Common use of Resignation of Issuing Bank Clause in Contracts

Resignation of Issuing Bank. The Issuing Bank shall continue to be the Issuing Bank unless and until (i) it shall have given the Borrower and the Agent notice that it has elected to resign as Issuing Bank and (ii) a replacement Issuing Bank shall have been designated and approved in writing by the Agent and the Borrower. The resigning Issuing Bank shall continue to have the rights and obligations of an Issuing Bank hereunder solely with respect to Facility Letters of Credit theretofore issued by it notwithstanding the designation of a replacement Issuing Bank hereunder), but upon such designation of a replacement Issuing Bank, the resigning Issuing Bank shall not thereafter issue any Facility Letters of Credit (unless such Lender shall again thereafter be designated as Issuing Bank in accordance with the provisions of this Section 4.10).

Resignation of Issuing Bank. The Issuing Bank shall continue to be the Issuing Bank unless and until (i) it shall have given the Borrower and the Administrative Agent notice that it has elected to resign as Issuing Bank and (ii) a another Lender shall have agreed to be the replacement Issuing Bank and shall have been designated and approved in writing by the Administrative Agent and the Borrower. The resigning Issuing Bank shall continue to have the rights and obligations of an Issuing Bank hereunder solely with respect to Facility Letters of Credit theretofore issued by it notwithstanding the designation of a replacement Issuing Bank hereunder), but upon such designation of a replacement Issuing Bank, the resigning Issuing Bank shall not thereafter issue any Facility Letters of Credit (unless such Lender it shall again thereafter be designated as Issuing Bank in accordance with the provisions of this Section 4.10).