Common use of Resignation of Issuing Bank Clause in Contracts

Resignation of Issuing Bank. Issuing Bank may resign at any time upon notice to Agent and Colonial. On the effective date of such resignation, Issuing Bank shall have no further obligation to issue, amend, renew, extend or otherwise modify any Letter of Credit, but shall continue to have the benefits of Sections 2.3, 12.6 and 14.2 with respect to any Letters of Credit issued or other actions taken while Issuing Bank. Agent shall promptly appoint a replacement Issuing Bank and, as long as no Default or Event of Default exists, such replacement shall be reasonably acceptable to Colonial.

Resignation of Issuing Bank. Issuing Bank may resign at any time upon notice to Agent and Colonial, and any resignation of Agent hereunder shall automatically constitute its concurrent resignation as Issuing Bank. On From the effective date of such resignation, Issuing Bank shall have no further obligation to issue, amend, renew, extend or otherwise modify any Letter of Credit, but shall otherwise continue to have the benefits all rights and obligations of Sections 2.3, 12.6 and 14.2 with respect an Issuing Bank hereunder relating to any Letters Letter of Credit issued or other actions taken while Issuing Bankby it prior to such date. Agent shall promptly appoint a replacement Issuing Bank and, as long as no Default or Event of Default exists, such replacement shall be reasonably acceptable to Colonial.