Resignation of Canadian Issuing Bank. Canadian Issuing Bank may resign at any time upon notice to Agent and Canadian Borrower. On the effective date of such resignation, Canadian Issuing Bank shall have no further obligation to issue, amend, renew, extend or otherwise modify any Letter of Credit, but shall continue to have all rights and obligations of an Issuing Bank hereunder, including under Sections 2.4, 12.6 and 14.2, relating to any Letter of Credit issued prior to such date. Agent shall promptly appoint a replacement Canadian Issuing Bank, which, as long as no Default or Event of Default exists, shall be reasonably acceptable to Canadian Borrower.
Appears in 7 contracts
Samples: Loan and Security Agreement (Topgolf Callaway Brands Corp.), Loan Agreement (Topgolf Callaway Brands Corp.), Loan and Security Agreement (Callaway Golf Co)
Resignation of Canadian Issuing Bank. Canadian Issuing Bank may resign at any time upon notice to Agent and Canadian BorrowerLoan Party Agent. On and after the effective date of such resignation, Canadian Issuing Bank shall have no further obligation to issue, amend, renew, extend or otherwise modify any Canadian Letter of Credit, but shall continue to have all rights and other obligations of an a Canadian Issuing Bank hereunder, including under Sections 2.4, 12.6 and 14.2, hereunder relating to any Canadian Letter of Credit issued by it prior to such date. Agent shall promptly appoint a replacement Canadian Issuing Bank, which, as long as no Default or Event of Default exists, shall be reasonably acceptable to Canadian BorrowerLoan Party Agent.
Appears in 4 contracts
Samples: Loan Agreement (Cooper-Standard Holdings Inc.), Loan Agreement (Cooper-Standard Holdings Inc.), Loan Agreement (Cooper-Standard Holdings Inc.)
Resignation of Canadian Issuing Bank. Canadian Issuing Bank may resign at any time upon notice to Agent and Canadian BorrowerBorrower Agent. On From the effective date of such resignation, Canadian Issuing Bank shall have no further obligation to issue, amend, renew, extend or otherwise modify any Canadian Letter of Credit, but shall continue to have all rights and other obligations of an Canadian Issuing Bank hereunder, including under Sections 2.4, 12.6 and 14.2, hereunder relating to any Canadian Letter of Credit issued by it prior to such date. Agent shall promptly appoint a replacement Canadian Issuing Bank, which, as long as no Default or Event of Default exists, shall be reasonably acceptable to Canadian BorrowerBorrowers.
Appears in 2 contracts
Samples: Loan and Security Agreement (DXP Enterprises Inc), Loan and Security Agreement (DXP Enterprises Inc)
Resignation of Canadian Issuing Bank. Canadian Issuing Bank may resign at any time upon notice to Agent and Canadian BorrowerBorrowers. On From the effective date of such resignation, Canadian Issuing Bank shall have no further obligation to issue, amend, renew, extend or otherwise modify any Canadian Letter of Credit, but shall continue to have all rights and other obligations of an Issuing Bank hereunder, including under Sections 2.4, 12.6 and 14.2, hereunder relating to any Canadian Letter of Credit issued by it prior to such date. Agent shall promptly appoint a replacement Canadian Issuing Bank, which, as long as no Default or Event of Default exists, shall be reasonably acceptable to Canadian BorrowerBorrowers.
Appears in 1 contract
Samples: Loan and Security Agreement (Radiant Logistics, Inc)
Resignation of Canadian Issuing Bank. Canadian Issuing Bank may resign at any time upon notice to Agent and Canadian BorrowerLoan Party Agent. On and after the effective date of such resignation, Canadian Issuing Bank shall have no further obligation to issue, amend, renew, extend or -95- otherwise modify any Canadian Letter of Credit, but shall continue to have all rights and other obligations of an a Canadian Issuing Bank hereunder, including under Sections 2.4, 12.6 and 14.2, hereunder relating to any Canadian Letter of Credit issued by it prior to such date. Agent shall promptly appoint a replacement Canadian Issuing Bank, which, as long as no Default or Event of Default exists, shall be reasonably acceptable to Canadian BorrowerLoan Party Agent.
Appears in 1 contract
Resignation of Canadian Issuing Bank. Canadian Issuing Bank may resign at any time upon notice to Agent and Canadian BorrowerLoan Party Agent. On and after the effective date of such resignation, Canadian Issuing Bank shall have no further obligation to issue, amend, renew, extend or otherwise modify any Canadian Letter of Credit, but shall continue to have all rights and other obligations of an a Canadian Issuing Bank hereunder, including under Sections 2.4, 12.6 and 14.2, hereunder relating to any Canadian Letter of Credit issued by it prior to such date. Agent shall promptly appoint a replacement Canadian Issuing Bank, which, as long as no Default or Event of Default exists, shall be reasonably acceptable to Canadian Borrower.Loan Party Agent. -90-
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