Common use of Successor Issuing Bank Clause in Contracts

Successor Issuing Bank. Issuing Bank may resign at any time as Issuing Bank under the Loan Documents by giving 30-days' prior written notice thereof to Lenders and Borrower. Upon any such resignation or removal, the Requisite Lenders (other than the Lender then acting as Issuing Bank, in the case of the removal of Issuing Bank under the immediately preceding sentence) shall have the right to appoint a successor Issuing Bank which appointment shall, provided no Event of Default exists, be subject to Borrower's approval, which approval shall not be unreasonably withheld or delayed (except that Borrower shall, in all events, be deemed to have approved each Lender and its affiliates as a successor Issuing Bank). After any Issuing Bank's resignation or removal hereunder as Issuing Bank, the provisions of this Article XI shall continue to inure to its benefit as to any actions taken or omitted to be taken by it while it was Issuing Bank under the Loan Documents. Notwithstanding the foregoing, under no circumstances shall Issuing Bank be a direct competitor of Borrower.

Successor Issuing Bank. An Issuing Bank may resign at any time as Issuing Bank upon 60 days’ prior written notice to the Administrative Agent, the Lenders and the Borrowers. If the Issuing Bank shall resign as Issuing Bank under this Agreement, then the Loan Documents by giving 30-days' prior written notice thereof to Lenders and Borrower. Upon any such resignation or removal, Borrowers shall appoint from among the Requisite Lenders (other than with the Lender then acting as consent of such Lender) with Commitments a successor issuer of Letters of Credit, whereupon such successor issuer shall succeed to the rights, powers and duties of the Issuing Bank, in and the case of the removal of term “Issuing Bank under the immediately preceding sentence) Bank” shall have the right to appoint a mean such successor Issuing Bank which issuer effective upon such appointment shall, provided no Event of Default exists, be subject to Borrower's approval, which approval shall not be unreasonably withheld or delayed (except that Borrower shall, in all events, be deemed with respect to have approved each Lender and its affiliates as a successor Letters of Credit issued by the resigning Issuing Bank). After the resignation of the Issuing Bank hereunder, the resigning Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement and the other Loan Documents with respect to Letters of Credit issued by it prior to such resignation, but shall not be required to issue additional Letters of Credit. After any retiring Issuing Bank's ’s resignation or removal hereunder as Issuing Bank, the provisions of this Article XI Agreement relating to the Issuing Bank shall continue to inure to its benefit as to any actions taken or omitted to be taken by it (a) while it was Issuing Bank under the Loan Documents. Notwithstanding the foregoing, under no circumstances shall this Agreement or (b) at any time with respect to Letters of Credit issued by such Issuing Bank be a direct competitor of BorrowerBank.

Successor Issuing Bank. Issuing Bank may resign at any time as Issuing Bank under the Loan Documents by giving 30-30 days' prior written notice thereof to Lenders and BorrowerCompany. Upon any such resignation or removalnotice of resignation, the Requisite Lenders (other than the Lender then acting as Issuing Bank, in the case of the removal of Issuing Bank under the immediately preceding sentence) shall have the right right, upon five Business Days' notice to Company, to appoint a successor Issuing Bank Bank, which appointment shallmust be a Revolving Lender, provided subject (if no Event of Default exists, be subject ) to Borrower's approval, which the approval shall of Company (not to be unreasonably withheld or delayed (except that Borrower shall, in all events, be deemed to have approved each Lender and its affiliates withheld). Upon the acceptance of any appointment as Issuing Bank hereunder by a successor Issuing Bank), that successor Issuing Bank shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Issuing Bank and the retiring Issuing Bank shall be discharged from its duties and obligations under this Agreement. Whether or not a successor is appointed, the retiring Issuing Bank shall be discharged from its duties and obligations under this Agreement upon its resignation becoming effective in accordance with its notice of resignation. After any retiring Issuing Bank's resignation or removal hereunder as Issuing Bank, the provisions of this Article XI Agreement shall continue to inure to its benefit as to any actions taken or omitted to be taken by it while it was Issuing Bank under the Loan Documents. Notwithstanding the foregoing, under no circumstances shall Issuing Bank be a direct competitor of Borrowerthis Agreement.

Successor Issuing Bank. An Issuing Bank may resign at any time as Issuing Bank upon 60 days’ prior written notice to the Administrative Agent, the Lenders and the Borrower. If the Issuing Bank shall resign as Issuing Bank under this Agreement, then the Loan Documents by giving 30-days' prior written notice thereof to Lenders and Borrower. Upon any such resignation or removal, Borrower shall appoint from among the Requisite Lenders (other than with the Lender then acting as consent of such Lender) with Commitments a successor issuer of Letters of Credit, whereupon such successor issuer shall succeed to the rights, powers and duties of the Issuing Bank, in and the case of the removal of term “Issuing Bank under the immediately preceding sentence) Bank” shall have the right to appoint a mean such successor Issuing Bank which issuer effective upon such appointment shall, provided no Event of Default exists, be subject to Borrower's approval, which approval shall not be unreasonably withheld or delayed (except that Borrower shall, in all events, be deemed with respect to have approved each Lender and its affiliates as a successor Letters of Credit issued by the resigning Issuing Bank). After the resignation of the Issuing Bank hereunder, the resigning Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement and the other Loan Documents with respect to Letters of Credit issued by it prior to such resignation, but shall not be required to issue additional Letters of Credit. After any retiring Issuing Bank's ’s resignation or removal hereunder as Issuing Bank, the provisions of this Article XI Agreement relating to the Issuing Bank shall continue to inure to its benefit as to any actions taken or omitted to be taken by it (a) while it was Issuing Bank under the Loan Documents. Notwithstanding the foregoing, under no circumstances shall this Agreement or (b) at any time with respect to Letters of Credit issued by such Issuing Bank be a direct competitor of BorrowerBank.