Common use of Form of Documentary Credits Clause in Contracts

Form of Documentary Credits. Each Documentary Credit shall (i) be dated the Issue Date; (ii) have an expiration date on a Business Day which occurs not later than one year from the Issue Date (provided that any such Documentary Credit may, in the sole discretion of the applicable Documentary Credit Lender, provide for automatic renewal thereof for any stated period or periods of up to one year in duration in the absence of a timely notice of termination by the issuer of such Documentary Credit) (but in any event not later than the Relevant Repayment Date in respect of the Revolving Credit Facility); (iii) comply with the definition of Documentary Credit; and (iv) be on the standard documentary forms required by the issuing Documentary Credit Lender.

Appears in 5 contracts

Samples: Credit Agreement (Open Text Corp), Credit Agreement (Open Text Corp), Credit Agreement (Open Text Corp)

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Form of Documentary Credits. Each Documentary Credit shall (i) be dated the Issue Date; (ii) have an expiration date on a Business Day which occurs not later than one year year, from the Issue Date (provided that any such Documentary Credit may, in the sole discretion of the applicable Documentary Credit Lender, may provide for automatic renewal thereof for any stated period or periods of up to one year in duration in the absence of a timely notice of termination by the issuer of such Documentary Credit) (but in any event not later than the Relevant Repayment Date in respect of the Revolving Credit Facility); (iii) comply with the definition of Documentary Credit; and (iv) be on the standard documentary forms required by the issuing Documentary Credit Lender.

Appears in 1 contract

Samples: Credit Agreement (Open Text Corp)

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