Common use of Letter of Credit Provisions Clause in Contracts

Letter of Credit Provisions. Any Letter of Credit delivered hereunder shall be subject to the following provisions: (a) The Supplier shall (i) renew or cause the renewal of each outstanding Letter of Credit on a timely basis as provided in the relevant Letter of Credit, (ii) if the financial institution that issued an outstanding Letter of Credit has indicated its intent not to renew such Letter of Credit, provide a substitute Letter of Credit or other equivalent form of surety instrument satisfactory to the Buyer at least ten