Common use of Resignation of Issuing Bank Clause in Contracts

Resignation of Issuing Bank. Issuing Bank may resign at any time upon not less than 10 Business Days’ prior written notice to Administrative Agent and Borrowers, and any resignation of Administrative Agent hereunder shall automatically constitute its concurrent resignation as Issuing Bank. From the effective date of such resignation, Issuing Bank shall have no obligation to issue, amend, renew, extend or otherwise modify any Letter of Credit, but shall otherwise continue to have all rights and other obligations of an Issuing Bank hereunder relating to any Letter of Credit issued by it prior to such date. Administrative Agent shall promptly appoint a replacement Issuing Bank, which, as long as no Event of Default exists, shall be reasonably acceptable to Borrowers.

Resignation of Issuing Bank. Any Issuing Bank may resign at any time upon not less than 10 Business Days’ prior written notice to Administrative Agent and Borrowers, and any resignation of Administrative Agent hereunder shall automatically constitute its concurrent resignation as Issuing BankBorrower. From On the effective date of such resignation, such 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 all rights the benefits of Sections 2.18, 10.05 and other obligations of an Issuing Bank hereunder relating 11.03 with respect to any Letter Letters of Credit issued by it prior to such dateor other actions taken while an Issuing Bank. Upon the resignation of Initial Issuing Bank, Administrative Agent shall shall, with the consent of such Lender, promptly appoint a Lender as replacement Initial Issuing Bank, whichBank and, as long as no Default or Event of Default exists, such replacement shall be reasonably acceptable to BorrowersAdministrative Borrower.

Resignation of Issuing Bank. Any Issuing Bank may resign at any time upon not less than 10 Business Days’ prior written notice to Administrative Agent and Borrowers, and any resignation of Administrative Agent hereunder shall automatically constitute its concurrent resignation as Issuing BankBorrower. From On the effective date of such resignation, such 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 all rights the benefits of Sections 2.18, 10.05 and 11.03 with respect to any Letters of Credit issued or other obligations actions taken while an Issuing Bank. Following the effective date of the resignation of an Issuing Bank hereunder relating pursuant to any Letter of Credit issued by it prior to such date. this clause (d), the Administrative Agent shall may, with the consent of such Lender, promptly appoint a replacement Lender as an Issuing Bank, whichBank and, as long as no Default or Event of Default exists, such replacement shall be reasonably acceptable to BorrowersAdministrative Borrower.

Resignation of Issuing Bank. Issuing Bank may resign at any time upon not less than 10 Business Days’ thirty (30) days prior written notice to Administrative Agent and BorrowersBorrowers (provided that if a Default or Event of Default has occurred and is continuing, and any such resignation of Administrative Agent hereunder shall automatically constitute its concurrent resignation as Issuing Bankmay be effective immediately upon such notice). From the effective date of such resignation, Issuing Bank shall have no obligation to issue, amend, renew, extend or otherwise modify any Letter of Credit, but shall otherwise continue to have all rights and other obligations of an Issuing Bank hereunder relating to any Letter of Credit issued by it prior to such date. Administrative Agent shall promptly appoint a replacement Issuing Bank, which, as long as no Default or Event of Default exists, shall be reasonably acceptable to Borrowers.

Resignation of Issuing Bank. Issuing Bank may resign at any time upon not less than 10 Business Days’ prior written notice to Administrative Agent and Borrowers, and any resignation of Administrative Agent hereunder shall automatically constitute its concurrent resignation as Issuing Bank. From the effective date of such resignation, Issuing Bank shall have no obligation to issue, amend, renew, extend or otherwise modify any Letter of Credit, but shall otherwise Xxxxxxxx – Loan, Security and Guaranty Agreement #53354946 EXECUTION VERSION continue to have all rights and other obligations of an Issuing Bank hereunder relating to any Letter of Credit issued by it prior to such date. Administrative Agent shall promptly appoint a replacement Issuing Bank, which, as long as no Event of Default exists, shall be reasonably acceptable to Borrowers.