Common use of Removal of a Bank Clause in Contracts

Removal of a Bank. On the day the notice referred to in Clause 8.3 (Notice of Removal of a Bank) expires the Account Party shall procure either that such Bank's L/C Proportion of each relevant Letter of Credit be reduced to zero (by reduction of the amount of such Letter of Credit in an amount equal to such Bank's L/C Proportion) or that Cash Collateral be provided in an amount equal to such Bank's L/C Proportion of such Letter of Credit.

Removal of a Bank. On the day the notice referred to in Clause 8.3 9.3 (Notice of Removal of a Bank) expires expires, the Account Party shall procure either that such Bank's L/C Proportion of each relevant Letter of Credit be reduced to zero (by reduction of the amount of such Letter of Credit in an amount equal to such Bank's L/C Proportion) or that Cash Collateral be provided in an amount equal to such Bank's L/C Proportion of such Letter of Credit.

Removal of a Bank. On the day the notice referred to in Clause 8.3 9.3 (Notice of Removal of a Bank) expires expires, the Account Party shall procure either that such Bank's ’s L/C Proportion of each relevant Letter of Credit be reduced to zero (by reduction of the amount of such Letter of Credit in an amount equal to such Bank's ’s L/C Proportion) or that Cash Collateral be provided in an amount equal to such Bank's ’s L/C Proportion of such Letter of Credit.