Replacement Letters of Credit. If a Substitute Lender has become party hereto pursuant to Clause 4.4 (Substitute Lender), then subject to the provisions of Clause 4.6 (Continuation Conditions Precedent) the Lenders who are deemed to have agreed to the continuation of the Old Letter of Credit (the Extending Lenders) shall, together with the Substitute Lender, participate in, and issue as soon as reasonably practicable (on or immediately after the Old Letter of Credit Release), a new Letter of Credit (the New Letter of Credit) which shall (i) replace the Old Letter of Credit and (ii) be in an amount equal to the Old Letter of Credit. If the New Letter of Credit has not been issued by the end of the Declining Lender Notice Period, Clause 4.5(b) shall apply (on the assumption, if not the case, that a Substitute Lender has not been found by the time specified in Clause 4.4(a)) and the Agent shall promptly deliver a Lloyd’s Termination Notice (in accordance with Clause 4.3 (Declining Lender Mechanics)).
Replacement Letters of Credit. Upon the issuance and delivery to Beneficiary of a Replacement Letter of Credit, Beneficiary shall have the right to draw solely on such Replacement Letter of Credit and Beneficiary shall have no right to draw against the Letter of Credit which is replaced by such Replacement Letter of Credit. If LC Party fails to cause the issuance of a Replacement Letter of Credit by the Reissuance Date, then Beneficiary shall, in addition to all other rights and remedies available at law or equity, have the right to draw the full amount of the then issued and outstanding Letters of Credit.
Replacement Letters of Credit. 4.7.1 If a Substitute Bank has become party hereto pursuant to Clause 4.6 (Substitute Bank), then subject to the provisions of Clause 4.8 (Extension Conditions Precedent) the Banks who have confirmed their agreement to the extension of the Old Letter of Credit (the "Extending Banks") shall, together with the Substitute Bank, participate in, and issue by the Funds Date of such year, a new Letter of Credit (the "New Letter of Credit") which shall (i) replace the Old Letter of Credit, (ii) be in an amount equal to the Old Letter of Credit and (iii) have an Expiry Date which corresponds with the Expiry Date requested in the Notice of Extension.
4.7.2 If a Substitute Bank has not been found then: (a) the Account Party shall procure the release by Lloyd's of the Old Letter of Credit from the Funds at Lloyd's of the relevant Applicant, (b) subject to the provisions of Clause 4.8 (Extension Conditions Precedent), the Extending Banks shall participate in, and issue by the Funds Date of such year, a new Letter of Credit (the "Reduced Letter of Credit") which shall (1) replace their participation in the Old Letter of Credit, (2) be in an amount equal to the Old Letter of Credit less the amount of the Declining Bank's participation and (3) have an Expiry Date which corresponds with the Expiry Date requested in the Notice of Extension; and (c) the Declining Bank shall participate in a separate Letter of Credit (a "Bilateral Letter of Credit") which shall (1) replace its participation in the Old Letter of Credit, (2) be in an amount equal to the Declining Bank's participation in the Old Letter of Credit and (3) have an Expiry Date which is the same as the Expiry Date specified in the Old Letter of Credit (as the same may have been extended from time to time with the consent of the Declining Bank).
Replacement Letters of Credit. To the extent that the leases related thereto are Assumed Contracts, prior to or concurrently with the Closing Date, Purchaser shall have entered into arrangements with each of the issuing banks for the letters of credit, performance bonds, guarantees, and similar assurances set forth on Schedule 7.13 (the “Existing Letters of Credit”), pursuant to which the Existing Letters of Credit will have been (a) cash collateralized or (b) backstopped with back-to-back letters of credit, in each case in a manner (x) satisfactory to the Seller and each respective issuing bank and (y) such that the Seller and its Affiliates shall have been released in all respects from any and all obligations in respect of the Existing Letters of Credit.
Replacement Letters of Credit. If a Substitute Lender has become party hereto pursuant to Clause 4.4 (Substitute Lender), then subject to the provisions of Clause 4.6 (Continuation Conditions Precedent) the Lenders who are deemed to have agreed to the continuation of the Old Letter of Credit (the Extending Lenders) shall, together with the Substitute Lender, participate in, and issue by the Funds Date of such year, a new Letter of Credit (the New Letter of Credit) which shall (i) replace the Old Letter of Credit and (ii) be in an amount equal to the Old Letter of Credit.
Replacement Letters of Credit. The Purchaser covenants and agrees that it shall use commercially reasonable efforts to (a) obtain new letters of credit to substitute for and replace the letters of credit set forth on the Letters of Credit Schedule (the “Letters of Credit”) effective as of the Closing Date, (b) arrange for the Letters of Credit to be “grandfathered” as letters of credit under a new credit facility so that the Letters of Credit remain outstanding after the Closing or (c) collateralize or otherwise backstop the Letters of Credit so that the Letters of Credit remain outstanding after the Closing. The Company and its Subsidiaries may take any necessary steps to cash collateralize any Letters of Credit that will not be replaced, grandfathered, collateralized or otherwise backstopped by the Purchaser at the Closing.
Replacement Letters of Credit. Upon the issuance of a Replacement Letter of Credit, Beneficiary shall have the right to draw solely on such Replacement Letter of Credit and Beneficiary shall have no right to draw against the Letter of Credit which is replaced by such Replacement Letter of Credit. If LC Party fails to cause the issuance of a Replacement Letter of Credit by the Reissuance Date and a letter of credit is required under the Lease, then Beneficiary shall, in addition to all other rights and remedies available at law or equity, have the right to draw the full amount of the then issued and outstanding Letters of Credit, which amount shall be held as a cash security deposit under the Lease.
Replacement Letters of Credit. Subject to Section 6.14(d), evidence reasonably satisfactory to Seller of the Replacement Letters of Credit.
Replacement Letters of Credit. (a) Buyer agrees to work with Sellers to replace the existing financing from San Diego National Bank, which created the liens on the Company's inventory, proceeds and products with Buyer's or Buyer's Parent's Letter of Credit.
(b) Buyer agrees to use commercially reasonable efforts to replace Seller's personal guarantees on any outstanding leases to which the Company is a party.
Replacement Letters of Credit. Buyer shall arrange for the replacement, effective on the Closing Date, of the Letters of Credit with letters of credit in like amount (the “Replacement Letters of Credit”), in form and substance satisfactory to the beneficiaries of such Letters of Credit under the terms of Cooperheat’s obligations to furnish such Letters of Credit and shall provide Cooperheat with copies of the Replacement Letters of Credit, to the extent that such Letters of Credit have not been drawn by the beneficiaries as of the Closing Date.
