Common use of Resignation of Letter of Credit Issuer Clause in Contracts

Resignation of Letter of Credit Issuer. Any Letter of Credit Issuer may resign at any time upon notice to the Agent and the Borrowers. On the effective date of such resignation, such Letter of Credit Issuer shall have no further obligation to issue, amend, renew, extend or otherwise modify any Letter of Credit, but shall continue to have all rights and obligations of a Letter of Credit Issuer hereunder, including under Sections 1.3 and 13.11, relating to any Letter of Credit issued prior to such date. The Agent shall promptly appoint a replacement Letter of Credit Issuer, which, as long as no Default or Event of Default exists, shall be reasonably acceptable to Borrowers.

Resignation of Letter of Credit Issuer. Any The Letter of Credit Issuer may resign at any time upon notice to the Agent and the Borrowers. On the effective date of such resignation, such the Letter of Credit Issuer shall have no further obligation to issue, amend, renew, extend or otherwise modify any Letter of Credit, but shall continue to have all rights the benefits of Sections 1.3, 12.7 and obligations 14.11 with respect to any Letters of a Credit issued or other actions taken prior to the Letter of Credit Issuer hereunder, including under Sections 1.3 and 13.11, relating to any Letter of Credit issued prior to such dateIssuer’s resignation. The Agent shall promptly appoint a replacement Letter of Credit Issuer, Issuer which, as so long as no Default or Event of Default exists, shall be reasonably acceptable to the Borrowers.

Resignation of Letter of Credit Issuer. Any Letter of Credit Issuer may resign at any time upon notice to the Agent and the Borrowers. On the effective date of such resignation, such Letter of Credit Issuer shall have no further obligation to issue, amend, renew, extend or otherwise modify any Letter of Credit, but shall continue to have all rights and obligations of a Letter of Credit Issuer hereunder, including under Sections 1.3 1.3, 13.7 and 13.1115.11, relating to any Letter of Credit issued prior to such date. The Agent shall promptly appoint a replacement Letter of Credit Issuer, which, as long as no Default or Event of Default exists, shall be reasonably acceptable to Borrowers.