Common use of Successor Class Agent Clause in Contracts

Successor Class Agent. Each Class Agent may resign at any time by giving written notice thereof to each related Class Investor and the Transferor and may be removed at any time for cause by agreement of the related Majority Class Investors. Upon any such resignation or removal, the Class Investor with the consent of the related Majority Class Investors shall appoint a successor Class Agent. Each of the applicable Class Investors, as applicable, each agrees that it shall not unreasonably withhold or delay its approval of the appointment of a successor Class Agent for such Class. If no such successor Class Agent shall have been so appointed, and shall have accepted such appointment, within 30 days after the retiring Class Agent’s giving of notice of resignation or the related Majority Class Investors’ removal of the retiring Class Agent, then the retiring Class Agent may, on behalf of the related Class Investors, appoint a successor Class Agent which successor Class Agent shall be either (i) a commercial bank organized under the laws of the United States or of any state thereof and have a combined capital and surplus of at least $50,000,000 or (ii) an Affiliate of such a bank. Upon the acceptance of any appointment as Class Agent hereunder by a successor Class Agent, such successor Class Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Class Agent, and the retiring Class Agent shall be discharged from its duties and obligations under this Agreement. After any retiring Class Agent’s resignation or removal hereunder as Class Agent, the provisions of this Article IX shall continue to inure to its benefit as to any actions taken or omitted to be taken by it while it was Class Agent under this Agreement.