Common use of Resignation as Issuing Bank after Assignment Clause in Contracts

Resignation as Issuing Bank after Assignment. Notwithstanding anything to the contrary contained herein, if at any time any Issuing Bank assigns all of its Commitments and Loans pursuant to Section 13.2, such Person shall be deemed to also resign as Issuing Bank upon the effectiveness of such assignment. Upon such resignation, the resigning Issuing shall retain all the rights, powers, privileges and duties of an Issuing Bank hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as Issuing Bank and all Letter of Credit Obligations with respect thereto (including the right to require the Lenders to make ABR Loans or fund participations in unreimbursed amounts pursuant to Section 4.6(b)). A Person becoming a Lender pursuant to an assignment or a Facility Increase shall become an Issuing Bank (or shall cause one of its Affiliates to become an Issuing Bank) in accordance with the definition of “Issuing Bank” by virtue of becoming a Lender.

Resignation as Issuing Bank after Assignment. Notwithstanding anything to the contrary contained herein, if at any time any Issuing Bank assigns all of its Commitments and Loans pursuant to this Section 13.2, such Person shall be deemed to also resign as Issuing Bank upon the effectiveness of such assignment. Upon such resignation, the resigning Issuing Bank shall retain all the rights, powers, privileges and duties of an Issuing Bank hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as Issuing Bank and all Letter of Credit Obligations with respect thereto (including the right to require the Lenders to make ABR Loans or fund participations in unreimbursed amounts pursuant to Section 4.6(b)). A Person becoming a Lender pursuant to an assignment or a Facility Increase shall become an Issuing Bank (or shall cause one of its Affiliates to become an Issuing Bank) in accordance with the definition of “Issuing Bank” by virtue of becoming a Lender.

Resignation as Issuing Bank after Assignment. Notwithstanding anything to the contrary contained herein, if at any time any Issuing Bank assigns all of its Commitments and Loans pursuant to Section 13.2, such Person shall be deemed to also resign as Issuing Bank upon the effectiveness of such assignment. Upon such resignation, the resigning Issuing Bank shall retain all the rights, powers, privileges and duties of an Issuing Bank hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as Issuing Bank and all Letter of Credit Obligations with respect thereto (including the right to require the Lenders to make ABR Loans or fund participations in unreimbursed amounts pursuant to Section 4.6(b)). A Person becoming a Lender pursuant to an assignment or a Facility Increase shall become an Issuing Bank (or shall cause one of its Affiliates to become an Issuing Bank) in accordance with the definition of “Issuing Bank” by virtue of becoming a Lender.