Common use of Replacement of an Issuing Bank Clause in Contracts

Replacement of an Issuing Bank. An Issuing Bank may be replaced at any time by written agreement among the Borrower, the Paying Agent, the replaced Issuing Bank and the successor Issuing Bank. The Paying Agent shall notify the Lenders of any such replacement of an Issuing Bank. At the time any such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.07(b). From and after the effective date of any such replacement, the successor Issuing Bank shall have all the rights and obligations of the applicable replaced Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit.

Replacement of an Issuing Bank. An Issuing Bank may be replaced at any time by written agreement among the Borrower, the Paying Agentsuccessor Issuing Bank and the Administrative Agent (such consent not to be unreasonably withheld), provided that unless otherwise agreed by the replaced Issuing Bank, as a condition to such replacement the successor Issuing Bank shall issue letters of credit in substitution for the Letters of Credit, if any, issued by the replaced Issued Bank that are outstanding at the time of such succession, or make other arrangements satisfactory to the replaced Issuing Bank and to effectively assume the successor obligations of such replaced Issuing BankBank with respect to such Letters of Credit. The Paying Administrative Agent shall notify the Lenders Banks of any such replacement of an Issuing Bank. At the time any such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.07(b). From and after the effective date of any such replacement, (i) references herein to the successor term "Issuing Bank Bank" shall have all include such successor, and (ii) if any Letter of Credit issued by the rights and obligations of the applicable replaced Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter. After the replacement of an Issuing Bank hereunderremains outstanding, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement hereunder with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters Letter of Credit.