Renewal of a Letter of Credit. (a) A Borrower may request that any Letter of Credit issued on its behalf be renewed by delivery to the relevant Facility 1 Lender 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 Letter of Credit except that the conditions set out in clause 5.2(a)(iv)(B), (C) and (E) (Completion of a Utilisation Request) shall not apply.
(c) The terms of each renewed Letter of Credit shall be the same as those of the relevant Letter of Credit immediately prior to its renewal, except that:
(i) its amount may be less than the amount of the Letter of Credit immediately prior to its renewal; and
(ii) its Term shall start on the date which was the Expiry Date of the Letter of Credit 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, the relevant Facility 1 Lender shall (without prejudice to the uncommitted nature of the Facilities) amend and re-issue any Letter of Credit pursuant to a Renewal Request.
Renewal of a Letter of Credit. (a) A Borrower may request any Letter of Credit issued on its behalf be renewed by delivery to the Agent of a Renewal Request by the Specified Time, and with respect to any Letter of Credit which is by its terms deemed to be automatically extended, such Letter of Credit shall be so renewed subject to the terms thereof.
(b) The Finance Parties shall treat any Renewal Request in the same way as a Utilisation Request for a Letter of Credit except that the conditions set out in paragraphs (e) and (h) of Clause 6.4 (Completion of a Utilisation Request for Letters of Credit) shall not apply.
(c) The terms of each renewed Letter of Credit shall be the same as those of the relevant Letter of Credit immediately prior to its renewal, except that:
(i) its amount may be less than the amount of the Letter of Credit immediately prior to its renewal; and
(ii) its Term shall start on the date which was the Expiry Date of the Letter of Credit immediately prior to its renewal, and shall end on the proposed Expiry Date specified in the Renewal Request.
(d) Subject to paragraph (e) below, if the conditions set out in this Agreement have been met, the Issuing Agent shall amend and re-issue any Letter of Credit pursuant to a Renewal Request.
(e) The Issuing Agent and the Lenders under the Revolving Facility to be utilised will be under no obligation to renew a Letter of Credit if they consider, acting reasonably, that the conditions or the process for renewal involve a risk of double exposure at any given time, in which case the Issuing Agent may require comfort (including in the form of the provision of cash cover, counter-indemnities or return of the original instrument to the Issuing Agent) as a condition precedent to granting such renewal.
Renewal of a Letter of Credit. (a) A Borrower (or the Company on its behalf) may request that any Letter of Credit issued on behalf of that Borrower be renewed by delivery to the Agent of a Renewal Request in substantially similar form to a Utilisation Request for a Letter of Credit by the Specified Time.
(b) The Finance Parties shall treat any Renewal Request in the same way as a Utilisation Request for a Letter of Credit except that the conditions set out in paragraph (d) of Clause 6.3 (Completion of a Utilisation Request for Letters of Credit) shall not apply.
(c) The terms of each renewed Letter of Credit shall be the same as those of the relevant Letter of Credit immediately prior to its renewal, except that:
(i) its amount may be less than the amount of the Letter of Credit immediately prior to its renewal; and
(ii) its Term shall start on the date which was the Expiry Date of the Letter of Credit 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, the Issuing Bank shall amend and re-issue any Letter of Credit pursuant to a Renewal Request.
Renewal of a Letter of Credit. (a) Subject to clause (b) below, each Letter of Credit issued shall automatically be renewed on each Expiry Date for a period of 364 days from the relevant Expiry Date subject always to no Letter of Credit extending beyond the Final Maturity Date.
(b) A Letter of Credit shall not be automatically renewed if:
(i) a Default exists and the Issuing Bank has notified the relevant Borrower in writing at least 60 days prior to the Expiry Date that the Letter of Credit will not be renewed; or
(ii) the relevant Borrower has notified the Issuing Bank in writing at least 40 days prior to the Expiry Date that it does not wish the Letter of Credit to be renewed, and, in each case, the Issuing Bank has sent a notice to the beneficiaries of such Letter of Credit at least 30 days prior to the Expiry Date of such Letter of Credit confirming that the same shall not be automatically renewed upon the Expiry Date. In the event that the Issuing Bank has agreed to issue a Letter of Credit with a notice period to the beneficiaries of 60 days, the time period set out in b(ii) above shall be increased to 70 days prior to the Expiry Date of the relevant Letter of Credit.
(c) The terms of each renewed Letter of Credit shall be the same as those of the relevant Letter of Credit immediately prior to its renewal, except that its Term shall start on the date which was the Expiry Date of such Letter of Credit immediately prior to its renewal, and shall end on the new Expiry Date, being the earlier of:
(i) 12 months thereafter (subject to any further renewal in accordance with Clause 5.6(a)above); and
(ii) the Final Maturity Date.
Renewal of a Letter of Credit. (A) The Borrower may request any Letter of Credit issued on its behalf be renewed by delivery to the Senior Facility Agent and the relevant LC Issuing Bank of a Renewal Request by the sixth Business Day before the date of the proposed renewal.
(B) The Senior Lenders shall treat any Renewal Request in the same way as a Utilisation Request for a Letter of Credit except that the conditions set out in paragraph (E) of clause 7.4 (
Renewal of a Letter of Credit. A Borrower (or the Company on its behalf) may request that any Letter of Credit issued on behalf of that Borrower be renewed by delivery to the Agent of a Renewal Request in substantially similar form to a Utilisation Request for a Letter of Credit by the Specified Time.
Renewal of a Letter of Credit. (a) A Borrower (or the Parent on its behalf) may request that any Letter of Credit issued on behalf of that Borrower be renewed by delivery to the Facility Agent of a Renewal Request in substantially similar form to a Utilisation Request for a Letter of Credit by the Specified Time.
Renewal of a Letter of Credit. (i) Not less than three Business Days before the Expiry Date of a Letter of Credit the Borrower may, by written notice to the Agent, request that the Term of that Letter of Credit be extended.
(ii) The Finance Parties shall treat the request in the same way as a Utilisation Request for a Letter of Credit in the amount and maturity of the Letter of Credit (as to be extended).
(iii) The terms of each renewed Letter of Credit shall be the same as those of the relevant Letter of Credit immediately prior to its renewal, save that its Term shall commence on the date which was the Expiry Date of that Letter of Credit immediately prior to its renewal and shall end on the proposed Expiry Date specified in the request.
(iv) The Fronting Bank is authorised to amend any Letter of Credit pursuant to a request if the conditions set out in this Agreement have been complied with.
Renewal of a Letter of Credit. (a) A Borrower (or the Company on its behalf) may request that any Letter of Credit issued on behalf of that Borrower be renewed by delivery to the Facility Agent of a request (a “Renewal Request”) in substantially similar form to a Utilisation Request for a Letter of Credit.
(b) Unless the Facility Agent otherwise agrees, the latest time for receipt by the Facility Agent of a duly completed Renewal Request is 11:00 a.m. three Business Days before the proposed Utilisation Date.
(c) The Finance Parties shall treat any Renewal Request in the same way as a Utilisation Request for a Letter of Credit except that the condition set out in paragraph (e) of Clause 6.2 (Completion of a Utilisation Request) shall not apply.
(d) The terms of each renewed Letter of Credit shall be the same as those of the relevant Letter of Credit immediately prior to its renewal, except that:
(i) its amount may be less than the amount of the Letter of Credit immediately prior to its renewal; and
(ii) its date of issue shall be the date which was the Maturity Date of the Letter of Credit immediately prior to its renewal, and shall end on the proposed Maturity Date specified in the Renewal Request.
(e) If the conditions set out in this Agreement have been met, the Issuing Bank shall amend and re-issue any Letter of Credit pursuant to a Renewal Request.
Renewal of a Letter of Credit. (a) A Borrower (or the Parent on its behalf) may request that any Letter of Credit issued on behalf of that Borrower be renewed by delivery to the Facility Agent of a Renewal Request in substantially similar form to a Utilisation Request for a Letter of Credit by the Specified Time.
(b) The Finance Parties shall treat any Renewal Request in the same way as a Utilisation Request for a Letter of Credit except that the conditions set out in paragraph (e) of Clause 6.3 (
