Successor Designated Agent Clause Samples
The Successor Designated Agent clause establishes a process for appointing a new agent to act on behalf of a party if the original designated agent is unable or unwilling to continue in their role. Typically, this clause outlines the criteria or procedures for selecting a successor, such as requiring written notice or approval from certain parties. Its core function is to ensure continuity and prevent disruptions in representation or administration by providing a clear mechanism for replacing an agent when necessary.
Successor Designated Agent. The Designated Agent may resign at any time by giving written notice thereof to the Lenders and the Borrower and such resignation shall be effective upon the appointment of a successor Designated Agent as provided herein. Upon any such resignation, the Majority Lenders shall have the right (with the consent of the Borrower unless an Event of Default has occurred and is continuing) to appoint a successor Designated Agent (which shall be a Lender). If no successor Designated Agent shall have been so appointed by the Majority Lenders, and shall have accepted such appointment, within 30 days after the retiring Designated Agent’s giving of notice of resignation, then the retiring Designated Agent may, on behalf of the Lenders, appoint a successor Designated Agent. Any successor Designated Agent appointed hereunder shall be a commercial bank organized or licensed under the laws of the United States or of any State thereof, or an Affiliate of any such commercial bank, having a combined capital and surplus of at least $500,000,000. Upon the acceptance of any appointment as Designated Agent hereunder by a successor Designated Agent, such successor Designated Agent shall thereupon succeed to and become vested with all the rights, powers, discretion, privileges and duties of the retiring Designated Agent, and the retiring Designated Agent shall be discharged from its duties and obligations under this Agreement. After any retiring Designated Agent’s resignation hereunder as Designated Agent, the provisions of this Article VII shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Designated Agent under this Agreement.
Successor Designated Agent. 98 10.13. Designated Agent and Arrangers Fees...................................................................... 9899 10.14. Delegation to Affiliates............................................................................................. 9899 10.15. Co-Administrative Agents, Co-Syndication Agents, etc......................................... 99100 10.16. No Advisory or Fiduciary Responsibility................................................................ 99100 10.17. Certain ERISA Matters............................................................................................ 99100