Common use of Replacement of Bonds, Letters of Credit and Guarantees Clause in Contracts

Replacement of Bonds, Letters of Credit and Guarantees. The Parties understand that none of the bonds, letters of credit or guarantees, if any, set forth on Schedule 4.15 posted by any Contributing Party with any Governmental Entity or third Person and relating to the MGR Interest are to be transferred to the Recipient Parties. The Recipient Parties shall use commercially reasonable efforts to obtain, or cause to be obtained in the name of a Recipient Party, replacements for such bonds, letters of credit and guarantees, and shall use commercially reasonable efforts to cause, effective on or promptly after the Closing, the cancellation or return to the Contributing Parties of such bonds, letters of credit and guarantees posted by such Contributing Party, but only to the extent such replacements are necessary or required under the MGR Contracts or by applicable Law.

Replacement of Bonds, Letters of Credit and Guarantees. The Parties understand that none of the bonds, letters of credit or guarantees, if any, set forth on Schedule 4.15 4.14 posted by any Contributing Party with any Governmental Entity or third Person and relating to the MGR Interest System Assets are to be transferred to the Recipient Parties. The Recipient Parties shall use commercially reasonable efforts to obtain, or cause to be obtained in the name of a Recipient Party, replacements for such bonds, letters of credit and guarantees, and shall use commercially reasonable efforts to cause, effective on or promptly after the Closing, the cancellation or return to the Contributing Parties of such bonds, letters of credit and guarantees posted by such Contributing Party, but only to the extent such replacements are necessary or required under the MGR Contracts or by applicable Law.

Replacement of Bonds, Letters of Credit and Guarantees. The Parties understand that none of the bonds, letters of credit or guarantees, if any, set forth on Schedule 4.15 posted by any the Contributing Party Parties with any Governmental Entity or third Person and relating to the MGR Interest are to be transferred to the Recipient Parties. The Recipient Parties shall use commercially reasonable efforts to obtain, or cause to be obtained in the name of a the Recipient PartyParties, replacements for such bonds, letters of credit and guarantees, and shall use commercially reasonable efforts to cause, effective on or promptly after the Closing, the cancellation or return to the Contributing Parties of such bonds, letters of credit and guarantees posted by such the Contributing PartyParties, but only to the extent such replacements are necessary or required under the MGR Springfield Contracts or by applicable Law.