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 Bank of America assigns all of its Commitment and Loans pursuant to subsection (b) above, Bank of America may, (i) upon 30 days’ notice to the Company and the Lenders, resign as L/C Issuer. In the event of any such resignation as L/C Issuer, the Company shall be entitled to appoint from among the Lenders a successor L/C Issuer hereunder; provided, however, that no Lender shall be obligated to accept such appointment; provided further, however, that no failure by the Company to appoint any such successor shall affect the resignation of Bank of America as L/C Issuer. If Bank of America resigns as 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 L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Lenders to make Base Rate Committed Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c)).

Resignation as L/C Issuer after Assignment. Notwithstanding anything to the contrary contained herein, if at any time Bank of America either L/C Issuer assigns all of its Commitment and Loans pursuant to subsection (b) above, Bank of America such L/C Issuer may, (i) upon 30 days’ notice to the Company Borrower and the Lenders, resign as L/C Issuer. In the event of any such resignation as L/C Issuer, the Company Borrower shall be entitled to appoint from among the Lenders a successor L/C Issuer hereunder; provided, however, that no Lender shall be obligated to accept such appointment; provided further, however, that no failure by the Company Borrower to appoint any such successor shall affect the resignation of ▇▇▇▇▇ Fargo or Bank of America as L/C Issuer. If either ▇▇▇▇▇ Fargo or Bank of America resigns as L/C Issuer, it such bank shall retain all the rights, powers, privileges rights and duties obligations of an such L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Lenders to make Base Rate Committed Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c)).

Resignation as L/C Issuer after Assignment. Notwithstanding anything to the contrary contained herein, if at any time Bank of America assigns all of its Commitment and Loans to any Person other than ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ pursuant to subsection (b) above, Bank of America may, (i) upon 30 days’ ' notice to the Company Borrower and the Lenders, resign as L/C Issuer. In the event of any such resignation as L/C Issuer, the Company Borrower shall be entitled to appoint from among the Lenders (other than ▇▇▇▇▇▇ ▇▇▇▇▇▇▇) a successor L/C Issuer hereunder; provided, however, that no Lender shall be obligated to accept such appointment; provided further, however, that no failure by the Company Borrower to appoint any such successor shall affect the resignation of Bank of America as L/C Issuer, as the case may be. If Bank of America resigns as L/C Issuer, it shall retain all the rights, powers, privileges rights and duties obligations of an the L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Lenders to make Base Rate Committed Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c)).