Common use of Availability and Termination Provisions Clause in Contracts

Availability and Termination Provisions. Each Party hereto acknowledges that each Letter of Credit has an initial Term of not less than four years and shall remain in force until, on or after the date of its issue but on or prior to 31 December of any year for which the Letter of Credit is in force, not less than four years notice is given in accordance with the terms thereof (a “Notice of Termination”) that such Letter of Credit will be terminated on the date specified in the notice.

Appears in 5 contracts

Samples: Restated Agreement (HCC Insurance Holdings Inc/De/), Restated Agreement (HCC Insurance Holdings Inc/De/), Restated Agreement (HCC Insurance Holdings Inc/De/)

AutoNDA by SimpleDocs
Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!