Resignation of a Borrower. (a) The Company may request that a Borrower (other than the Company) ceases to be a Borrower by delivering to the Agent a Resignation Letter.
(b) The Agent shall accept a Resignation Letter and notify the Company and the Lenders of its acceptance if:
(i) no Default is continuing or would result from the acceptance of the Resignation Letter (and the Company has confirmed this is the case); and
(ii) the Borrower is under no actual or contingent obligations as a Borrower under any Finance Documents, whereupon that company shall cease to be a Borrower and shall have no further rights or obligations under the Finance Documents.
Resignation of a Borrower. (a) In this Clause 28.2, Clause 28.4 (Resignation of a Guarantor) and Clause 28.8 (Resignation and release of Security on disposal), “Third Party Disposal” means the disposal of all of the issued share capital of an Obligor to a person which is not a member of the Group where that disposal is permitted under Clause 24.18 (Disposals) or made with the approval of the Majority Participating Creditors (and the Parent has confirmed this is the case).
Resignation of a Borrower. (a) With the prior consent of an Instructing Group, the Company may request that a Borrower ceases to be a Borrower by delivering to the Facility Agent a Resignation Letter.
(b) The Facility Agent shall accept a Resignation Letter and notify the Company and the other Relevant Finance Parties of its acceptance if:
(i) the Company has confirmed that no Event of Default is continuing or would result from the acceptance of the Resignation Letter;
(ii) the Borrower is under no actual or contingent obligations as a Borrower under any Relevant Finance Documents; and
(iii) where the Borrower is also a Guarantor, its obligations in its capacity as Guarantor continue to be legal, valid, binding and enforceable and in full force and effect (subject to the Reservations) and the amount guaranteed by it as a Guarantor is not decreased, subject to Clause 44.5 (Release of Guarantees and Security).
(c) Upon notification by the Facility Agent to the Company of its acceptance of the resignation of a Borrower, that company shall cease to be a Borrower and shall have no further rights or obligations under the Relevant Finance Documents as a Borrower.
(d) The Facility Agent may, at the cost and expense of the Company, require a legal opinion from counsel confirmed the matters set out in paragraph (b)(iii) above and the Facility Agent shall be under no obligation to accept a Resignation Letter until it has obtained such opinion in form and substance reasonably satisfactory to it.
Resignation of a Borrower. (a) The Company may request that a Borrower (other than the Company) ceases to be a Borrower by delivering to the Agent a Resignation Letter.
(b) The Agent shall accept a Resignation Letter and notify the Company and the Lenders of its acceptance if:
Resignation of a Borrower. The resignation of that Guarantor shall not be effective until the date of the relevant Third Party Disposal, disposal of Charged Property, Permitted Reorganisation or other such event contemplated by paragraph (a) above, at which time that company shall cease to be a Guarantor and shall have no further rights or obligations under the Finance Documents as a Guarantor.
Resignation of a Borrower. (a) The Parent may request that a Borrower (other than the Parent) ceases to be a Borrower by delivering to the Facility Agent a duly completed Resignation Request.
(b) The Facility Agent shall accept a Resignation Request from a Borrower and notify the Parent and the other Finance Parties of its acceptance if:
(i) the Parent has confirmed that no Default is continuing or would result from the acceptance of the Resignation Request;
(ii) the relevant Borrower is under no actual or contingent obligations as a Borrower under any Finance Documents; and
(iii) where the relevant Borrower is also a Guarantor (unless its resignation has been accepted in accordance with Clause 28.5 (Resignation of a Guarantor)), its obligations in its capacity as a Guarantor continue to be legal, valid, binding and enforceable and in full force and effect and the amount guaranteed by it as a Guarantor is not decreased (and the Parent has confirmed this is the case), whereupon that company shall cease to be a Borrower and shall have no further rights or obligations under the Finance Documents.
Resignation of a Borrower. (A) The Original Borrower may request that any Borrower (other than the Original Borrower) ceases to be a Borrower by delivering to the Facility Agent a Resignation Letter.
(B) The Facility Agent shall accept a Resignation Letter and notify the Original Borrower and the Lenders of its acceptance if:
(i) no Default is continuing or would result from the acceptance of the Resignation Letter (and the Original Borrower has confirmed this is the case); and
(ii) the relevant Borrower is under no actual or contingent obligations as a Borrower under any Finance Documents, whereupon that company shall cease to be a Borrower and shall have no further rights or obligations under the Finance Documents.
Resignation of a Borrower. (a) In this Clause 29.3, Clause 29.5 (Resignation of a Guarantor) and Clause 29.7 (Resignation and release of security on disposal or resignation), “Third Party Disposal” means the disposal of an Obligor to a person which is not a member of the Restricted Group where that Disposal is permitted or not prohibited under clause 6 (Limitation on Asset Sales) of Schedule 15 (Incurrence Covenants Schedule) and the Intercreditor Agreement or made with the prior written consent of the Majority Lenders.
Resignation of a Borrower. The Parent may request that a Borrower (other than the Parent) cease to be a Borrower by delivering to the Administrative Agent a resignation letter in form and substance satisfactory to the Administrative Agent, whereupon, if:
(a) no Default is continuing or would result from the acceptance of such resignation letter (and the Parent has confirmed the same in writing); and
(b) any Borrower so being released is under no actual or contingent obligations as a Borrower under any Loan Documents, such Borrower shall cease to be a Borrower and shall have no further rights or obligations under the Loan Documents other than those obligations that expressly survive the termination of this Agreement.
Resignation of a Borrower. The Company may request that a Borrower (other than the Company) in respect of which no Advance is outstanding hereunder (including any other amounts in relation thereto) ceases to be a Borrower by entering into a supplemental agreement to this Agreement in such form as the Facility Agent may reasonably require which shall discharge that Borrower’s obligations hereunder.
