Resignation of a Security Provider. (a) The Parent may request that a Security Provider ceases to be a Security Provider by delivering to the Administrative Agent a Resignation Letter if: (i) the Transaction Security granted by that Security Provider is being released under and in accordance with the Intercreditor Agreement and the Parent has confirmed that this is the case; or (ii) all the Participating Creditors have consented to the resignation of that Security Provider. (b) The Administrative Agent shall accept a Resignation Letter and notify the Parent and the Participating Creditors of its acceptance if: (i) the Parent has confirmed that no Default is continuing or would result from the acceptance of the Resignation Letter; (ii) the Parent has confirmed that the Transaction Security granted by that Security Provider has not become enforceable in accordance with its terms. (c) The resignation of that Security Provider shall not be effective until the date on which the Transaction Security granted by the Security Provider has been released under and in accordance with the Intercreditor Agreement, at which time that company shall cease to be a Security Provider and shall have no further rights or obligations under the Finance Documents as a Security Provider.
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Samples: Financing Agreement, Financing Agreement (Cemex Sab De Cv), Financing Agreement (Cemex Sab De Cv)
Resignation of a Security Provider. (a) The Parent may request that a Security Provider ceases to be a Security Provider by delivering to the Administrative Agent a Resignation Letter if:
(i) the Transaction Security granted by that Security Provider is being released under and in accordance with the Intercreditor Agreement and the Parent has confirmed that this is the case; or
(ii) all the Participating Creditors have consented to the resignation of that Security Provider.
(b) The Administrative Agent shall accept a Resignation Letter and notify the Parent and the Participating Creditors of its acceptance if:
(i) the Parent has confirmed that no Default is continuing or would result from the acceptance of the Resignation Letter;
(ii) the Parent has confirmed that the Transaction Security granted by that Security Provider has not become enforceable in accordance with its terms.
(c) The resignation of that Security Provider shall not be effective until the date on which the Transaction Security granted by the Security Provider has been released under and in accordance with the Intercreditor Agreement, at which time that company shall cease to be a Security Provider and shall have no further rights or obligations under the Finance Documents as a Security Provider.
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