Common use of Resignation of an Obligor Clause in Contracts

Resignation of an Obligor. (OTHER THAN THE COMPANY OR CDFCUK) (a) In this Subclause, "RESIGNATION REQUEST" means a letter in the form of Schedule 9 (Form of Resignation Request), with such amendments as the Facility Agent may approve or reasonably require. (b) CDFCUK may request that an Obligor (other than the Company or CDFCUK) ceases to be an Obligor by giving to the Facility Agent a duly completed Resignation Request. (c) The Facility Agent must accept a Resignation Request and notify CDFCUK and the Lenders of its acceptance if: (i) in the case of a Guarantor, the Majority Lenders have consented to the Resignation Request; (ii) it is not aware that a Default is outstanding or would result from the acceptance of the Resignation Request; and (iii) no amount owed by that Obligor under this Agreement is still outstanding. (d) The Obligor will cease to be a Borrower and/or a Guarantor, as appropriate, when the Facility Agent gives the notification referred to in paragraph (c) above. (e) An Obligor (other than the Company or CDFCUK) may also cease to be an Obligor in any other manner approved by the Majority Lenders.

Resignation of an Obligor. (OTHER THAN THE COMPANY OR CDFCUK) (a) In this Subclause, "RESIGNATION REQUEST" REQUEST means a letter in the form of Schedule 9 (Form of Resignation Request), with such amendments as the Facility Agent may approve or reasonably require. (b) CDFCUK may request that an Obligor (other than the Company or CDFCUK) ceases to be an Obligor by giving to the Facility Agent a duly completed Resignation Request. (c) The Facility Agent must accept a Resignation Request and notify CDFCUK and the Lenders of its acceptance if: (i) in the case of a Guarantor, the Majority Lenders have consented to the Resignation Request; (ii) it is not aware that a Default is outstanding or would result from the acceptance of the Resignation Request; and (iii) no amount owed by that Obligor under this Agreement is still outstanding. (d) The Obligor will cease to be a Borrower and/or a Guarantor, as appropriate, when the Facility Agent gives the notification referred to in paragraph (c) above. (e) An Obligor (other than the Company or CDFCUK) may also cease to be an Obligor in any other manner approved by the Majority Lenders.