Replacement of an Issuing Lender Sample Clauses
The Replacement of an Issuing Lender clause allows a borrower or other parties to substitute a new issuing lender in place of the current one under a credit agreement. This typically applies if the existing issuing lender is unable or unwilling to perform its obligations, such as issuing letters of credit, or if it becomes a defaulting lender. By providing a mechanism for replacement, this clause ensures continuity of credit support and mitigates the risk of disruption to the borrower's financing arrangements.
Replacement of an Issuing Lender. An Issuing Lender may be replaced at any time by written agreement among the Company, the Administrative Agent, the replaced Issuing Lender and the successor Issuing Lender. The Administrative Agent shall notify the Dollar Tranche Revolving Lenders of any such replacement of the Issuing Lender. At the time any such replacement shall become effective, the Company shall pay all unpaid fees accrued for the account of the replaced Issuing Lender pursuant to Section 2.06(c). From and after the effective date of any such replacement, (i) the successor Issuing Lender shall have all the rights and obligations of the Issuing Lender under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Lender” shall be deemed to refer to such successor or to any previous Issuing Lender, or to such successor and all previous Issuing Lenders, as the context shall require. After the replacement of an Issuing Lender hereunder, the replaced Issuing Lender shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Lender 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 Lender. Any Issuing Lender may be replaced at any time by written agreement between the Borrower, the Administrative Agent, the replaced Issuing Lender and the successor Issuing Lender. The Administrative Agent shall notify the Lenders of any such replacement of an Issuing Lender. At the time any such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Lender pursuant to Section 3.3
Replacement of an Issuing Lender. Any Issuing Lender may be replaced or an additional Acceptable Bank appointed as an Issuing Lender at any time by written agreement among the Borrower, a new Issuing Lender and the Administrative Agent (with notice to such replaced Issuing Lender); provided that, if the replaced Issuing Lender so requests, any DSR Letter of Credit issued by such Issuing Lender shall be replaced and cancelled prior to the removal of such Issuing Lender and all fees and other amounts owed to such removed Issuing Lender shall be paid to it; provided, further, that any Acceptable Bank that is to be appointed as a Issuing Lender pursuant to this Section 2.02(j) must also assume such Issuing Lenders Letter of Credit Loan Commitment.
Replacement of an Issuing Lender. Any Issuing Lender may be replaced at any time (i) by written agreement among the Borrower, Administrative Agent, the replaced Issuing Lender and the successor Issuing Lender or (ii) upon written request by the Borrower to Administrative Agent if (A) the long term senior unsecured debt rating of such existing Issuing Lender falls below A- by S&P and A3 by Moody’s and (B) an existing Lender (or Affiliate thereof) has a long term senior unsecured debt rating of at least A- by S&P and A3 by Moody’s and such Lender (or Affiliate of a Lender) agrees to act as the replacement Issuing Lender hereunder. Administrative Agent shall notify the Lenders of any such replacement of an Issuing Lender. At the time any such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Lender pursuant to Sections 3.4 and 3.5, as applicable. From and after the effective date of any such replacement, (i) the successor Issuing Lender shall have all the rights and obligations of an Issuing Lender under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Lender” shall be deemed to refer to such successor or to any previous Issuing Lender, or to such successor and all previous Issuing Lenders, as the context shall require. After the replacement of an Issuing Lender hereunder, the replaced Issuing Lender shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Lender 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.