Common use of Replacement of Letter of Credit Clause in Contracts

Replacement of Letter of Credit. (a) Buyer may provide to Sellers for its approval at least forty-five (45) calendar days before the expiration of the Letter of Credit a form of (i) an extension of the original Letter of Credit issued by the issuer of the then expiring Letter of Credit (with no modifications to the original Letter of Credit other than extending the expiration date for at least an additional ninety (90) days after the then expiration date of the Letter of Credit), or (ii) a substitute Letter of Credit in a form identical to Appendix A (with an expiration date of not less than ninety (90) days after the expiration date set forth in the then expiring Letter of Credit) issued by the issuer of the original Letter of Credit or by a United States bank having assets and a net worth (as established by the most recent public financial information of such bank, copies of which shall be provided by Buyer to Sellers) equal to or greater than the bank which issued the then expiring Letter of Credit, together with a statement signed by an officer of Buyer, in each case, certifying that such substitute Letter of Credit or extension will comply with the foregoing requirements. If Sellers approve such form of substitute Letter of Credit or extension in writing (such approval not to be unreasonably withheld, conditioned or delayed) and Buyer delivers to the Escrow Agent an original of such substitute Letter of Credit or extension (duly executed by the issuing bank) and the written approval of Sellers, at least thirty (30) calendar days before the expiration of the Letter of Credit, such substitute Letter of Credit (or such then expiring Letter of Credit as extended by the extension) shall thereafter be deemed the "Letter of Credit" for all purposes hereunder; and if a substitute Letter of Credit is being provided, the Escrow Agent shall simultaneously exchange the prior Letter of Credit for the substituted Letter of Credit and give receipts, if requested by Buyer, for the same.

Replacement of Letter of Credit. (a) Buyer Purchaser may provide to Sellers the Company for its approval at least forty-five (45) calendar days before the expiration of the Letter of Credit a form of (i) an extension of the original Letter of Credit issued by the issuer of the then expiring Letter of Credit (with no modifications to the original Letter of Credit other than extending the expiration date for at least an additional ninety (90) days after the then expiration date of the Letter of Credit), or (ii) a substitute Letter of Credit in a form identical to Appendix A (with an expiration date of not less than ninety (90) days after the expiration date set forth in the then expiring Letter of Credit) issued by the issuer of the original Letter of Credit or by a United States bank having assets and a net worth (as established by the most recent public financial information of such bank, copies of which shall be provided by Buyer Purchaser to Sellersthe Company) equal to or greater than the bank which issued the then expiring Letter of Credit, together with a statement signed by an officer of BuyerPurchaser, in each case, certifying that such substitute Letter of Credit or extension will comply with the foregoing requirements. If Sellers approve the Company approves such form of substitute Letter of Credit or extension in writing (such approval not to be unreasonably withheld, conditioned or delayed) and Buyer Purchaser delivers to the Escrow Agent an original of such substitute Letter of Credit or extension (duly executed by the issuing bank) and the Company's written approval of Sellersapproval, at least thirty (30) calendar days before the expiration of the Letter of Credit, such substitute Letter of Credit (or such then expiring Letter of Credit as extended by the extension) shall thereafter be deemed the "Letter of Credit" for all purposes hereunder; and if a substitute Letter of Credit is being provided, the Escrow Agent shall simultaneously exchange the prior Letter of Credit for the substituted Letter of Credit and give receipts, if requested by BuyerPurchaser, for the same.

Replacement of Letter of Credit. (a) Buyer Buyers may provide to Sellers Sellers' Representative for its Sellers' approval at least forty-five (45) calendar days before the expiration of the Letter of Credit a form of (i) an extension of the original Letter of Credit issued by the issuer of the then expiring Letter of Credit (with no modifications to the original Letter of Credit other than extending the expiration date for at least an additional ninety (90) days after the then expiration date of the Letter of Credit), or (ii) a substitute Letter of Credit in a form substantially identical to Appendix A (with an identical expiration date of not less than ninety (90) days after the expiration date set forth in to the then expiring existing Letter of Credit) issued by the issuer of the original Letter of Credit or by a United States bank having assets and a net worth (as established by the most recent public financial information of such bank, copies of which shall be provided by Buyer to Sellers' Representative) equal to or greater than the bank which issued the then expiring existing Letter of Credit, together with a statement signed by an officer of Buyer, in each case, certifying that such substitute Letter of Credit or extension will comply with the foregoing requirements. If Sellers approve Sellers' Representative approves such form of substitute Letter of Credit or extension in writing (such approval not to be unreasonably withheld, conditioned or delayed) ), and Buyer delivers to the Escrow Agent an original of such substitute Letter of Credit or extension (duly executed by the issuing bank) and the Sellers' Representative's written approval of Sellersapproval, at least thirty (30) calendar days before the expiration of the Letter of Credit, such substitute Letter of Credit (or such then expiring Letter of Credit as extended by the extension) shall thereafter be deemed the "Letter of Credit" for all purposes hereunder; and if a substitute Letter of Credit is being provided, the Escrow Agent shall simultaneously exchange the prior Letter of Credit for the substituted Letter of Credit and give receipts, if requested by Buyer, for the same.

Replacement of Letter of Credit. (a) Buyer Buyers may provide to Sellers for its their approval at least forty-five (45) calendar days before the expiration of the Letter of Credit a form of (i) an extension of the original Letter of Credit issued by the issuer of the then expiring Letter of Credit (with no modifications to the original Letter of Credit other than extending the expiration date for at least an additional ninety (90) days after the then expiration date of the Letter of Credit), or (ii) a substitute Letter of Credit in a form identical to Appendix A (with an expiration date of not less than ninety (90) days after the expiration date set forth in the then expiring Letter of Credit) issued by the issuer of the original Letter of Credit or by a United States bank having assets and a net worth (as established by the most recent public financial information of such bank, copies of which shall be provided by Buyer Buyers or Fund III to Sellers) equal to or greater than the bank which issued the then expiring Letter of Credit, together with a statement signed by an officer of BuyerBuyers or Fund III, in each case, certifying that such substitute Letter of Credit or extension will comply with the foregoing requirements. If Sellers approve such form of substitute Letter of Credit or extension in writing (such approval not to be unreasonably withheld, conditioned or delayed) and Buyer Buyers or Fund III delivers to the Escrow Agent an original of such substitute Letter of Credit or extension (duly executed by the issuing bank) and the Sellers' written approval of Sellersapproval, at least thirty (30) calendar days before the expiration of the Letter of Credit, such substitute Letter of Credit (or such then expiring Letter of Credit as extended by the extension) shall thereafter be deemed the "Letter of Credit" for all purposes hereunder; and if a substitute Letter of Credit is being provided, the Escrow Agent shall simultaneously exchange the prior Letter of Credit for the substituted Letter of Credit and give receipts, if requested by BuyerBuyers, for the same.