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This excerpt taken from the CVS 8-K filed Mar 23, 2007. Successor
Administrative Agent
If at any time
the Administrative Agent deems
it advisable, in its sole discretion, it may submit to each Lender a written
notification of its resignation as Administrative Agent under the Loan
Documents, such resignation to be effective on the earlier to occur of (a)
the
thirtieth day after the date of such notice, and (b) the date upon which any
successor to the Administrative Agent, in accordance with the provisions of
this
Section, shall have accepted in writing its appointment as successor
Administrative Agent. Upon any such resignation, the Required Lenders shall
have
the right to appoint from among the Lenders a successor Administrative Agent,
which successor Administrative Agent, provided
that no
Default or Event of Default shall then exist, shall be reasonably satisfactory
to the Borrower. If no such successor Administrative Agent shall have been
so
appointed by the Required Lenders and accepted such appointment within 30 days
after the retiring Administrative Agent’s giving of notice of resignation, then
the retiring Administrative Agent may, on behalf of the Lenders, appoint a
successor Administrative Agent, which successor Administrative Agent shall
be a
commercial bank organized or licensed under the laws of the United States of
America or of any State thereof and having a combined capital and surplus of
at
least $500,000,000. Upon the written acceptance of any appointment as
Administrative Agent hereunder by a successor Administrative Agent, such
successor Administrative Agent shall automatically become a party to this
Agreement and shall thereupon succeed to and become vested with all the rights,
powers, privileges and duties of the retiring Administrative Agent, and the
retiring Administrative Agent’s rights, powers, privileges and duties as
Administrative Agent under the Loan Documents shall be terminated. The Borrower
and the Lenders shall execute such documents as shall be necessary to effect
such appointment. After any retiring Administrative Agent’s resignation as
Administrative Agent, the provisions of this Section 10 shall inure to its
benefit as to any actions taken or omitted to be taken by it while it was the
Administrative Agent. If at any time there shall not be a duly appointed and
acting Administrative Agent, upon notice duly given, the Borrower agrees to
make
each payment when due under the Loan Documents directly to the Lenders entitled
thereto during such time.
10.9 |
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