Resignation or Removal of the Issuing Bank. The Issuing Bank may resign at any time upon at least 30 days prior notice to the Agent and the Lead Borrower. Any Issuing Bank may be replaced at any time by written agreement among the Lead Borrower, the Agent, the replaced Issuing Bank and the successor Issuing Bank. On the effective date of such resignation or replacement, the Issuing Bank 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 an Issuing Bank hereunder, including under Sections 2.2, 11.6 and 14.2, relating to any Letter of Credit issued prior to such date. The Agent shall promptly appoint a replacement Issuing Bank, which, as long as no Event of Default under Sections 10.1(a) and 10.1(h) (with respect to the Lead Borrower, the Canadian Borrower or a German Borrower, as applicable, only) has occurred and is continuing, shall be reasonably acceptable to the Borrowers.
Appears in 4 contracts
Samples: Credit and Guaranty Agreement (Milacron Holdings Corp.), Amendment No. 1 (Milacron Holdings Corp.), Amendment No. 2 (Milacron Holdings Corp.)
