Common use of Issuance of Replacement Liquidity Facility Clause in Contracts

Issuance of Replacement Liquidity Facility. (i) If the Liquidity Facility Provider shall determine not to extend the Liquidity Facility in accordance with Section 3.10(c) hereof, then either the Liquidity Facility Provider, the Borrower or the Guarantor may, at their respective options, arrange for a Replacement Liquidity Facility to replace the Liquidity Facility during the period no earlier than 35 days and no later than 10 days prior to the then effective Stated Expiration Date. (ii) (A) At any time after the then Stated Expiration Date of the Liquidity Facility which has been extended for a period in excess of a 364-day period, the Liquidity Facility Provider may, at its option, arrange for a Replacement Liquidity Facility to replace the Liquidity Facility.