Abstract: The present invention provides a process for continuously regenerating a catalyst or an adsorbent which comprises the steps of:(a) establishing an ebullating or expanded bed by passing a gaseous stream upwardly through a plurality of particles confined in a regeneration zone,(b) providing a looped pathway in said ebullating bed,(c) passing a spent catalyst into said ebullating bed and moving said spent catalyst along said multi-looped pathway, and(d) removing a regenerated catalyst from said ebullating bed.In the process of this invention, the looped pathway requires substantially all of the particles to traverse a pathway that varies in direction by about 180.degree. from beginning to end of each loop in the pathway. In this process, the particles may be regenerated by lowering the carbon deposited thereon from a range of from about 8 to about 17 wt. % to a range of from about 0.3 to 1.5 wt. %, and the sulfur content of from about 6 to 9 wt. % to a range of from about 0.4 to 1.4 wt. %.