Common use of Resignation of an Obligor Clause in Contracts

Resignation of an Obligor. (other than the Company) (a) In this Subclause, Resignation Request means a letter in the form of Schedule 7 (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. (c) The Facility Agent must accept a Resignation Request and notify the Company and the Lenders of its acceptance if: (i) no Default is outstanding or would result from the acceptance of the Resignation Request and the Company confirms this; and (ii) no amount owed by that Obligor under this Agreement is still outstanding. (d) 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 (c) above.

Resignation of an Obligor. (other than the Company) (a) In this SubclauseClause, Resignation Request means a letter in the form of Schedule 7 6 (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. (c) The Facility Agent must accept a Resignation Request and notify the Company and the Lenders of its acceptance if: (i) no Default is outstanding or would result from the acceptance of the Resignation Request and the Company confirms this; and (ii) no amount owed by that Obligor under this Agreement is still outstanding. (d) The Obligor will cease to be a Borrower and/or a Guarantor, as appropriate, Guarantor when the Facility Agent gives the notification referred to in paragraph (c) above.

Resignation of an Obligor. (other than the Company) (a) In this SubclauseClause, Resignation Request means a letter in the form of Schedule 7 6 (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. (c) The Facility Agent must accept a Resignation Request and notify the Company and the Lenders of its acceptance if: (i) no Default is outstanding or would result from the acceptance of the Resignation Request and the Company confirms this; and (ii) no amount owed by that Obligor under this Agreement is still outstanding. (d) 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 (c) above.