Renewal of a Bank Guarantee. 6.6.1 The Borrower (or the Parent on its behalf) may request that any Bank Guarantee issued on its behalf be renewed by delivery to the Agent of a Renewal Request in substantially similar form to a Utilisation Request for a Bank Guarantee by the Specified Time.
6.6.2 The Finance Parties shall treat any Renewal Request in the same way as a Utilisation Request for a Bank Guarantee.
6.6.3 The terms of each renewed Bank Guarantee shall be the same as those of the relevant Bank Guarantee immediately prior to its renewal, except that:
(a) its amount may be less than the amount of the Bank Guarantee immediately prior to its renewal; and
(b) its Term shall start on the date which was the Expiry Date of the Bank Guarantee immediately prior to its renewal, and shall end on the proposed Expiry Date specified in the Renewal Request.
6.6.4 If the conditions set out in this Agreement have been met, the Issuing Bank shall amend and re issue any Bank Guarantee pursuant to a Renewal Request.
Renewal of a Bank Guarantee. (a) The Borrower may request any Bank Guarantee issued on its behalf be renewed by delivery to the Agent of a Renewal Request by the Specified Time.
(b) The Finance Parties shall treat any Renewal Request in the same way as a Utilisation Request for a Bank Guarantee except that the conditions set out in paragraphs (d) and (g) of Clause 6.4 (Completion of a Utilisation Request for Bank Guarantee) shall not apply.
(c) The terms of each renewed Bank Guarantee shall be the same as those of the relevant Bank Guarantee immediately prior to its renewal, except that:
(i) its amount may be less than the amount of the Bank Guarantee immediately prior to its renewal; and
(ii) its Term shall start on the date which was the Expiry Date of the Bank Guarantee immediately prior to its renewal, and shall end on the proposed Expiry Date specified in the Renewal Request.
(d) If the conditions set out in this Agreement have been met, (and subject to Clause 6.8 (Issuing Bank right of refusal)) the Issuing Bank shall amend and re-issue any Bank Guarantee pursuant to a Renewal Request.
6.8 Issuing Bank right of refusal
(a) The Agent has the right at any time to refuse to renew or issue a Bank Guarantee and require the Borrower to find a replacement bank to provide a replacement bank guarantee as soon as possible but in any event no later than 30 days prior to the Expiry Date of the existing Bank Guarantee.
(b) The Borrower hereby agrees to provide a replacement bank guarantee in accordance with paragraph (a) above.
Renewal of a Bank Guarantee. (a) Not less than three Business Days before the Expiry Date of a Bank Guarantee a Borrower may, by written notice to the Agent, request that the Term of that Bank Guarantee be extended.
(b) The Finance Parties shall treat the request in the same way as a Utilisation Request for a Bank Guarantee in the amount and maturity of the Bank Guarantee (as to be extended).
(c) The terms of each renewed Bank Guarantee shall be the same as those of the relevant Bank Guarantee immediately prior to its renewal, save that its Term shall commence on the date which was the Expiry Date of that Bank Guarantee immediately prior to its renewal and shall end on the proposed Expiry Date specified in the request.
(d) A Fronting Bank is authorised to amend any Bank Guarantee pursuant to a request if the conditions set out in this Agreement have been complied with.
Renewal of a Bank Guarantee. 6.4.1 Not less than five Business Days before the Expiry Date of a Bank Guarantee the Revolving Borrower which requested such Bank Guarantee may, by written notice to the Facility Agent substantially in the form of a Notice of Drawdown, request that the Term of such Bank Guarantee be extended.
6.4.2 The Finance Parties shall treat such request in the same way as a Notice of Drawdown for a Bank Guarantee save that the condition set out in sub-clause 6.1.1 of Clause 6.1 (UTILISATION CONDITIONS FOR THE REVOLVING FACILITY) shall not apply.
6.4.3 The terms of each renewed Bank Guarantee shall be the same as those of the relevant Bank Guarantee immediately prior to its renewal, save that its Term shall commence on the date which was the Expiry Date of such Bank Guarantee immediately prior to its renewal and shall end on the proposed Expiry Date specified in such request.
6.4.4 The Fronting Bank is authorised to (a) amend any such Bank Guarantee or (b) issue a new Bank Guarantee pursuant to such request in each case if the conditions set out in this Agreement have been complied with.
Renewal of a Bank Guarantee. (a) The Borrower may request any Bank Guarantee issued on its behalf be renewed by delivery to the Agent of a Renewal Request by the Specified Time.
(b) The Finance Parties shall treat any Renewal Request in the same way as a Utilisation Request for a Bank Guarantee except that the conditions set out in paragraphs (d) and (g) of Clause 6.4 (Completion of a Utilisation Request for Bank Guarantee) shall not apply.
(c) The terms of each renewed Bank Guarantee shall be the same as those of the relevant Bank Guarantee immediately prior to its renewal, except that:
(i) its amount may be less than the amount of the Bank Guarantee immediately prior to its renewal; and
(ii) its Term shall start on the date which was the Expiry Date of the Bank Guarantee immediately prior to its renewal, and shall end on the proposed Expiry Date specified in the Renewal Request.
(d) If the conditions set out in this Agreement have been met, (and subject to Clause 6.8 (Issuing Bank right of refusal)) the Issuing Bank shall amend and re-issue any Bank Guarantee pursuant to a Renewal Request.
6.8 Issuing Bank right of refusal
(a) The Agent has the right at any time to refuse to renew or issue a Bank Guarantee and require the Borrower to find a replacement bank to provide a replacement bank guarantee as soon as possible but in any event no later than 30 days prior to the Expiry Date of the existing Bank Guarantee.
(b) The Borrower hereby agrees to provide a replacement bank guarantee in accordance with paragraph (a) above.
