Replacement Letters of Credit. If a Substitute Lender has become party hereto pursuant to Clause 4.4 (Substitute Lender), then subject to the provisions of Clause 4.6 (Continuation Conditions Precedent) the Lenders who are deemed to have agreed to the continuation of the Old Letter of Credit (the Extending Lenders) shall, together with the Substitute Lender, participate in, and issue by the Funds Date of such year, a new Letter of Credit (the New Letter of Credit) which shall (i) replace the Old Letter of Credit and (ii) be in an amount equal to the Old Letter of Credit.
Appears in 2 contracts
Sources: Letter of Credit Facility and Reimbursement Agreement (Xl Capital LTD), Letter of Credit Facility and Reimbursement Agreement (Xl Capital LTD)