Substitution of Letters of Credit. Upon any Lender assigning or transferring the whole or any part of its Commitment in accordance with Clause 25 (Changes to the Lenders) each Borrower shall use all commercially reasonable endeavours to procure that Lloyd's accepts a new Letter of Credit issued by the new Lenders party to that Letter of Credit in replacement for the original Letter of Credit requested by it and such original Letter of Credit is returned to the Agent.
Substitution of Letters of Credit. The Borrower shall cause each beneficiary of a letter of credit issued under the Existing Credit Agreement to accept a substitute Letter of Credit issued under Section 2.10 [Letter of Credit Subfacility] such that all letters of credit issued under the Existing Credit Agreement shall no longer be outstanding 20 days after the Closing Date; provided however, upon written request of the Borrower to the Administrative Agent, such 20 day period may be extended an additional 20 days at the discretion of the Administrative Agent.
Substitution of Letters of Credit. Upon any Lender assigning or transferring the whole or any part of its Commitment in accordance with clause 20.1 (Assignments and Transfers by the Lenders) the Borrower shall, upon five Business Days’ prior notice of such assignment or transfer, use all reasonable endeavours to procure that:
Substitution of Letters of Credit. Exchange may at any time on two (2) Business Days’ notice to the Escrow Agent substitute Letters of Credit for any Letters of Credit on deposit with the Escrow Agent hereunder, provided that after such substitution the aggregate undrawn amount of all Letters of Credit on deposit with the Escrow Agent is equal to or exceeds the Required Amount.
Substitution of Letters of Credit. Buyer shall have received documentation reasonably satisfactory to Buyer evidencing (i) the cancellation and replacement of the Letters of Credit and Standby Letters of Credit issued by Fleet Bank for the benefit of (1)
Substitution of Letters of Credit. (1) Schedule 2.4(b) sets forth the Support Letters of Credit provided, in whole or in part, by Dynegy, DHI or their Affiliates (other than the DMS Entities) for the benefit of the Business as of the date hereof. Buyers shall use commercially reasonable efforts to cause themselves or one or more of their Affiliates to be substituted, effective as of the Closing Date, in all respects for Dynegy, DHI or one or more of their Affiliates, as the case may be, in respect of all obligations of Sellers or any of their Affiliates under each and every Support Letter of Credit outstanding as of the Closing Date and shall use commercially reasonable efforts to cause Dynegy, DHI, and each of their Affiliates, as the case may be, to be forever released and discharged from all obligations under any such Support Letter of Credit. If Buyers are unable to timely effect such substitution with respect to any Support Letter of Credit outstanding as of the Closing Date (each such Support Letter of Credit, a “Non-Substituted Support Letter of Credit”), then Buyers will, effective as of the Closing Date, assume all obligations of Sellers or any of their Affiliates under each and every Non-Substituted Support Letter of Credit and obtain a letter of credit for the benefit of Dynegy, DHI or one or more of their Affiliates, on terms and from a financial institution reasonably satisfactory to Sellers, with respect to the obligations of Dynegy, DHI, and each of their Affiliates under each such Non-Substituted Support Letter of Credit (the “Buyers Replacement Letter of Credit”).
Substitution of Letters of Credit. Notwithstanding anything to the contrary contained herein, at any time that a Member or such Member's Recourse Party is entitled to a Release or a Release Indemnity in accordance with the terms and provisions of this Agreement (such Member referred to as the "Exiting Member"), if there is then one or more letters of credit outstanding that have been provided by or on behalf of the Exiting Member pursuant to the terms and provisions of Section 6.10 or as otherwise required under this Agreement, then the other non-Exiting Members hereunder shall use commercially reasonable efforts to cause such letters of credit to be returned to the Exiting Member by providing substitute letters of credit to the Person holding such letters of credit; provided, however, if such Person shall not return the original letters of credit, the non-Existing Members shall cause their respective Recourse Parties to agree to indemnify the Exiting Member for any amounts that such letters of credit may be drawn down.
Substitution of Letters of Credit. 5.1 Request For Substitution At any time prior to the end of the Substitution Period, the Account Party may request the cancellation of any existing Letter(s) of Credit and the substitution therefor of one or more new Letters of Credit in accordance with this Clause 5.
Substitution of Letters of Credit
