Common use of Auto-Renewal Clause in Contracts

Auto-Renewal. If the Principal Borrower so requests in any LC Application, the applicable 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 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 (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 applicable Fronting Lender, the Principal Borrower shall not be required to make a specific request to the applicable Fronting Lender 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 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 with an expiry date after the Maturity Date complies with Section 6.1(b)(iii).

Auto-Renewal. If the Principal Borrower so requests in any LC applicable Application, the applicable Fronting Lender mayL/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 applicable Fronting Lender L/C Issuer 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 applicable Fronting LenderL/C Issuer, the Principal Borrower shall not be required to make a specific request to the applicable Fronting Lender L/C Issuer 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 applicable Fronting Lender L/C Issuer to permit the renewal of such Letter of CreditCredit at any time to an expiry date that satisfies the requirements set forth in Section 2.3(b) above; provided thatprovided, for avoidance of doubthowever, that the Principal Borrower L/C Issuer shall ensure not permit any such renewal if (i) the L/C Issuer has determined that any 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 an expiry date after a Line of Credit Commitment or the Maturity Date complies with Borrower that one or more of the applicable conditions specified in Section 6.1(b)(iii)3.1 is not then satisfied.

Auto-Renewal. If the Principal Borrower so requests in any LC Application, the applicable Fronting Lender LC Issuer 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 applicable Fronting Lender LC Issuer 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 (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 applicable Fronting LenderLC Issuer, the Principal Borrower shall not be required to make a specific request to the applicable Fronting Lender LC Issuer for any such renewal. Once an Auto-Renewal Letter of Credit has been issued, the applicable Lenders shall be deemed to have authorized (but may not require) the applicable Fronting Lender LC Issuer 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 with an expiry date after the Maturity Date complies with Section 6.1(b)(iii).

Auto-Renewal. If the Principal Borrower so requests in any LC Application, the applicable 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 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 (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 applicable Fronting Lender, the Principal Borrower shall not be required to make a specific request to the applicable Fronting Lender 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 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 with an expiry date after the Maturity Date complies with Section 6.1(b)(iii).

Auto-Renewal. If the Principal Borrower so requests in any applicable LC ApplicationAgreement, the applicable Fronting Lender LC Issuer may, 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 applicable Fronting Lender LC Issuer 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 CreditLC) by giving prior notice to the beneficiary thereof not later than a day (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 LC is issued. Unless otherwise directed by the applicable Fronting LenderLC Issuer, the Principal Borrower shall not be required to make a specific request to the applicable Fronting Lender LC Issuer for any such renewal. Once an Auto-Renewal Letter of Credit LC has been issued, the Lenders shall be deemed to have authorized (but may not require) the applicable Fronting Lender LC Issuer to permit the renewal of such Letter of Credit; provided that, for avoidance of doubt, the Principal Borrower shall ensure that LC at any Letter of Credit with time to an expiry date after not later than the Maturity 30th day prior to the Termination Date; provided, however, that LC Issuer shall not permit any such renewal if (i) LC Issuer has determined that it would have no obligation at such time to issue such LC in its renewed form under the terms hereof (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 two Business Days before the Nonrenewal Notice Date complies with (A) from Administrative Agent that the Requisite Lenders have elected not to permit such renewal or (B) from Administrative Agent, any Lender, or Borrower that one or more of the applicable conditions specified in Section 6.1(b)(iii)5.2 is not then satisfied.