Common use of Auto-Renewal Clause in Contracts

Auto-Renewal. If the Borrower so requests in any applicable Application, the L/C Issuer ay, in its sole and absolute discretion, agree to issue a Letter of Credit that has automatic renewal provisions (each, an “Auto-Renewal Letter of Credit”); provided that any such Auto-Renewal Letter of Credit must permit the L/C Issuer to prevent any such renewal at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day in each such twelve-month period to be agreed upon (the “Nonrenewal Notice Date”) at the time such Letter of Credit is issued. Unless otherwise directed by the L/C Issuer, the Borrower shall not be required to make a specific request to the L/C Issuer for any such Renewal. Once an Auto-Renewal Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the L/C Issuer to permit the renewal of such Letter of Credit at any time to an expiry date that satisfies the requirements set forth in Section 2.3(b) above; provided, however, that the L/C Issuer shall not permit any such renewal if (i) the L/C Issuer has determined that it would have no obligation at such time to issue such Letter of Credit in its renewed form under the terms hereof, or (ii) it has received notice on or before the day that is 5 Business Days before the Nonrenewal Notice Date (x) from the Administrative Agent that the Required Lenders have elected not to permit such renewal or (y) from the Administrative Agent, any Lender with a Line of Credit Commitment or the Borrower that one or more of the applicable conditions specified in Section 3.1 is not then satisfied.

Auto-Renewal. If the Principal Borrower so requests in any applicable LC Application, the L/C Issuer ayapplicable Fronting Lender may, in its sole and absolute discretion, agree to issue a Letter of Credit that has automatic renewal provisions (each, an “Auto-Renewal Letter of Credit”); provided that any such Auto-Renewal Letter of Credit must permit the L/C Issuer applicable Fronting Lender to prevent any such renewal at least once in each twelve-month period (or, in the case of trade Letters of Credit, at least once in each 364-day period) (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day in each such twelve-month period to be agreed upon (the “Nonrenewal Notice Date”) in each such twelve-month period (or 364-day period, as applicable) to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the L/C Issuerapplicable Fronting Lender, the Principal Borrower shall not be required to make a specific request to the L/C Issuer applicable Fronting Lender for any such Renewalrenewal. Once an Auto-Renewal Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the L/C Issuer applicable Fronting Lender to permit the renewal of such Letter of Credit; provided that, for avoidance of doubt, the Principal Borrower shall ensure that any Letter of Credit at any time to with an expiry date that satisfies after the requirements set forth in Maturity Date complies with Section 2.3(b) above; provided, however, that the L/C Issuer shall not permit any such renewal if (i) the L/C Issuer has determined that it would have no obligation at such time to issue such Letter of Credit in its renewed form under the terms hereof, or (ii) it has received notice on or before the day that is 5 Business Days before the Nonrenewal Notice Date (x) from the Administrative Agent that the Required Lenders have elected not to permit such renewal or (y) from the Administrative Agent, any Lender with a Line of Credit Commitment or the Borrower that one or more of the applicable conditions specified in Section 3.1 is not then satisfied6.1(b)(iii).

Auto-Renewal. If the Borrower so requests in any applicable LC Application, the L/C Issuer ayapplicable Fronting Lender may, in its sole and absolute discretion, agree to issue a Letter of Credit that has automatic renewal provisions (each, an “Auto-Renewal Letter of Credit”); provided that any such Auto-Renewal Letter of Credit must permit the L/C Issuer applicable Fronting Lender to prevent any such renewal at least once in each twelve-month period (or, in the case of trade Letters of Credit, at least once in each 364-day period) (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day in each such twelve-month period (or 364-day period, as applicable) to be agreed upon (the “Nonrenewal Notice Date”) at the time such Letter of Credit is issued. Unless otherwise directed by the L/C Issuerapplicable Fronting Lender, the Borrower shall not be required to make a specific request to the L/C Issuer applicable Fronting Lender for any such Renewalrenewal. Once an Auto-Renewal Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the L/C Issuer applicable Fronting Lender to permit the renewal of such Letter of Credit; provided that, for avoidance of doubt, the Borrower shall ensure that any Letter of Credit at any time to with an expiry date that satisfies after the requirements set forth in Maturity Date complies with Section 2.3(b) above; provided, however, that the L/C Issuer shall not permit any such renewal if (i) the L/C Issuer has determined that it would have no obligation at such time to issue such Letter of Credit in its renewed form under the terms hereof, or (ii) it has received notice on or before the day that is 5 Business Days before the Nonrenewal Notice Date (x) from the Administrative Agent that the Required Lenders have elected not to permit such renewal or (y) from the Administrative Agent, any Lender with a Line of Credit Commitment or the Borrower that one or more of the applicable conditions specified in Section 3.1 is not then satisfied.6.1(b)(iii). Exhibit 10.4 ‑ 72 ‑

Auto-Renewal. If the Borrower so requests in any applicable ApplicationLC Agreement, the L/C LC Issuer aymay, in its sole and absolute discretion, agree to issue a Letter of Credit an LC that has automatic renewal provisions (each, an “Auto-Renewal Letter of CreditLC”); provided that any such Auto-Renewal Letter of Credit LC must permit the L/C LC Issuer to prevent any such renewal at least once in each twelve-month period (commencing with the date of issuance of such Letter of CreditLC) by giving prior notice to the beneficiary thereof not later than a day (the “Nonrenewal Notice Date”) in each such twelve-month period to be agreed upon (the “Nonrenewal Notice Date”) at the time such Letter of Credit LC is issued. Unless otherwise directed by the L/C LC Issuer, the Borrower shall not be required to make a specific request to the L/C LC Issuer for any such Renewalrenewal. Once an Auto-Renewal Letter of Credit LC has been issued, the Lenders shall be deemed to have authorized (but may not require) the L/C LC Issuer to permit the renewal of such Letter of Credit LC at any time to an expiry date that satisfies not later than the requirements set forth in Section 2.3(b) above30th day prior to the Termination Date; provided, however, that the L/C LC Issuer shall not permit any such renewal if (i) the L/C LC Issuer has determined that it would have no obligation at such time to issue such Letter of Credit LC in its renewed form under the terms hereofhereof (by reason of the provisions of Section 2.3(a) or otherwise), or (ii) it has received notice (which may be by telephone or in writing) on or before the day that is 5 two Business Days before the Nonrenewal Notice Date (xA) from the Administrative Agent that the Required Requisite Lenders have elected not to permit such renewal or (yB) from the Administrative Agent, any Lender with a Line of Credit Commitment Lender, or the Borrower that one or more of the applicable conditions specified in Section 3.1 5.2 is not then satisfied.