Procedures and Conditions for Extension Sample Clauses

Procedures and Conditions for Extension. If on the initial Expiration Date there are any Covered Eligible Bonds then on the Applicable L/C Schedule, the Expiration Date may be extended to no later than December 9, 2004 (with the period from the initial Expiration Date to the extended Expiration Date being referred to herein as, the "Extension Period"): either (x) upon the written notification from the Agent to the Account Party, the Beneficiaries, and the Administrative Agent not less than thirty (30) Business Days prior to the Expiration Date that the Issuing Bank has elected to extend the Expiration Date, and stating the new Expiration Date, or (y) upon receipt of the written request of the Account Party given to the Agent not less than forty-five (45) days, nor more than one hundred twenty (120) days, prior to the Expiration Date, the Agent and the Issuing Bank, in their sole and absolute discretion, may elect to extend the Expiration Date (as relating to Covered Eligible Bonds on the Applicable L/C Schedule as of the initial Expiration Date), and provide written notification to the Account Party, the Beneficiaries, and the Administrative Agent stating the new Expiration Date not more than thirty (30) Business Days after the Agent's receipt of the Account Party's extension request. With respect to each of clause (x) and (y), above, the Account Party hereby covenants and agrees as follows (other than to the extent waived by the Issuing Bank, in its discretion, and whether or not such waiver has been requested by the Account Party or any other Person): (i) The Account Party shall pay to the Agent, for the account of the Issuing Bank (for the benefit of the Participants), on the commencement date of the Extension Period, an extension fee equal to 0.375% of the Maximum Credit Amount (or any portion thereof) to be extended, as determined solely by the Agent; (ii) The Account Party shall execute and deliver such documentation as the Agent may reasonably require in connection therewith, all of which shall be in form and substance acceptable to the Agent and the Issuing Bank; and (iii) (x) At the time of any such written extension request from the Account Party to the Agent, there shall exist no Event of Default hereunder or under any of the other Credit Documents, and (y) on the first day of the Extension Period there shall exist no uncured Event of Default.