Common use of Letter of Credit Expiration Extensions Clause in Contracts

Letter of Credit Expiration Extensions. Each Lender 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 at least 30 days (or such other period required under or by any Legal Requirement or Applicable Insurance Regulatory Authority) prior to the expiration date of such Letter of Credit, notice is given by the respective LC Issuer 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 LC Issuer will give Notices of Non-Extension as to any or all outstanding Letters of Credit if requested to do so by the Required Lenders pursuant to Article VIII. The respective LC Issuer will give Notices of Non-Extension as to all outstanding Letters of Credit if the Commitment Expiration Date has occurred. Notwithstanding anything to the contrary contained in this Section 3.07, no LC Issuer shall give a Notice of Non-Extension except as provided in the immediately preceding two sentences. The respective LC Issuer 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 Lender 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 at least 30 days (or such other period required under or by any Legal Requirement or Applicable Insurance Regulatory Authority) prior to the expiration date of such Letter of Credit, notice is given by the respective LC Issuer 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 LC Issuer will give Notices of Non-Extension as to any or all outstanding Letters of Credit if requested to do so by the Required Lenders pursuant to Article VIII. The respective LC Issuer will give Notices of Non-Extension as to all outstanding Letters of Credit if the Commitment Expiration Date has occurred. Notwithstanding anything to the contrary contained in this Section 3.07, no LC Issuer shall give a Notice of Non-Extension except as provided in the immediately preceding two sentences. The respective LC Issuer 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 Lender 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 at least 30 thirty (30) days (or such other period required under or by any Legal Requirement or Applicable Insurance Regulatory Authority) prior to the expiration date of such Letter of Credit, notice is given by the respective LC Issuer Issuing Agent or the relevant Issuing Lender, as the case may be, 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; provided that in no event shall a Letter of Credit have an expiry date, pursuant to a renewal or otherwise, later than the date that is one (1) year following the Commitment Expiration Date. The respective LC Issuer Issuing Agent or the relevant Issuing Lender, as the case may be, will give Notices a Notice of Non-Extension as to any or all outstanding Letters Letter of Credit if requested to do so by the Required Lenders pursuant to Article VIIISection 8. The respective LC Issuer Issuing Agent or the relevant Issuing Lender, as the case may be, will give Notices a Notice of Non-Extension as to all each outstanding Letters Letter of Credit if the Commitment Expiration Date has occurred. Notwithstanding anything occurred or if the Administrative Agent shall have received a Termination Letter with respect to the contrary contained in this Section 3.07, no LC Issuer shall give a Notice Designated Subsidiary Borrower on behalf of Non-Extension except as provided in the immediately preceding two sentenceswhich such Letter of Credit has been issued. The respective LC Issuer Issuing Agent or the relevant Issuing Lender, as the case may be, will send a copy of each Notice of Non-Extension to the respective Designated Subsidiary Borrower concurrently with delivery thereof to the respective beneficiary, unless prohibited by law from doing so.

Letter of Credit Expiration Extensions. Each Lender 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 at least 30 days (or such other period required under or by any Legal Requirement Requirement, Letter of Credit or Applicable Insurance Regulatory Authority) prior to the expiration date of such Letter of Credit, notice is given by the respective LC Issuer 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 LC Issuer will give Notices of Non-Extension as to any or all outstanding Letters of Credit if (x) requested to do so by the Required Lenders pursuant to Article VIIIVIII or (y) as to such Letter of Credit only, any outstanding Letter of Credit which would expire, if automatically extended by its terms for an additional year, on a date after October 26, 2010. The respective LC Issuer will give Notices of Non-Extension as to all outstanding Letters of Credit if the Commitment Expiration Date has occurred. Notwithstanding anything to the contrary contained in this Section 3.07, no LC Issuer shall give a Notice of Non-Extension except as provided in the immediately preceding two sentences. The respective LC Issuer 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.