Common use of Resignation and Termination Clause in Contracts

Resignation and Termination. If at any time (i) the Agent will deem it advisable, in its sole discretion, it may deliver to each of the Lenders and the Borrowers written notification of its resignation insofar as it acts on behalf of the Lenders pursuant to this Article, or (ii) the Agent is in default of any of its obligations hereunder and the Majority Lenders will deem it advisable, in their sole discretion, they may deliver to the Agent and the Borrowers written notification of the termination of the Agent’s authority to act on behalf of the Lenders pursuant to this Article, such resignation or termination to be effective upon the date of the appointment by the Lenders of a successor which will assume all of the rights, powers, privileges and duties of the Agent hereunder, which appointment will be promptly made from among the remaining Lenders and written notice thereof will be given to the Borrowers concurrently with such appointment. If in the case of resignation by the Agent no appointment of a successor Agent has been made by the Lenders and approved by the Borrowers within 30 days, the resigning Agent may make such appointment from among the remaining Lenders on behalf of the Lenders, subject to such Lender agreeing to act as Agent, and will forthwith give notice of such appointment to the Lenders and the Borrowers.

Resignation and Termination. If at any time (i) the Agent will deem it advisable, in its sole discretion, it may deliver to each of the Lenders and the Borrowers Borrower written notification of its resignation insofar as it acts on behalf of the Lenders pursuant to this Article, or (ii) the Agent is in default of any of its obligations hereunder and the Majority Lenders will deem it advisable, in their sole discretion, they may deliver to the Agent and the Borrowers Borrower written notification of the termination of the Agent’s authority to act on behalf of the Lenders pursuant to this Article, such resignation or termination to be effective upon the date of the appointment by the Lenders of a successor which will assume all of the rights, powers, privileges and duties of the Agent hereunder, which appointment will be promptly made from among the remaining Lenders and written notice thereof will be given to the Borrowers Borrower concurrently with such appointment. If in the case of resignation by the Agent no appointment of a successor Agent has been made by the Lenders and approved by the Borrowers Borrower within 30 days, the resigning Agent may make such appointment from among the remaining Lenders on behalf of the Lenders, subject to such Lender agreeing to act as Agent, and will forthwith give notice of such appointment to the Lenders and the BorrowersBorrower.

Resignation and Termination. If at any time (i) the Agent will shall deem it advisable, in its sole discretion, it may deliver to each of the Lenders and the Borrowers Borrower written notification of its resignation insofar as it acts on behalf of the Lenders pursuant to this Article, Article Eleven or (ii) the Agent is in default of any of its obligations hereunder and the Majority Lenders will shall deem it advisable, in their sole discretion, they may deliver to the Agent and the Borrowers Borrower written notification of the termination of the Agent’s 's authority to act on behalf of the Lenders pursuant to this ArticleArticle Eleven, such resignation or termination to be effective upon the date of the appointment by the Lenders of a successor which will shall assume all of the rights, powers, privileges and duties of the Agent hereunder, which appointment will shall be promptly made from among the remaining Lenders and written notice thereof will shall be given to the Borrowers Borrower concurrently with such appointment. The Borrower shall have the right to approve any successor Agent to be appointed by the Lenders as aforesaid, provided that such approval shall not be unreasonably withheld. If in the case of notice of resignation by the Agent no appointment of a successor Agent has been made by the Lenders and approved by the Borrowers Borrower within 30 daysdays after such notice has been delivered, the resigning Agent may make such appointment without the approval of the Borrower from among the 121 68 remaining Lenders on behalf of the Lenders, subject to such Lender agreeing to act as Agent, and will shall forthwith give notice of such appointment to the Lenders and the BorrowersBorrower.