Common use of Replacement of Issuing Bank Clause in Contracts

Replacement of Issuing Bank. An Issuing Bank may be replaced at any time by written agreement among the ABL Administrative Borrower, the Administrative Agent, the replaced Issuing Bank (provided that no consent will be required if the replaced Issuing Bank has no Letters of Credit or Reimbursement Obligations with respect thereto outstanding) and the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such replacement of such Issuing Bank. At the time any such replacement shall become effective, the Borrowers shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.14(b). From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. 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 Issuing Bank. An Issuing Bank may be replaced at any time by written agreement among the ABL Administrative Borrower, the Administrative Agent, the replaced Issuing Bank (provided that no consent will be required if the replaced Issuing Bank has no Letters of Credit or Reimbursement Obligations with respect thereto outstanding) and the successor Issuing Bank. The Administrative Agent shall notify the Revolving Lenders of any such replacement of such an Issuing Bank. At the time any such replacement shall become effective, the Borrowers Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.14(b2.12(c); provided that to the extent that such LC Disbursement was made in a Foreign Currency, such fees shall be paid in Dollars. From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. 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 then outstanding and issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit or extend or otherwise amend any existing Letter of Credit.

Replacement of Issuing Bank. An Any Issuing Bank may be replaced at any time by written agreement among the ABL Administrative applicable Borrower, the Administrative Agent, the replaced successor Issuing Bank (provided that no consent will be required if and, unless the replaced Issuing Bank has no Letters of Credit or Reimbursement Obligations with respect thereto outstanding) and is a Defaulting Lender that is not responsive to a request for such written agreement after reasonable notice, the successor replaced Issuing Bank. The Administrative Agent shall notify the Lenders of any such replacement of such any Issuing Bank. At the time any such replacement shall become effective, the Borrowers shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.14(b2.12(b). From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit to be issued by such successor Issuing Bank thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. 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 then outstanding and issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit.

Replacement of Issuing Bank. An Any Issuing Bank may be replaced or resign at any time by written agreement among the ABL Administrative Borrower, the Administrative Agent, the such retiring or replaced Issuing Bank (provided that no consent will be required if and, in the replaced Issuing Bank has no Letters case of Credit or Reimbursement Obligations with respect thereto outstanding) and a replacement, the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such resignation or replacement of such an Issuing Bank. At the time any such resignation or replacement shall become effective, the Borrowers Borrower shall pay all unpaid fees accrued for the account of the retiring or replaced Issuing Bank pursuant to Section 2.14(b3.05(b). From In the case of the replacement of an Issuing Bank, from and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of an the replaced Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the resignation or replacement of an Issuing Bank hereunder, the retiring or 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 resignation or replacement, but shall not be required to issue additional Letters of Credit.