Common use of Resignation of Issuing Bank Clause in Contracts

Resignation of Issuing Bank. Any Issuing Bank may resign at any time upon five Business Days' prior written notice to Agent and Borrower Agent. 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 honor such Letter of Credit in accordance with its then existing obligations thereunder and shall continue to have the benefits of Sections 2.3, 11.6 and 13.2 with respect to any Letters of Credit issued or other actions taken while an Issuing Bank. Agent may appoint a replacement Issuing Bank (other than a Defaulting Lender) with the consent of such replacement Issuing Bank and, as long as no Default or Event of Default exists, such replacement shall be subject to the consent of Borrower Agent, such consent not to be unreasonably withheld or delayed.

Resignation of Issuing Bank. Any Issuing Bank may resign at any time upon five Business Days' ’ prior written notice to Agent and Borrower Agent. 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 honor such Letter of Credit in accordance with its then existing obligations thereunder and shall continue to have the benefits of Sections 2.3, 11.6 and 13.2 with respect to any Letters of Credit issued or other actions taken while an Issuing Bank. Agent may appoint a replacement Issuing Bank (other than a Defaulting Lender) with the consent of such replacement Issuing Bank and, as long as no Default or Event of Default exists, such replacement shall be subject to the consent of Borrower Agent, such consent not to be unreasonably withheld or delayed.

Resignation of Issuing Bank. Any Issuing Bank may resign at any time upon five Business Days' ’ prior written notice to Agent and Borrower Agent. 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 honor such Letter of Credit in accordance with its then existing obligations thereunder and shall continue to have the benefits of Sections 2.3, 11.6 and 13.2 with respect to any Letters of Credit issued or other actions taken while an Issuing Bank. Agent may shall promptly appoint a replacement Issuing Bank (other than a Defaulting Lender) with the consent of such replacement Issuing Bank and, as long as no Default or Event of Default exists, such replacement shall be subject to the consent of Borrower Agent, such consent not to be unreasonably withheld or delayed.