Common use of Letter of Credit Expiration Extensions Clause in Contracts

Letter of Credit Expiration Extensions. Each Bank acknowledges that to the extent provided under the terms of any Letter of Credit, the expiration date of such Letter of Credit will be automatically extended for an additional year, without written amendment, unless within a set period of time prior to the expiration date of such Letter of Credit, notice is given by the respective Issuing Bank in accordance with the terms of the respective Letter of Credit (a “Notice of Non-Extension”) that the expiration date of such Letter of Credit will not be extended beyond its current expiration date. The respective Issuing Bank will give Notices of Non-Extension as to any or all outstanding Letters of Credit issued by it if requested to do so by the Required Banks pursuant to Article VIII. In addition, the respective Issuing Bank will give Notices of Non-Extension as to all outstanding Letters of Credit issued by it if the Expiration Date has occurred. The respective Issuing Bank will send a copy of each Notice of Non-Extension to the respective Borrower concurrently with delivery thereof to the respective beneficiary, unless prohibited by law from doing so.

Letter of Credit Expiration Extensions. Each Bank acknowledges that to the extent provided under the terms of any Letter of Credit, the expiration date of such Letter of Credit will be automatically extended for an additional year, without written amendment, unless within a set period of time at least 30 days prior to the expiration date of such Letter of Credit, notice is given by the respective Issuing Bank to the beneficiary of such Letter of Credit in accordance with the terms of the respective Letter of Credit (a “Notice of Non-Extension”) that the expiration date of such Letter of Credit will not be extended beyond its current expiration date. The respective Issuing Bank will give Notices of Non-Extension as to any or all outstanding Letters of Credit issued by it if requested to do so by the Required Banks pursuant to Article VIIISection 8. In addition, the respective The Issuing Bank will give Notices of Non-Extension as to all outstanding Letters of Credit issued by it if the Expiration Maturity Date has occurredoccurred or would occur prior to the expiration date of such Letter of Credit if so extended. The respective Issuing Bank will send a copy of each Notice of Non-Extension to the respective Borrower concurrently with delivery thereof to the respective beneficiary, unless prohibited by law from doing so.