Common use of Replacement of Any Letter of Credit Issuer; Modification of Letter of Credit Commitment Clause in Contracts

Replacement of Any Letter of Credit Issuer; Modification of Letter of Credit Commitment. Any Letter of Credit Issuer may be replaced with respect to all or any portion of its Letter of Credit Commitment to a successor Letter of Credit Issuer at any time by written agreement among the Borrower, the Administrative Agent, the replaced Letter of Credit Issuer and the successor Letter of Credit Issuer. Any Letter of Credit Issuer may modify the amount of its respective Letter of Credit Commitment at any time by written agreement among the Borrower and such Letter of Credit Issuer, and such Letter of Credit Issuer shall provide prompt written notice thereof to the Administrative Agent. The Administrative Agent shall notify the Lenders of any such replacement of any Letter of Credit Issuer or modification of any Letter of Credit Commitment. At the time any such replacement or modification shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced Letter of Credit Issuer, or with respect to such Letter of Credit Issuer’s modified Letter of Credit Commitment, pursuant to Sections 4.1(c) or (d). From and after the effective date of any such replacement (i) the successor Letter of Credit Issuer shall have all the rights and obligations of a Letter of Credit Issuer under this Agreement with respect to Letters of Credit to be issued by it thereafter (subject to the Letter of Credit Commitment of such Letter of Credit Issuer as mutually agreed between such Letter of Credit Issuer, the Borrower and the Administrative Agent) and (ii) references herein to the term “Letter of Credit Issuer” shall be deemed to refer to such successor or to any previous Letter of Credit Issuer, or to such successor and all previous Letter of Credit Issuers, as the context shall require. After the replacement of a Letter of Credit Issuer hereunder, the replaced Letter of Credit Issuer shall remain a party hereto and shall continue to have all the rights and obligations of a Letter of Credit Issuer under this Agreement with respect to its remaining Letter of Credit Commitment, if any, and any Letters of Credit then outstanding and issued by it prior to such replacement, but, except to the extent of any remaining Letter of Credit Commitment of such replaced Letter of Credit Issuer, such replaced Letter of Credit Issuer shall not be required to issue additional Letters of Credit.

Replacement of Any Letter of Credit Issuer; Modification of Letter of Credit Commitment. Any Letter of Credit Issuer may be replaced with respect to all or any portion of its Letter of Credit Commitment to a successor Letter of Credit Issuer at any time by written agreement among the Borrower, the Administrative Agent, the replaced Letter of Credit Issuer and the successor Letter of Credit Issuer. Any Letter of Credit Issuer may modify the amount of its respective Letter of Credit Commitment at any time by written agreement among the Borrower and such Letter of Credit Issuer, and such Letter of Credit Issuer shall provide prompt written notice thereof to the Administrative Agent. The Administrative Agent shall notify the Lenders of any such replacement of any Letter of Credit Issuer or modification of any Letter of Credit Commitment. At the time any such replacement or modification shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced Letter of Credit Issuer, or with respect to such Letter of Credit Issuer’s modified Letter of Credit Commitment, pursuant to Sections 4.1(c) or (d). From and after the effective date of any such replacement (i) the successor Letter of Credit Issuer shall have all the rights and obligations of a Letter of Credit Issuer under this Agreement with respect to Letters of Credit to be issued by it thereafter (subject to the Letter of Credit Commitment of such Letter of Credit Issuer as mutually agreed between such Letter of Credit Issuer, the Borrower and the Administrative Agent) and (ii) references herein to the term “Letter of Credit Issuer” shall be deemed to refer to such successor or to any previous Letter of Credit Issuer, or to such successor and all previous Letter of Credit Issuers, as the context shall require. After the replacement of a Letter of Credit Issuer hereunder, the replaced Letter of Credit Issuer shall remain a party hereto and shall continue to have all the rights and obligations of a Letter of Credit Issuer under this Agreement with respect to its remaining Letter of Credit Commitment, if any, and any Letters of Credit then outstanding and issued by it prior to such replacement, but, except to the extent of any remaining Letter of Credit Commitment of such replaced Letter of Credit Issuer, such replaced Letter of Credit Issuer shall not be required to issue additional Letters of Credit.

Replacement of Any Letter of Credit Issuer; Modification of Letter of Credit Commitment. Any Letter of Credit Issuer may be replaced with respect to all or any portion of its Letter of Credit Commitment to a successor Letter of Credit Issuer at any time by written agreement among the BorrowerBorrowers, the Administrative Agent, the replaced Letter of Credit Issuer and the successor Letter of Credit Issuer. Any Letter of Credit Issuer may modify the amount of its respective Letter of Credit Commitment at any time by written agreement among the Borrower Borrowers and such Letter of Credit Issuer, and such Letter of Credit Issuer shall provide prompt written notice thereof to the Administrative Agent. The Administrative Agent shall notify the Lenders of any such replacement of any Letter of Credit Issuer or modification of any Letter of Credit Commitment. At the time any such replacement or modification shall become effective, the Borrower Borrowers, severally and not jointly, in each case to the extent of its Applicable Share, shall pay all unpaid fees accrued for the account of the replaced Letter of Credit Issuer, or with respect to such Letter of Credit Issuer’s modified Letter of Credit Commitment, pursuant to Sections 4.1(c) or (d). From and after the effective date of any such replacement (i) the successor Letter of Credit Issuer shall have all the rights and obligations of a Letter of Credit Issuer under this Agreement with respect to Letters of Credit to be issued by it thereafter (subject to the Letter of Credit Commitment of such Letter of Credit Issuer as mutually agreed between such Letter of Credit Issuer, the Borrower Borrowers and the Administrative Agent) and (ii) references herein to the term “Letter of Credit Issuer” shall be deemed to refer to such successor or to any previous Letter of Credit Issuer, or to such successor and all previous Letter of Credit Issuers, as the context shall require. After the replacement of a Letter of Credit Issuer hereunder, the replaced Letter of Credit Issuer shall remain a party hereto and shall continue to have all the rights and obligations of a Letter of Credit Issuer under this Agreement with respect to its remaining Letter of Credit Commitment, if any, and any Letters of Credit then outstanding and issued by it prior to such replacement, but, except to the extent of any remaining Letter of Credit Commitment of such replaced Letter of Credit Issuer, such replaced Letter of Credit Issuer shall not be required to issue additional Letters of Credit.