Common use of Substitution of Letters of Credit Clause in Contracts

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. Upon any Lender assigning or transferring the whole or any part of its Commitment in accordance with Clause 25 (Changes to the Lenders) each the Borrower shall use all commercially reasonable endeavours to procure that Lloyd's ’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. Upon any Lender assigning or transferring the whole or any part of its Commitment in accordance with Clause 25 24 (Changes to the Lenders) each the 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. 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 ’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.