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

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) A Borrower (or the Company Loan Parties’ Agent on its behalf) may request that any Letter of Credit issued on behalf of that Borrower be renewed by delivery to the Administrative Agent of a Renewal Request in substantially similar form to a Utilisation Utilization Request for a Letter of Credit by not later 10:00 a.m, London time, three Business Days before the Specified Timedate of the proposed Utilization. (b) The Finance Parties shall treat any Renewal Request in the same way as a Utilisation Utilization Request for a Letter of Credit except that the conditions set out in paragraph (df) of Clause 6.3 Section 2.318 (Completion of a Utilisation Utilization 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) A Borrower (or the Company on its behalf) may request that any Letter of Credit issued on behalf of that Borrower be renewed or the face value be amended by delivery to the Facility Agent of a Renewal Request in substantially similar form to a Utilisation Request for a Letter of Credit by at least three Business Days before the Specified Timeexpiry date of that Letter of Credit. (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 (dClause 6.2(f) of Clause 6.3 (Completion of a Utilisation Request for Letters of CreditRequests) shall not apply. (c) The terms of each renewed or amended Letter of Credit shall be the same as those of the relevant Letter of Credit immediately prior to its renewalrenewal or amendment, except that: (i) its amount may be more (subject to Clause 6.4 (Conditions precedent)) or less than the amount of the Letter of Credit immediately prior to its renewalrenewal or amendment; and (ii) its Term shall start on the date specified in the Renewal Request (provided such date is at least three Business Days after the date of that Renewal Request) or, if unspecified, the date which was the Expiry Date expiry date of the Letter of Credit immediately prior to its renewalrenewal or amendment, and shall end on the proposed Expiry Date expiry date specified in the Renewal Request. (d) If the conditions set out in this Agreement Clause 6.5 have been met, the Issuing Bank shall amend and and/or re-issue any Letter of Credit pursuant to a Renewal Request.

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 and the Issuing Bank 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 (df) 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 shall: (i) amend and re-issue any Letter of Credit pursuant to a Renewal Request; and (ii) provide a copy of such amended and re-issued Letter of Credit to the Facility Agent.

Renewal of a Letter of Credit. (a) A Revolving Facility Borrower (or the Company on its behalf) may request that any Letter of Credit issued on behalf of that Revolving Facility 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 (df) 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.