Common use of Renewal of a Letter of Credit Clause in Contracts

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 The Borrower may request that any Letter of Credit issued on its behalf of the Borrower be renewed by delivery to the Agent Issuing Person of a Renewal Request in substantially similar form to a Utilisation Request for a Letter of Credit 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 Issuing Person shall treat any Renewal Request in the same way as a Utilisation Request for a Letter of Credit except that the conditions condition set out in paragraphs paragraph (e) and (h) of Clause 6.4 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 before its renewal, except that: (i) its amount may be less than the amount of the Letter of Credit immediately prior to before its renewal; and (ii) its Term shall start on the date which was the Expiry Date of the Letter of Credit immediately prior to before its renewal, and shall end on the proposed Expiry Date specified in the Renewal Request. (d) Subject to paragraph (c) above and paragraph (e) below, if the conditions set out in this Agreement have been met, the Issuing Agent Person shall amend and or re-issue any Letter of Credit pursuant to under a Renewal Request. (e) The Issuing Agent and the Lenders under the Revolving Facility to be utilised will be under no obligation to renew Where a new Letter of Credit if they consideris to be issued to replace by way of renewal an existing Letter of Credit, 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 Person is not required to issue that new Letter of Credit until the form Letter of the provision of cash cover, counter-indemnities or return of the original instrument Credit being replaced has been returned to the Issuing Agent) as a condition precedent Person or the Issuing Person is satisfied either that it will be returned to granting such renewalit or otherwise that no liability can arise under it.

Renewal of a Letter of Credit. (a) A Borrower (or the Parent on its behalf) may request that any Letter of Credit issued on its 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, 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 Subject to the provision in paragraph (d) of Clause 6.5 (Issue of Letters of Credit), 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 condition set out in paragraphs paragraph (e) and (h) of Clause 6.4 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, (or if a different date is specified, on that date) and shall end on the proposed Expiry Date specified in the Renewal Request. (d) Subject to paragraph (e) below, if If the conditions set out in this Agreement have been met, the relevant Issuing Agent Bank 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 Where a new Letter of Credit if they consideris to be issued to replace by way of renewal of an existing Letter of Credit, acting reasonably, the relevant Issuing Bank is not required to issue that new Letter of Credit until the conditions or the process for renewal involve a risk Letter 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 Credit being replaced has been returned to the Issuing Agent) as a condition precedent Bank or the Issuing Bank is satisfied either that it will be returned to granting such renewalit or otherwise that no liability can arise under it.

Renewal of a Letter of Credit. (a) A Borrower (or the Obligors’ Agent on its behalf) may request that any Letter of Credit issued on its 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, 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 condition set out in paragraphs paragraph (e) and (hg) of Clause 6.4 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) Subject to paragraph (e) below, if the conditions set out in this Agreement have been met, the Issuing Agent Bank 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 Where a new Letter of Credit if they consideris to be issued to replace by way of renewal an existing Letter of Credit, 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 Bank is not required to issue that new Letter of Credit until the form Letter of the provision of cash cover, counter-indemnities or return of the original instrument Credit being replaced has been returned to the Issuing Agent) as a condition precedent Bank or the Issuing Bank is satisfied either that it will be returned to granting such renewalit or that no liability can arise under the existing Letter of Credit.