Common use of Replacement of Letter of Credit Clause in Contracts

Replacement of Letter of Credit. On any transfer pursuant to Clause 26.5 (Transfers by Banks) other than such a transfer upon the designation of a Substitute Bank in accordance with the provisions of Clause 4.6.1 (Substitute Bank) the Bank transferring all or any of its rights, benefits and/or obligations under the Finance Documents shall ensure that the Account Party will procure the release by Lloyd's of each Letter of Credit (an "Old Letter of Credit") with respect to which the transfer is to have effect and its replacement by a new Letter of Credit to be issued by the Transferee and all the other Banks in an amount equal to that of the Old Letter of Credit and having an Expiry Date which corresponds with the Expiry Date thereof.

Replacement of Letter of Credit. On any transfer pursuant to Clause 26.5 (Transfers by Banks) other than such a transfer upon the designation of a Substitute Bank in accordance with the provisions of sub-clause 4.6.1 of Clause 4.6.1 4.6 (Substitute Bank) the Bank transferring all or any of its rights, benefits and/or obligations under the Finance Documents shall ensure that the Account Party will procure the release by Lloyd's of each Letter of Credit (an "Old Letter of Credit") with respect to which the transfer is to have effect and its replacement by a new Letter of Credit to be issued by the Transferee and all the other Banks in an amount equal to that of the Old Letter of Credit and having an Expiry Date which corresponds with the Expiry Date thereof.

Replacement of Letter of Credit. On any transfer pursuant to Clause 26.5 27.5 (Transfers by Banks) other than such a transfer upon the designation of a Substitute Bank in accordance with the provisions of sub-clause 4.4.1 of Clause 4.6.1 4.4 (Substitute Bank) the Bank transferring all or any of its rights, benefits and/or obligations under the Finance Documents shall ensure that the Account Party will procure the release by Lloyd's ’s of each Letter of Credit (an "“Old Letter of Credit"”) with respect to which the transfer is to have effect and its replacement by a new Letter of Credit to be issued by the Transferee and all the other Banks in an amount equal to that of the Old Letter of Credit and having an Expiry Date which corresponds with the Expiry Date thereofCredit.