Replacement or Resignation of an Issuing Bank. Any Issuing Bank may be replaced at any time by written agreement among the Company, the Administrative Agent (which agreement shall not be unreasonably withheld), the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such replacement of any Issuing Bank. At the time any such replacement shall become effective, the Company shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.11(b). From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “US Issuing Bank” (if the replaced Issuing Bank is a US Issuing Bank) or “Canadian Issuing Bank” (if the replaced Issuing Bank is a Canadian Issuing Bank) and the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit. Any Issuing Bank may, with the consent of the Company, resign at any time by giving 30 days’ prior notice to the Administrative Agent, the Lenders and the Company. After the resignation of an Issuing Bank hereunder, the retiring 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 or to extend, renew or increase any existing Letter of Credit.
Appears in 4 contracts
Sources: Credit Agreement (Molson Coors Beverage Co), Credit Agreement (Molson Coors Beverage Co), Credit Agreement (Molson Coors Beverage Co)
Replacement or Resignation of an Issuing Bank. Any (i) An Issuing Bank may be replaced at any time by written agreement among the CompanyBorrower, the Administrative Agent (which agreement shall not be unreasonably withheld)Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such replacement of any an Issuing Bank. At the time any such replacement shall become effective, the Company Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.11(b2.8(b). From and after the effective date of any such replacement, (ix) the successor Issuing Bank shall have all the rights and obligations of an the replaced Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (iiy) references herein or in any other Loan Document to the term “US Issuing Bank” (if the replaced Issuing Bank is a US Issuing Bank) or “Canadian Issuing Bank” (if the replaced Issuing Bank is a Canadian Issuing Bank) and the term “Issuing Bank” shall be deemed to refer to such successor Issuing Bank or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit. Any .
(ii) Subject to the appointment and acceptance of a successor Issuing Bank, any Issuing Bank may, with the consent of the Company, may resign as an Issuing Bank at any time by giving 30 upon thirty days’ prior written notice to the Administrative Agent, the Lenders Borrower and the Company. After the resignation of an Issuing Bank hereunderLenders, the retiring in which case, such 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 be replaced in accordance with respect to Letters of Credit issued by it prior to such resignation, but shall not be required to issue additional Letters of Credit or to extend, renew or increase any existing Letter of CreditSection 2.3(l)(i) above.
Appears in 2 contracts
Sources: Credit Agreement (FTAI Aviation Ltd.), Credit Agreement (Fortress Transportation & Infrastructure Investors LLC)
Replacement or Resignation of an Issuing Bank. Any (a) An Issuing Bank may be replaced at any time by written agreement among the Company, the Administrative Agent (which agreement shall not be unreasonably withheld)Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such replacement of any an Issuing Bank. At the time any such replacement shall become effective, the Company shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.11(b)5.2. From and after the effective date of any such replacement, (ix) the successor Issuing Bank shall have all the rights and obligations of an the replaced Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (iiy) references herein or in any other Loan Document to the term “US Issuing Bank” (if the replaced Issuing Bank is a US Issuing Bank) or “Canadian Issuing Bank” (if the replaced Issuing Bank is a Canadian Issuing Bank) and the term “Issuing Bank” shall be deemed to refer to such successor Issuing Bank or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto thereto and shall continue to have all the rights and obligations of an Issuing Bank hereunder and under this Agreement each other Loan Document with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit. Any .
(b) Subject to the appointment and acceptance of a successor Issuing Bank, any Issuing Bank may, with the consent of the Company, may resign as an Issuing Bank at any time by giving 30 upon thirty days’ prior written notice to the Administrative Agent, the Lenders Company and the Company. After the resignation of an Issuing Bank hereunderLenders, the retiring in which case, such 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 be replaced in accordance with respect to Letters of Credit issued by it prior to such resignation, but shall not be required to issue additional Letters of Credit or to extend, renew or increase any existing Letter of CreditSection 2.3.11.
Appears in 2 contracts
Sources: Credit Agreement (Bright Health Group Inc.), Credit Agreement (Bright Health Group Inc.)
Replacement or Resignation of an Issuing Bank. Any (i) An Issuing Bank may be replaced at any time by written agreement among the CompanyBorrower, the Administrative Agent (which agreement shall not be unreasonably withheld)Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Revolving Lenders of any such replacement of any an Issuing Bank. At the time any such replacement shall become effective, the Company Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.11(b)2.12. From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of an the replaced Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “US Issuing Bank” (if the replaced Issuing Bank is a US Issuing Bank) or “Canadian Issuing Bank” (if the replaced Issuing Bank is a Canadian Issuing Bank) and the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an such Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, replacement but shall not be required to issue additional Letters of Credit. .
(ii) Any Issuing Bank may, with the consent of the Company, may resign at any time by giving 30 days’ prior written notice to the Administrative Agent, the Lenders and the CompanyBorrower. After Any resigning Issuing Bank shall retain all the rights, powers, privileges and duties of an Issuing Bank hereunder with respect to all Letters of Credit issued by it that are outstanding as of the effective date of its resignation as an Issuing Bank and all Obligations with respect thereto (including the right to require the Revolving Lenders to take such actions as are required under Section 2.05(d)). Without limiting the foregoing, upon the resignation of a Lender as an Issuing Bank hereunder, the retiring Borrower may, or at the request of such resigned Issuing Bank, the Borrower shall use commercially reasonable efforts to arrange for one or more of the other Issuing Banks to issue Letters of Credit hereunder in substitution for the Letters of Credit, if any, issued by such resigned Issuing Bank shall remain a party hereto and shall continue outstanding at the time of such resignation, or make other arrangements satisfactory to have all the rights and resigned Issuing Bank to effectively cause another Issuing Bank to assume the obligations of an the resigned Issuing Bank under this Agreement and the other Loan Documents with respect to any such Letters of Credit issued by it prior to such resignation, but shall not be required to issue additional Letters of Credit or to extend, renew or increase any existing Letter of Credit.
Appears in 2 contracts
Sources: Credit Agreement (Enhabit, Inc.), Credit Agreement (Encompass Health Corp)
Replacement or Resignation of an Issuing Bank. Any (a) An Issuing Bank may be replaced at any time by written agreement among the CompanyBorrowers, the Administrative Agent (which agreement shall not be unreasonably withheld)Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such replacement of any an Issuing Bank. At the time any such replacement shall become effective, the Company Borrowers shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.11(b)Bank. From and after the effective date of any such replacement, (ix) the successor Issuing Bank shall have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit to be issued by it thereafter and (iiy) references herein to the term “US Issuing Bank” (if the replaced Issuing Bank is a US Issuing Bank) or “Canadian Issuing Bank” (if the replaced Issuing Bank is a Canadian Issuing Bank) and the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit or extend or otherwise amend any existing Letter of Credit. Any .
(b) Subject to the appointment and acceptance of a successor Issuing Bank, any Issuing Bank may, with the consent of the Company, may resign as an Issuing Bank at any time by giving 30 upon thirty days’ prior written notice to the Administrative Agent, the Lenders Borrowers and the Company. After the resignation of an Issuing Bank hereunderLenders, the retiring in which case, such 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 be replaced in accordance with respect to Letters of Credit issued by it prior to such resignation, but shall not be required to issue additional Letters of Credit or to extend, renew or increase any existing Letter of CreditSection 3.09(a).
Appears in 2 contracts
Sources: Revolving Credit Agreement (Avangrid, Inc.), Revolving Credit Agreement (Avangrid, Inc.)
Replacement or Resignation of an Issuing Bank. (i) Any Issuing Bank may be replaced at any time by written agreement among between the CompanyBorrower, the Administrative Agent (which agreement shall not be unreasonably withheld)Agent, the replaced Issuing Bank Bank, and the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such replacement of any an Issuing Bank. At the time any such replacement shall become becomes effective, the Company Borrower shall pay all unpaid fees accrued pursuant to Section 2.5(b) and (c) for the account of the replaced Issuing Bank pursuant to Section 2.11(b)Bank. From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “US Issuing Bank” (if the replaced Issuing Bank is a US Issuing Bank) or “Canadian Issuing Bank” (if the replaced Issuing Bank is a Canadian Issuing Bank) and the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunderBank, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required or permitted to issue additional Letters of Credit or to extend or otherwise amend any then-existing Letter of Credit. .
(ii) Any Issuing Bank may, with the consent of the Company, may resign at any time by giving 30 days’ prior notice to the Administrative Agent, the Lenders Lenders, and the CompanyBorrower. After the resignation of an Issuing Bank hereunderBank, the retiring 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 or permitted to issue additional Letters of Credit or to extend, renew extend or increase otherwise amend any then-existing Letter of Credit.
Appears in 2 contracts
Sources: Credit Agreement (Otter Tail Corp), Credit Agreement (Otter Tail Corp)
Replacement or Resignation of an Issuing Bank. Any An Issuing Bank may be replaced at any time by written agreement among the CompanyBorrower, the Administrative Agent (which agreement shall not be unreasonably withheld)Agent, the replaced Issuing Bank and the successor Issuing Bank. Any Issuing Bank may resign in connection with an assignment in full of its Revolving Facility Commitment in accordance with Section 9.04 by giving 30 days’ prior notice to the Administrative Agent and the Borrower. The Administrative Agent shall notify the Lenders of any such replacement or resignation of any an Issuing Bank. At the time any such replacement or resignation shall become effective, the Company Borrower shall pay all unpaid fees accrued for the account of the replaced or retiring Issuing Bank pursuant to Section 2.11(b)2.12. From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of an the replaced Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “US Issuing Bank” (if the replaced Issuing Bank is a US Issuing Bank) or “Canadian Issuing Bank” (if the replaced Issuing Bank is a Canadian Issuing Bank) and the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement or resignation of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit. Any Issuing Bank may, with the consent of the Company, resign at any time by giving 30 days’ prior notice to the Administrative Agent, the Lenders and the Company. After the resignation of an Issuing Bank hereunder, the or retiring Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an such Issuing Bank under this Agreement and the other Loan Documents with respect to Letters of Credit issued by it prior to such resignation, replacement but shall not be required to issue additional Letters of Credit or to extend, renew or increase any existing Letter of Credit.
Appears in 1 contract
Replacement or Resignation of an Issuing Bank. Any An Issuing Bank may be replaced at any time by written agreement among the CompanyBorrower, the Administrative Agent (which agreement shall not be unreasonably withheld)Agent, the replaced Issuing Bank and the successor Issuing Bank. An Issuing Bank may resign as Issuing Bank hereunder at any time following to the Maturity Date upon at least 30 days’ prior notice to the Lenders, the Administrative Agent and the Borrower. The Administrative Agent shall notify the Lenders of any such replacement of any an Issuing Bank. At the time any such replacement or resignation shall become effective, the Company Borrower shall pay all unpaid fees accrued for the account of the replaced or retiring Issuing Bank pursuant to Section 2.11(b)2.12. From and after the effective date of any such replacementreplacement or resignation, (i) the successor Issuing Bank shall have all the rights and obligations of an the replaced Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “US Issuing Bank” (if the replaced Issuing Bank is a US Issuing Bank) or “Canadian Issuing Bank” (if the replaced Issuing Bank is a Canadian Issuing Bank) and the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement or resignation of an Issuing Bank hereunder, the replaced or retired Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an such Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit. Any Issuing Bank may, with the consent of the Company, resign at any time by giving 30 days’ prior notice to the Administrative Agent, the Lenders and the Company. After the resignation of an Issuing Bank hereunder, the retiring 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 or to extend, renew or increase any existing Letter of Credit.
Appears in 1 contract
Replacement or Resignation of an Issuing Bank. Any (i) An Issuing Bank may be replaced at any time by written agreement among the CompanyBorrower, the Administrative Agent (which agreement shall not be unreasonably withheld)Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such replacement of any an Issuing Bank. At the time any such replacement shall become effective, the Company Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.11(b2.8(b). From and after the effective date of any such replacement, (ix) the successor Issuing Bank shall have all the rights and obligations of an the replaced Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (iiy) references herein or in any other Loan Document to the term “US Issuing Bank” (if the replaced Issuing Bank is a US Issuing Bank) or “Canadian Issuing Bank” (if the replaced Issuing Bank is a Canadian Issuing Bank) and the term “Issuing Bank” shall be deemed to refer to such successor Issuing Bank or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit. Any .
(ii) Subject to the appointment and acceptance of a successor Issuing Bank, any Issuing Bank may, with the consent of the Company, may resign as an Issuing Bank at any time by giving 30 upon thirty days’ prior written notice to the Administrative Agent, the Lenders Borrower and the Company. After the resignation of an Issuing Bank hereunderLenders, the retiring in which case, such 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 be replaced in accordance with respect to Letters of Credit issued by it prior to such resignation, but shall not be required to issue additional Letters of Credit or to extend, renew or increase any existing Letter of CreditSection 2.3(l)i. above.
Appears in 1 contract
Sources: Credit Agreement (Fortress Transportation & Infrastructure Investors LLC)
Replacement or Resignation of an Issuing Bank. Any An Issuing Bank may be replaced at any time by written agreement among the CompanyBorrower, the Administrative Agent (which agreement shall not be unreasonably withheld)Agent, the replaced Issuing Bank and the successor Issuing Bank. An Issuing Bank may resign as Issuing Bank hereunder at any time following the Revolving Facility Maturity Date of the Revolving Facility Commitment held by such Issuing Bank upon at least 30 days’ prior notice to the Lenders, the Administrative Agent and the Borrower. The Administrative Agent shall notify the Lenders of any such replacement of any an Issuing Bank. At the time any such replacement or resignation shall become effective, the Company Borrower shall pay all unpaid fees accrued for the account of the replaced or retiring Issuing Bank pursuant to Section 2.11(b)2.12. From and after the effective date of any such replacementreplacement or resignation, (i) the successor Issuing Bank shall have all the rights and obligations of an the replaced Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “US Issuing Bank” (if the replaced Issuing Bank is a US Issuing Bank) or “Canadian Issuing Bank” (if the replaced Issuing Bank is a Canadian Issuing Bank) and the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement or resignation of an Issuing Bank hereunder, the replaced or retired Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an such Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, replacement but shall not be required to issue additional Letters of Credit. Any Issuing Bank may, with the consent of the Company, resign at any time by giving 30 days’ prior notice to the Administrative Agent, the Lenders and the Company. After the resignation of an Issuing Bank hereunder, the retiring 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 or to extend, renew or increase any existing Letter of Credit.
Appears in 1 contract
Sources: Amendment Agreement (Alpha Natural Resources, Inc.)
Replacement or Resignation of an Issuing Bank. Any (I) An Issuing Bank may be replaced at any time by written agreement among the CompanyBorrower, the Administrative Agent (which agreement shall not be unreasonably withheld)Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Revolving Lenders of any such replacement of any an Issuing Bank. At the time any such replacement shall become effective, the Company Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.11(b)2.12. From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of an the replaced Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “US Issuing Bank” (if the replaced Issuing Bank is a US Issuing Bank) or “Canadian Issuing Bank” (if the replaced Issuing Bank is a Canadian Issuing Bank) and the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an such Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, replacement but shall not be required to issue additional Letters of Credit. .
(II) Any Issuing Bank may, with the consent of the Company, may resign at any time by giving 30 days’ prior written notice to the Administrative Agent, the Lenders and the CompanyBorrower. After Any resigning Issuing Bank shall retain all the rights, powers, privileges and duties of an Issuing Bank hereunder with respect to all Letters of Credit issued by it that are outstanding as of the effective date of its resignation as an Issuing Bank and all Obligations with respect thereto (including the right to require the Revolving Lenders to take such actions as are required under Section 2.05(d)). Without limiting the foregoing, upon the resignation of a Lender as an Issuing Bank hereunder, the retiring Borrower may, or at the request of such resigned Issuing Bank, the Borrower shall use commercially reasonable efforts to arrange for one or more of the other Issuing Banks to issue Letters of Credit hereunder in substitution for the Letters of Credit, if any, issued by such resigned Issuing Bank shall remain a party hereto and shall continue outstanding at the time of such resignation, or make other arrangements satisfactory to have all the rights and resigned Issuing Bank to effectively cause another Issuing Bank to assume the obligations of an the resigned Issuing Bank under this Agreement and the other Loan Documents with respect to any such Letters of Credit issued by it prior to such resignation, but shall not be required to issue additional Letters of Credit or to extend, renew or increase any existing Letter of Credit.
Appears in 1 contract
Sources: Credit Agreement (Enhabit, Inc.)
Replacement or Resignation of an Issuing Bank. (i) Any Issuing Bank may be replaced at any time by written agreement among between the CompanyBorrower, the Administrative Agent (which agreement shall not be unreasonably withheld)Agent, the replaced Issuing Bank Bank, and the successor Issuing Bankissuing bank. The Administrative Agent shall notify the Lenders of any such replacement of any an Issuing Bank. At the time any such replacement shall become becomes effective, the Company Borrower shall pay all unpaid fees accrued pursuant to Section 2.5(b) and (c) for the account of the replaced Issuing Bank pursuant to Section 2.11(b)Bank. From and after the effective date of any such replacement, (i) the successor Issuing Bank issuing bank shall have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “US Issuing Bank” (if the replaced Issuing Bank is a US Issuing Bank) or “Canadian Issuing Bank” (if the replaced Issuing Bank is a Canadian Issuing Bank) and the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunderBank, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required or permitted to issue additional Letters of Credit or to extend or otherwise amend any then-existing Letter of Credit. .
(ii) Any Issuing Bank may, with the consent of the Company, may resign at any time by giving 30 days’ prior notice to the Administrative Agent, the Lenders Lenders, and the CompanyBorrower. After the resignation of an Issuing Bank hereunderBank, the retiring 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 or permitted to issue additional Letters of Credit or to extend, renew extend or increase otherwise amend any then-existing Letter of Credit.
Appears in 1 contract