Common use of Successor Valuation Agent Clause in Contracts

Successor Valuation Agent. At any time, the Pledgor shall have the right to appoint a successor valuation agent to replace Wilmington Trust Company (or any successor Valuation Agent) as the Valuation Agent hereunder, so long as such successor valuation agent is approved by the Pledgee and SELCO, each of which approval shall not be unreasonably withheld. The Pledgor shall give the Valuation Agent at least 30 days' prior written notice of the appointment and approval of a successor valuation agent. At any time, the Valuation Agent shall have the right to resign as Valuation Agent by giving the Pledgor and the Pledgee at least 30 days' prior written notice. Prior to the date of the Valuation Agent's resignation, the Pledgor shall notify the Valuation Agent of the successor valuation agent appointed by the Pledgor and approved by the Pledgee and SELCO. Upon such appointment of a successor valuation agent, such valuation agent shall succeed to the rights, powers and duties of the Valuation Agent, and the term "Valuation Agent" shall mean successor valuation agent effective upon such appointment and approval, and the former Valuation Agent's rights, powers and duties as the Valuation Agent shall be terminated, without any other or further act or deed on the part of such former Valuation Agent or any of the parties to this Pledge Agreement.

Successor Valuation Agent. At any time, the Pledgor shall have the right to appoint a successor valuation agent to replace Wilmington Trust Company (or any successor Valuation Agent) as the Valuation Agent hereunder, so long as such successor valuation agent is approved by the Pledgee and SELCOBH, each of which approval shall not be unreasonably withheld. The Pledgor shall give the Valuation Agent at least 30 days' prior written notice of the appointment and approval of a successor valuation agent. At any time, the Valuation Agent shall have the right to resign as Valuation Agent by giving the Pledgor and the Pledgee at least 30 days' prior written notice. Prior to the date of the Valuation Agent's resignation, the Pledgor shall notify the Valuation Agent of the successor valuation agent appointed by the Pledgor and approved by the Pledgee and SELCOBH. Upon such appointment of a successor valuation agent, such valuation agent shall succeed to the rights, powers and duties of the Valuation Agent, and the term "Valuation Agent" shall mean successor valuation agent effective upon such appointment and approval, and the former Valuation Agent's rights, powers and duties as the Valuation Agent shall be terminated, without any other or further act or deed on the part of such former Valuation Agent or any of the parties to this Pledge Agreement.