The Security Agent's resignation Sample Clauses
The Security Agent's resignation clause outlines the process and conditions under which the security agent in a financing arrangement may step down from their role. Typically, this clause specifies the notice period the agent must provide to the other parties, any requirements for appointing a successor, and the agent's obligations to cooperate during the transition. Its core function is to ensure a smooth and orderly handover of responsibilities, minimizing disruption to the administration and enforcement of security interests in the event the agent resigns.
The Security Agent's resignation notice shall only take effect upon (i) the appointment of a successor and (ii) the transfer, by way of a document expressed as a deed, of all of the Security Property to that successor.
The Security Agent's resignation notice shall only take effect upon the appointment of a successor.