Common use of Draws Upon L/C Expiration Date Clause in Contracts

Draws Upon L/C Expiration Date. If the L/C Expiration Date has not been extended by any Letter of Credit Bank pursuant to Section 2.01 of the Letter of Credit Reimbursement Agreement on or before such date and if the Administrative Agent has received from the Servicer a Servicer’s Certificate directing it to do so or the Administrative Agent otherwise obtains knowledge that the L/C Expiration Date has not been extended by any Letter of Credit Bank and either each Exiting Letter of Credit Bank has not been replaced or the Letter of Credit Commitment has not been reduced in accordance with subsection 2.01(d) of the Letter of Credit Reimbursement Agreement, then the Administrative Agent shall, on or after the fifth Business Day preceding the upcoming L/C Expiration Date, draw on the Letter of Credit for the entire Letter of Credit Commitment Shares of each Exiting Letter of Credit Bank and apply same in accordance with subsection 5.05(c)(ii) hereof.