Common use of Resignation of an Obligor Clause in Contracts

Resignation of an Obligor. (other than the Company) (a) The Company may request that an Obligor (other than the Company) ceases to be an Obligor by giving to the Facility Agent a duly completed Resignation Request. (b) The Facility Agent must accept a Resignation Request and notify the Company and the Lenders of its acceptance if: (i) in the case of a Guarantor, all Lenders have consented to the Resignation Request; (ii) it is not aware that a Default is outstanding or would result from the acceptance of the Resignation Request; and (iii) no amount owed by that Obligor under this Agreement is still outstanding. (c) The Obligor will cease to be a Borrower and/or a Guarantor, as appropriate, when the Facility Agent gives the notification referred to in paragraph (b) above. (d) An Obligor (other than the Company) may also cease to be an Obligor in any other manner approved by the Majority Lenders.

Resignation of an Obligor. (other than the Company) (a) The Company may request that an Obligor (other than the Company) ceases to be an Obligor by giving to the Facility Agent a duly completed Resignation Request. (b) The Facility Agent must accept a Resignation Request and notify the Company and the Lenders of its acceptance if: (i) in the case of a Guarantor, all Lenders have consented to the Resignation Request; (ii) it is not aware (by being notified by a Party) that a Default is outstanding or would result from the acceptance of the Resignation Request; and (iii) no amount owed by that Obligor under this Agreement is still outstanding. (c) The Obligor will cease to be a Borrower and/or a Guarantor, as appropriate, when the Facility Agent gives the notification referred to in paragraph (b) above. (d) An Obligor (other than the Company) may also cease to be an Obligor in any other manner approved by the Majority Lenders.

Resignation of an Obligor. (other than the Company) (a) The Company may request that an Obligor (other than the Company) ceases to be an Obligor by giving to the Facility Agent a duly completed Resignation Request. (b) The Facility Agent must accept a Resignation Request and notify the Company and the Lenders of its acceptance if: (i) all of the shares in that Obligor are being disposed of and such disposal is permitted under the case terms of a Guarantor, all Lenders have consented to the Resignation Requestthis Agreement; (ii) it is not aware that a Default is outstanding or would result from the acceptance of the Resignation Request; and (iii) no amount owed by that Obligor under this Agreement is still outstanding. (c) The Obligor will cease to be a Borrower and/or a Guarantor, as appropriate, when the Facility Agent gives the notification referred to in paragraph (b) above. (d) An Obligor (other than the Company) may also cease to be an Obligor in any other manner approved by the Majority Lenders.

Resignation of an Obligor. (other than the Company) (a) In this Subclause, Resignation Request means a letter in the form of Schedule 8 (Form of Resignation Request), with such amendments as the Facility Agent may approve or reasonably require. (b) The Company may request that an Obligor (other than the Company) ceases to be an Obligor by giving to the Facility Agent a duly completed Resignation Request. (bc) The Facility Agent must accept a Resignation Request and notify the Company and the Lenders of its acceptance if: (i) in the case of a Guarantor, all Lenders have consented to the Resignation Request; (ii) it is not aware that a Default is outstanding or would result from the acceptance of the Resignation Request; and (iii) no amount owed or guaranteed by that Obligor under this Agreement is still outstanding. (cd) The Obligor will cease to be a Borrower and/or a Guarantor, as appropriate, when the Facility Agent gives the notification referred to in paragraph (bc) above. (de) An Obligor (other than the Company) may also cease to be an Obligor in any other manner approved by the Majority Lenders.