collateral Agent, the retiring Collateral Agent will act as that shall be a nominee for perfection with respect to the applicable Collateralsophisticated financial institution. Upon the acceptance of any appointment as Collateral Agent hereunder by a successor Collateral Agent, such successor Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges, privileges and duties and obligations of the retiring Collateral Agent Agent, and the retiring Collateral Agent shall be discharged from its duties and obligations under the Loan Documentshereunder. After any retiring Collateral Agent’s 's resignation hereunder as Collateral Agent, the provisions of this Article 10 shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as the Collateral Agent.

Resignation of Collateral Agent. The Subject to the appointment and acceptance of a successor Collateral Agent as provided below, the Collateral Agent may resign at any time by giving written notice of such resignation thereof to the Lenders and Duratekthe Borrowers. Upon any such resignation, the Majority Lenders shall have the right, in consultation with Duratek, right to appoint a successor Collateral Agent; provided that if, at the time of the resignation of the Administrative Agent, . If no successor Collateral Agent has shall have been so appointed by the Majority LendersLenders and shall have accepted such appointment with thirty (30) days after the retiring Collateral Agent's giving of notice of resignation, the retiring Collateral Agent may, on behalf of the Lenders, appoint a successor Collateral Agent and, after its resignation and prior to the appointment of any successor Collateral Agent, the retiring Collateral Agent will act as which shall be a nominee for perfection with respect to the applicable Collateralbank which has a combined capital and surplus of at least Three Hundred Million Dollars ($300,000,000). Upon the acceptance of any appointment as Collateral Agent hereunder by a successor Collateral Agent, such successor Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges, privileges and duties and obligations of the retiring Collateral Agent Agent, and the retiring Collateral Agent shall be discharged from its duties and obligations under the Loan Documentshereunder. After any retiring Collateral Agent’s 's resignation hereunder as Collateral Agent, the provisions of this Article shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as the Collateral Agent.