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

Resignation as L/C Issuer Assignment. Notwithstanding anything to the contrary contained herein, if at any time HSBC Bank assigns all of its Commitment and Loans pursuant to subsection (b) above, HSBC Bank may, 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 failure by the Company to appoint any such successor shall affect the resignation of HSBC Bank as L/C Issuer, as the case may be. If HSBC Bank resigns as L/C Issuer, it shall retain all the rights, powers, privileges and duties of 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 ABR Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(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, as the case may be, 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 HSBC Bank to effectively assume the obligations of HSBC Bank with respect to such Letters of Credit.

Resignation as L/C Issuer Assignment. Notwithstanding anything to the contrary contained herein, if at any time HSBC Bank of America assigns all of its Commitment and Loans pursuant to subsection (b) above, HSBC Bank of America may, 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 failure by the Company to appoint any such successor shall affect the resignation of HSBC Bank of America as L/C Issuer, as the case may be. If HSBC Bank of America resigns as L/C Issuer, it shall retain all the rights, powers, privileges and duties of 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 ABR Base Rate Revolving Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c2.04(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, as the case may be, 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 HSBC Bank of America to effectively assume the obligations of HSBC Bank of America with respect to such Letters of Credit.. 107

Resignation as L/C Issuer Assignment. Notwithstanding anything to the contrary contained herein, if at any time HSBC Bank assigns all of its Commitment and Loans pursuant to subsection (b) above, HSBC Bank may, 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 failure by the Company to appoint any such successor shall affect the resignation of HSBC Bank as L/C Issuer, as the case may be. If HSBC Bank resigns as L/C Issuer, it shall retain all the rights, powers, privileges and duties of the L/C Issuer hereunder with 110 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 ABR Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(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, as the case may be, 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 HSBC Bank to effectively assume the obligations of HSBC Bank with respect to such Letters of Credit.

Resignation as L/C Issuer Assignment. Notwithstanding anything to the contrary contained herein, if at any time HSBC Bank of America assigns all of its Commitment and Loans pursuant to subsection (b) above, HSBC Bank of America may, 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 failure by the Company to appoint any such successor shall affect the resignation of HSBC Bank of America as L/C Issuer, as the case may be. If HSBC Bank of America resigns as L/C Issuer, it shall retain all the rights, powers, privileges and duties of 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 ABR Base Rate Revolving Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c2.04(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, as the case may be, 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 HSBC Bank of America to effectively assume the obligations of HSBC Bank of America with respect to such Letters of Credit.