Common use of Resignation of L/C Issuer Clause in Contracts

Resignation of L/C Issuer. Notwithstanding anything to the contrary contained herein, if at any time any L/C Issuer assigns all of its Revolving Facility Commitment and Revolving Facility Loans pursuant to Section 9.04(b), such L/C Issuer may, upon 30 days’ prior written notice to the Administrative Agent, the Borrower and the Revolving Facility Xxxxxxx, resign as L/C Issuer. In the event of any such resignation as L/C Issuer, the Borrower shall be entitled to appoint from among the Lenders one or more successor L/C Issuer(s) hereunder; provided, however, that no failure by the Borrower to appoint any such successor shall affect the resignation of a L/C Issuer. If any L/C Issuer resigns as L/C Issuer, it shall retain all the rights, powers, privileges, obligations and duties of the L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Lenders to make ABR Revolving Loans or purchase L/C Disbursement Participations pursuant to Section 2.05(e)). Upon the appointment of a successor L/C Issuer, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of a L/C Issuer hereunder and (b) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit of the resigning L/C Issuer, if any, outstanding at the time of such succession or make other arrangements reasonably satisfactory to such successor L/C Issuer to effectively assume the obligations of such resigning L/C Issuer with respect to such Letters of Credit; provided that this clause (b) may be overridden if the Borrower and the resigning and succeeding L/C Issuers agree otherwise.

Resignation of L/C Issuer. Notwithstanding anything to the contrary contained herein, if at any time any the first L/C Issuer assigns all of its Revolving Facility Commitment and Revolving Facility Loans appointed hereunder pursuant to Section 9.04(b), such 9.11 and any successor L/C Issuer may, upon not less than 30 days’ prior written notice to the Administrative Agent, the Borrower Agent and the Revolving Facility XxxxxxxBorrower, resign as L/C Issuer. In the event of any such resignation as L/C Issuer, the Administrative Agent shall have the right, with the consent of the Borrower shall (such consent not to be entitled unreasonably withheld or delayed), to appoint from among the Lenders one or more a successor L/C Issuer(s) Issuer hereunder; provided, however, that no failure by the Borrower Administrative Agent to appoint any such successor shall affect the resignation of a any L/C Issuer. If any L/C Issuer resigns as L/C Issuer, it shall retain all the rights, powers, privileges, obligations privileges and duties of the L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Revolving Lenders to make ABR Revolving Loans or purchase L/C Disbursement Participations pursuant to Section 2.05(e)Base Rate Loans). Upon the appointment of a successor L/C Issuer, (ai) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of a the retiring L/C Issuer hereunder Issuer, and (bii) the successor L/C Issuer shall issue letters Letters of credit Credit in substitution for the Letters of Credit of the resigning L/C IssuerCredit, if any, outstanding at the time of such succession or make other arrangements reasonably satisfactory to such successor L/C Issuer the Administrative Agent and the Borrower to effectively assume the obligations of such the resigning L/C Issuer with respect to such Letters of Credit; provided that this clause (b) may be overridden if the Borrower and the resigning and succeeding L/C Issuers agree otherwise.

Resignation of L/C Issuer. Notwithstanding anything to the contrary contained herein, if at any time any L/C Issuer assigns all of its Revolving Facility Commitment and Revolving Facility Loans pursuant to Section 9.04(b), such L/C Issuer may, upon 30 thirty (30) days’ prior written notice to the Administrative Agent, the Borrower Holdings and the Revolving Facility XxxxxxxLenders, resign as an L/C Issuer, respectively; provided, on or prior to the expiration of such 30-day period with respect to such resignation, the relevant L/C Issuer shall have identified, in consultation with Holdings, a successor L/C Issuer willing to accept its appointment as successor L/C Issuer, as applicable. In the event of any such resignation as of an L/C Issuer, the Borrower Borrowers shall be entitled to appoint from among the Revolving Credit Lenders one or more willing to accept such appointment a successor L/C Issuer(s) Issuer hereunder; provided, however, that no failure by the Borrower Holdings to appoint any such successor shall affect the resignation of a the relevant L/C Issuer, as the case may be. If any an L/C Issuer resigns as an L/C Issuer, it shall retain all the rights, powers, privileges, rights and obligations and duties of the an L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as an L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Revolving Credit Lenders to make ABR Revolving Base Rate Loans or purchase L/C Disbursement Participations fund risk participations in Unreimbursed Amounts pursuant to Section 2.05(e2.03(c)). Upon the appointment of a successor L/C Issuer, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and an duties of a the retiring L/C Issuer hereunder Issuer, as the case may be, and (b) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit of the resigning L/C IssuerCredit, if any, outstanding at the time of such succession or make other arrangements reasonably satisfactory to such successor L/C Issuer to effectively assume the obligations of such resigning L/C Issuer with respect to such Letters of Credit; provided that this clause (b) may be overridden if the Borrower and the resigning and succeeding L/C Issuers agree otherwise.