Common use of Resignation as L/C Issuer after Assignment Clause in Contracts

Resignation as L/C Issuer after Assignment. Notwithstanding anything to the contrary contained herein, if at any time any L/C Issuer assigns all of its Commitment and Loans pursuant to subsection (b) above, such L/C Issuer may, upon thirty (30) days’ notice to Borrower and the Lenders, resign as an L/C Issuer. In the event of any such resignation as an L/C Issuer, Borrower shall be entitled to appoint from among the Lenders a successor L/C Issuer hereunder; provided, however, that no failure by Borrower to appoint any such successor shall affect the resignation of such L/C Issuer as an L/C Issuer. If any L/C Issuer resigns as an L/C Issuer, it shall retain all the rights, powers, privileges and duties of 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 Lenders to make Daily SOFR Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(f)). 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 the retiring L/C Issuer and (b) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to such L/C Issuer to effectively assume the obligations of such L/C Issuer with respect to such Letters of Credit.

Resignation as L/C Issuer after Assignment. Notwithstanding anything to the contrary contained herein, if at any time any L/C Issuer ▇▇▇▇▇ Fargo assigns all of its Revolving Credit Commitment and Revolving Credit Loans pursuant to subsection (b) aboveSection 10.06(b), such L/C Issuer ▇▇▇▇▇ Fargo may, upon thirty (30) 30 days’ ' notice to the Borrower and the Lenders, resign as an L/C Issuer. In the event of any such resignation as an L/C Issuer, the Borrower shall be entitled to appoint from among the Lenders a successor L/C Issuer hereunder; provided, however, that no failure by the Borrower to appoint any such successor shall affect the resignation of such L/C Issuer ▇▇▇▇▇ Fargo as an L/C Issuer. If any L/C Issuer ▇▇▇▇▇ Fargo resigns as an L/C Issuer, it shall retain all the rights, powers, privileges and duties of an the 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 Lenders to make Daily SOFR Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(f2.03(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 duties of the retiring L/C Issuer Issuer, and (b) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to such L/C Issuer ▇▇▇▇▇ Fargo to effectively assume the obligations of such L/C Issuer ▇▇▇▇▇ Fargo with respect to such Letters of Credit.

Resignation as L/C Issuer after Assignment. Notwithstanding anything to the contrary contained herein, if at any time any L/C Issuer Issuing Bank assigns all of its Commitment and Loans Advances pursuant to subsection clause (b) above, such L/C Issuer Issuing Bank may, upon thirty (30) 30 days’ notice to the Paying Agent, the Borrower and the Lenders, resign as an L/C IssuerIssuing Bank. In the event of any such resignation as an L/C IssuerIssuing Bank, the Borrower shall be entitled to appoint from among the Lenders a successor L/C Issuer Issuing Bank hereunder; provided, however, that no failure by the Borrower to appoint any such successor shall affect the resignation of such L/C Issuer the applicable Issuing Bank as an L/C IssuerIssuing Bank. If any L/C Issuer the applicable Issuing Bank resigns as an L/C IssuerIssuing Bank, it shall retain all the rights, powers, privileges and duties of an L/C Issuer Issuing Bank hereunder with respect to all Letters of Credit issued by it and outstanding as of the effective date of its resignation as an L/C Issuer Issuing Bank and all L/C Letter of Credit Obligations with respect thereto (including the right to require the Lenders to make Daily SOFR Base Rate Loans Advances or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(f2.03(c)). Upon the appointment acceptance of a successor L/C Issuersuccessor’s appointment as an Issuing Bank hereunder, (ax) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer Issuing Bank and (by) the successor L/C Issuer Issuing Bank shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to such L/C Issuer the applicable retiring Issuing Bank to effectively assume the obligations of such L/C Issuer the applicable retiring Issuing Bank with respect to such Letters of Credit.

Resignation as L/C Issuer after Assignment. Notwithstanding anything to the contrary contained herein, if at any time any L/C Issuer Issuing Bank assigns all of its Commitment and Loans Advances pursuant to subsection clause (b) above, such L/C Issuer Issuing Bank may, upon thirty (30) 30 days’ notice to the Paying Agent, the Borrower and the Lenders, resign as an L/C IssuerIssuing Bank. In the event of any such resignation as an L/C IssuerIssuing Bank, the Borrower shall be entitled to appoint from among the Lenders a successor L/C Issuer Issuing Bank hereunder; provided, however, that no failure by the Borrower to appoint any such successor shall affect the resignation of such L/C Issuer the applicable Issuing Bank as an L/C IssuerIssuing Bank. If any L/C Issuer the applicable Issuing Bank resigns as an L/C IssuerIssuing Bank, it shall retain all the rights, powers, privileges and duties of an L/C Issuer Issuing Bank hereunder with respect to all Letters of Credit issued by it and outstanding as of the effective date of its resignation as an L/C Issuer Issuing Bank and all L/C Letter of Credit Obligations with respect thereto (including the right to require the Lenders to make Daily SOFR Base Rate Loans Advances or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(f2.03(c)). Upon the appointment of a successor L/C IssuerIssuing Bank, (ax) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer Issuing Bank and (by) the successor L/C Issuer Issuing Bank shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to such L/C Issuer the applicable retiring Issuing Bank to effectively assume the obligations of such L/C Issuer the applicable retiring Issuing Bank with respect to such Letters of Credit.

Resignation as L/C Issuer after Assignment. Notwithstanding anything to the contrary contained herein, if at any time any L/C Issuer ▇▇▇▇▇ Fargo assigns all of its Revolving Credit Commitment and Revolving Credit Loans pursuant to subsection (b) aboveSection 10.06(b), such L/C Issuer ▇▇▇▇▇ Fargo may, upon thirty (30) 30 days’ notice to the Borrower and the Lenders, resign as an L/C Issuer. In the event of any such resignation as an L/C Issuer, the Borrower shall be entitled to appoint from among the Lenders a successor L/C Issuer hereunder; provided, however, that no failure by the Borrower to appoint any such successor shall affect the resignation of such L/C Issuer ▇▇▇▇▇ Fargo as an L/C Issuer. If any L/C Issuer ▇▇▇▇▇ Fargo resigns as an L/C Issuer, it shall retain all the rights, powers, privileges and duties of an the 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 Lenders to make Daily SOFR Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(f2.03(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 duties of the retiring L/C Issuer Issuer, and (b) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to such L/C Issuer ▇▇▇▇▇ Fargo to effectively assume the obligations of such L/C Issuer ▇▇▇▇▇ Fargo with respect to such Letters of Credit.

Resignation as L/C Issuer after Assignment. Notwithstanding anything to the contrary contained herein, if at any time any L/C Issuer ▇▇▇▇▇ Fargo Bank assigns all of its Commitment Commitments and Loans pursuant to subsection (b) above, such L/C Issuer ▇▇▇▇▇ Fargo Bank may, upon thirty (30) days’ notice to the Borrower and the Lenders, resign as an L/C Issuer. In the event of any such resignation as an L/C Issuer, the Borrower shall be entitled to appoint from among the Lenders a successor L/C Issuer hereunder; provided, however, that no failure by the Borrower to appoint any such successor shall affect the resignation of such L/C Issuer ▇▇▇▇▇ Fargo Bank as an L/C Issuer. If any L/C Issuer ▇▇▇▇▇ Fargo Bank resigns as an L/C Issuer, it shall retain all the rights, powers, privileges and duties of an the 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 Lenders to make Daily SOFR Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(f2.03(c)). Upon the appointment of a successor L/C Issuer, (a1) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer and (b2) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to such L/C Issuer ▇▇▇▇▇ Fargo Bank to effectively assume the obligations of such L/C Issuer ▇▇▇▇▇ Fargo Bank with respect to such Letters of Credit.

Resignation as L/C Issuer after Assignment. Notwithstanding anything to the contrary contained herein, if at any time any L/C Issuer ING Capital LLC assigns all of its Revolving Commitment and Revolving Loans pursuant to subsection (b) above, such L/C Issuer ING Capital LLC may, (i) upon thirty (30) days’ notice to the Borrower and the Lenders, resign as an L/C Issuer. In the event of any such resignation as an L/C Issuer, the Borrower shall be entitled to appoint from among the Lenders a successor L/C Issuer hereunder; provided, however, that no failure by the Borrower to appoint any such successor shall affect the resignation of such L/C Issuer ING Capital LLC as an L/C Issuer. If any L/C Issuer ING Capital resigns as an L/C Issuer, it shall retain all the rights, powers, privileges and duties of an the 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 Lenders to make Daily SOFR LIBOR Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(f2.03(c)). Upon the appointment of a successor L/C Issuer, (aA) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer , as the case may be, and (bB) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to such L/C Issuer to the ING Capital LLC effectively assume the obligations of such Loriginal LC/C Issuer with respect to such Letters of Credit.

Resignation as L/C Issuer after Assignment. Notwithstanding anything to the contrary contained herein, if at any time any L/C Issuer assigns all of its Commitment and Loans pursuant to subsection (b) above, such L/C Issuer may, upon thirty (30) days’ notice to Borrower and the Lenders, resign as an L/C Issuer. In the event of any such resignation as an L/C Issuer, Borrower ▇▇▇▇▇▇▇▇ shall be entitled to appoint from among the Lenders a successor L/C Issuer hereunder; provided, however, that no failure by Borrower ▇▇▇▇▇▇▇▇ to appoint any such successor shall affect the resignation of such L/C Issuer as an L/C Issuer. If any L/C Issuer resigns as an L/C Issuer, it shall retain all the rights, powers, privileges and duties of 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 Lenders to make Daily SOFR Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(f)). 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 the retiring L/C Issuer and (b) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to such L/C Issuer to effectively assume the obligations of such L/C Issuer with respect to such Letters of Credit.