Common use of Resignation of Collateral Agent Clause in Contracts

Resignation of Collateral Agent. (i) The Collateral Agent (A) may resign at any time upon notice to the Creditors, and (B) may be removed at any time upon the written request of the Required Creditors sent to the Collateral Agent and the other Creditors. For the purposes of any determination of Required Creditors under this Section 2(h)(i), the Pro Rata Share of any Insolvent Entity shall be disregarded.

Resignation of Collateral Agent. (i) The Collateral Agent (A) may resign at any time upon notice to the CreditorsInvestors, and (B) may be removed at any time upon the written request of the Required Creditors Investors sent to the Collateral Agent and the other CreditorsInvestors. For the purposes of any determination of Required Creditors Investors under this Section 2(h)(i4(h)(i), the Pro Rata Share of any Insolvent Entity shall be disregarded.

Resignation of Collateral Agent. (i) The Collateral Agent (A) may resign at any time upon notice to the Creditors, and (B) may be removed at any time upon the written request of the Required Creditors sent to the Collateral Agent and the other Creditors. For the purposes of any determination of Required Creditors under this Section 2(h)(i), the Pro Rata Share of any Insolvent Entity shall be disregarded. (ii) If the Collateral Agent shall resign or be removed, the Required Creditors shall have the right to select a replacement Collateral Agent by notice to the Collateral Agent and the other Creditors.