Common use of Renewal of a Bank Guarantee Clause in Contracts

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. 6.6.1 The Borrower (or the Parent on its behalf) may request that any Bank Guarantee issued on its behalf by an Issuing Bank be renewed by delivery to the Agent respective Issuing Bank 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 respective Issuing Bank 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 respective Issuing Bank shall amend and re issue reissue any Bank Guarantee pursuant to a Renewal Request.

Renewal of a Bank Guarantee. 6.6.1 (a) 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 (b) The Finance Parties shall treat any Renewal Request in the same way as a Utilisation Request for a Bank GuaranteeGuarantee except that the conditions set out in Clauses 6.7(d) and 6.7(g) shall not apply. 6.6.3 (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: (ai) its amount may be less than the amount of the Bank Guarantee immediately prior to its renewal; and (bii) 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 (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 re-issue any Bank Guarantee pursuant to a Renewal Request.

Renewal of a Bank Guarantee. 6.6.1 The (a) A 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 (b) The Finance Parties shall treat any Renewal Request in the same way as a Utilisation Request for a Bank GuaranteeGuarantee except that the conditions set out in Clauses 6.7(d) and 6.7(g) shall not apply. 6.6.3 (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: (ai) its amount may be less than the amount of the Bank Guarantee immediately prior to its renewal; and (bii) 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 (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 re-issue any Bank Guarantee pursuant to a Renewal Request.