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Abandonment Notice
Abandonment Notice contract clause examples

Notice. The may at any time give notice of its resignation to the Lenders, the L/C Issuers and the . Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the , to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the “Resignation Effective Date”), then the retiring may (but shall not be obligated to) on behalf of the Lenders and the L/C Issuers, appoint a successor meeting the qualifications set forth above; provided that in no event shall any successor be a Defaulting or a Disqualified Institution. Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date.

The [[Administrative Agent:Organization]] may at any time give notice of its resignation to the Lenders and the . Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the , to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring [[Administrative Agent:Organization]] gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the “Resignation Effective Date”), then the retiring [[Administrative Agent:Organization]] may (but shall not be obligated to) on behalf of the Lenders, appoint a successor [[Administrative Agent:Organization]] meeting the qualifications set forth above, provided that in no event shall any such successor [[Administrative Agent:Organization]] be a Defaulting . Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date.

Notice. The [[Administrative Agent:Organization]] may at any time resign as [[Administrative Agent:Organization]] upon thirty (30) days’ notice to the , the L/C Issuer and the . Upon receipt of any such notice of resignation, the Required shall have the right, in consultation with the so long as no Default then exists, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by the Required and shall have accepted such appointment prior to the effective date of the resignation of the [[Administrative Agent:Organization]] gives (the “Resignation Effective Date”), then the retiring [[Administrative Agent:Organization]] may (but shall not be obligated to) on behalf of the and the L/C Issuer, appoint a successor [[Administrative Agent:Organization]] meeting the qualifications set forth above; provided that if the [[Administrative Agent:Organization]] shall notify the and the that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective.

The Administrative Agent may at any time give notice of its resignation to the , the L/C Issuers and the Borrowers. Upon receipt of any such notice of resignation, the Required shall have the right, with the consent of the Borrowers unless an Event of Default is continuing (such consent not to be unreasonably withheld or delayed), to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by the Required and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required ) (the “Resignation Effective Date”), then the retiring Administrative Agent may (but shall not be obligated to) on behalf of the and the L/C Issuers, with the consent of the Borrowers unless an Event of Default is continuing (such consent not to be unreasonably withheld or delayed), appoint a successor Administrative Agent meeting the qualifications set forth above. Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date.

The Administrative Agent may at any time give notice of its resignation to the , the L/C Issuer and the Borrower. Upon receipt of any such notice of resignation, the Required shall have the right, in consultation with the Borrower, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been appointed by the Required and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required ) (the “Resignation Effective Date”), then the retiring Administrative Agent may (but shall not be obligated to) on behalf of the and the L/C Issuer, appoint a successor Administrative Agent meeting the qualifications set forth above; provided that in no event shall any such successor Administrative Agent be a Defaulting Lender. Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date.

Any Agent may at any time give written notice of its resignation to the Lenders, the L/C Issuers and [[Released U.K. Borrowers:Organization]]. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with [[Released U.K. Borrowers:Organization]], to appoint a successor (and, so long as no Default exists, shall be acceptable to [[Released U.K. Borrowers:Organization]] (with such acceptance not to be unreasonably withheld or delayed)), which shall be a bank with an office in the appropriate jurisdiction for such Agent, or an Affiliate of any such bank with an office in the appropriate jurisdiction for such Agent. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within forty-five (45) days after the retiring Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the “Resignation Effective Date”), then the retiring Agent may (but shall not be obligated to) on behalf of the Lenders and the L/C Issuers, appoint a successor Administrative Agent or Canadian Agent, as applicable, meeting the qualifications set forth above (and, so long as no Default exists, such successor appointed by the retiring Agent shall be acceptable to [[Released U.K. Borrowers:Organization]] (with such acceptance not to be unreasonably withheld or delayed)); provided, that, in no event shall any such successor Agent be a Defaulting Lender. Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date.

[[Organization B:Organization]] may resign at any time on sixty (60) days' written notice to each of Lenders and Borrowing [[Organization B:Organization]] and, upon such resignation, the Required Lenders will promptly designate a successor [[Organization B:Organization]] reasonably satisfactory to Loan Parties.

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