Common use of Resignation of Fronting Bank Clause in Contracts

Resignation of Fronting Bank. The DM Fronting Bank or the Sterling Fronting Bank may resign at any time by giving sixty (60) days prior written notice thereof to the Lenders and TransTechnology. Upon any such resignation, the Majority Lenders shall have the right to appoint a successor DM Fronting Bank or Sterling Fronting Bank, as the case may be. Unless a Default or Event of Default shall have occurred and be continuing, such successor Fronting Bank shall be reasonably acceptable to TransTechnology. If no successor Fronting Bank shall have been so appointed by the Majority Lenders and shall have accepted such appointment within thirty (30) days after the retiring Fronting Bank's giving of notice of resignation, then the retiring Fronting Bank may, on behalf of the Banks, appoint a successor Fronting Bank, which shall be a financial institution having a rating of not less than A or its equivalent by Standard & Poor's Ratings Group, and having either the ability to fund DM Loans from a lending office located in Germany, if the retiring Fronting Bank is the DM Fronting Bank, or the ability to fund Sterling Loans from a lending office located in England, if the retiring Fronting Bank is the Sterling Fronting Bank. Upon the acceptance of any appointment as a Fronting Bank hereunder by a successor Fronting Bank, such successor Fronting Bank shall thereupon succeed to and become vested with all the rights, powers, privileges, duties and obligations of the retiring Fronting Bank, and the retiring Fronting Bank shall be discharged from its duties and obligations hereunder. After any retiring Fronting Bank's resignation, the provisions of this Credit Agreement and the other Loan Documents shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as a Fronting Bank.

Resignation of Fronting Bank. The DM Fronting Bank or the Sterling Fronting Bank may ---------------------------- resign at any time by giving sixty (60) days prior written notice thereof to the Lenders Foreign Agent, the Lenders, the Administrative Agent, and TransTechnology. Upon any the Borrowers; provided such resignation, resignationshall not become -------- effective until the date upon which a replacement Fronting Bank reasonably acceptable to the Majority Lenders shall have and the right to appoint Lead Agents, and so long as no Default or Event of Default has occurred and is continuing, the Borrowers, has been selected and has assumed the rights and obligations of a successor DM Fronting Bank or Sterling Fronting Bank, as the case may behereunder. Unless a Default or Event of Default shall have occurred and be continuing, such successor Fronting Bank shall be reasonably acceptable to TransTechnologythe Borrowers. If no successor Fronting Bank shall have been so appointed by the Majority Lenders and shall have accepted such appointment within thirty (30) days after the retiring resigning Fronting Bank's giving of notice of resignation, then the retiring resigning Fronting Bank may, on behalf of the BanksLenders, appoint a successor Fronting Bank, which shall be a financial institution having a rating of not less than A or its equivalent by Standard & Poor's Ratings Group's, which qualifies as a Multicurrency Lender, and having either otherwise the ability to fund DM the Multicurrency Loans from a lending office located in Germany, if the retiring Fronting Bank is the DM Fronting Bank, or the ability to fund Sterling Loans from a lending office located in England, if the retiring Fronting Bank is the Sterling Fronting BankMulticurrency Lending Office. Upon the acceptance of any appointment as a Fronting Bank hereunder by a successor Fronting Bank, such successor Fronting Bank shall thereupon succeed to and become vested with all the rights, powers, privileges, duties and obligations of the retiring resigning Fronting Bank, and the retiring resigning Fronting Bank shall be discharged from its duties and obligations hereunder. After any retiring resigning Fronting Bank's resignation, the provisions of this Credit Agreement and the other Loan Documents shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as a Fronting Bank.

Resignation of Fronting Bank. The DM Fronting Bank or the Sterling Fronting Bank may resign at any time by giving sixty (60) days prior written notice thereof to the Lenders Revolver Banks and TransTechnologythe Borrowers. Upon any such resignation, the Majority Lenders Requisite Banks shall have the right to appoint a successor DM Fronting Bank or Sterling Fronting Bank, as the case may be. Unless a Default or Event of Default shall have occurred and be continuing, such successor Fronting Bank shall be reasonably acceptable to TransTechnologythe Borrowers. If no successor Fronting Bank shall have been so appointed by the Majority Lenders Requisite Banks and shall have accepted such appointment within thirty (30) days after the retiring Fronting Bank's giving of notice of resignation, then the retiring Fronting Bank may, on behalf of the Revolver Banks and the Norwegian Term A Banks, appoint a successor Fronting Bank, which shall be a financial institution having a rating of not less than A or its equivalent by Standard & Poor's Ratings Group, and having either the ability to fund DM Loans from a lending office located in Germany, if the retiring Fronting Bank is the DM Fronting Bank, or the ability to fund Sterling Loans from a lending office located in England, if the retiring Fronting Bank is the Sterling Fronting Bank. Upon the acceptance of any appointment as a Fronting Bank hereunder by a successor Fronting Bank, such successor Fronting Bank shall thereupon succeed to and become vested with all the rights, powers, privileges, privileges and duties and obligations of the retiring Fronting Bank, and the retiring Fronting Bank shall be discharged from its duties and obligations hereunder. After any retiring Fronting Bank's resignation, the provisions of this Credit Agreement and the other Loan Documents shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as a Fronting Bank.