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

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) Subject to clause (b) below, each 6.4.1 The Borrower may request any Letter of Credit issued shall automatically on its behalf to be renewed on each Expiry Date for a period of 364 days from by delivery to 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 Facility Agent and the Issuing Fronting Bank has notified of a Utilisation Request no earlier than *** redacted commercially sensitive term negotiated between 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 parties *** Business Days before the Expiry Date of such the relevant Letter of Credit confirming that and no later than 5 p.m. on the same shall not be automatically renewed upon *** redacted commercially sensitive term negotiated between 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 parties *** Business Day prior to the Expiry Date of the relevant Letter of Credit. 6.4.2 Each Utilisation Request relating to the renewal of a Letter of Credit is irrevocable and will not be regarded as having been duly completed unless: (cA) it specifies that it is for the renewal of a Letter of Credit; (B) the proposed Utilisation Date is a Business Day within the Availability Period; (C) the currency and amount of the Letter of Credit comply with Clause 6.3 (Currency and amount); (D) a copy of the relevant Letter of Credit to be renewed is attached; (E) the proposed new Expiry Date of the Letter of Credit falls on or before the date which is *** redacted commercially sensitive term negotiated between the parties *** before the Final Maturity Date or, if the Borrower agrees in the relevant Utilisation Request to provide cash cover for that Letter of Credit in accordance with Clause 6.10 (Cash cover in respect of an Extended Letter of Credit), *** redacted commercially sensitive term negotiated between the parties *** years after the Final Maturity Date; (F) the delivery instructions for the Letter of Credit are specified; (G) it has been duly signed by an authorised signatory of the Borrower; and (H) the identity of the beneficiary of the Letter of Credit has been approved by the Fronting Bank (acting reasonably). 6.4.3 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 that: (A) its Term shall start on amount may be less than the date which was amount of the Expiry Date of such Letter of Credit immediately prior to its renewal, ; and (B) its Term shall start on its Utilisation Date and shall end on the new proposed Expiry Date, being Date specified in the earlier of: (i) 12 months thereafter (subject relevant Utilisation Request relating to any further renewal in accordance with Clause 5.6(a)above); and (ii) the Final Maturity Dateits renewal.

Renewal of a Letter of Credit. (a) 6.4.1 Subject to clause Clause 6.1.2 (b) belowDelivery of a Utilisation Request for Letters of Credit), each a Borrower may request any Letter of Credit issued shall automatically on its behalf to be renewed on each Expiry Date for a period of 364 days from by delivery to 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 Agent and the Issuing Fronting 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 Utilisation Request no earlier than 35 Business Days before the Expiry Date of such the relevant Letter of Credit confirming that and no later than 10.00 a.m. on 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 third Business Day prior to the Expiry Date of the relevant Letter of Credit. 6.4.2 Each Utilisation Request relating to the renewal of a Letter of Credit is irrevocable and will not be regarded as having been duly completed unless: (cA) it specifies that it is for the renewal of a Letter of Credit; (B) the proposed Utilisation Date is a Business Day within the period from and including the date of this Agreement to and including the date falling twelve months prior to the Final Maturity Date; (C) the currency and amount of the Letter of Credit comply with Clause 6.3 (Currency and amount); (D) a copy of the relevant Letter of Credit to be renewed is attached; (E) the proposed new Expiry Date of the Letter of Credit falls on or before the fifth Business Day prior to the Final Maturity Date; (F) the delivery instructions for the Letter of Credit are specified; (G) it specifies each of the purposes for which the Letter of Credit is to be applied and includes (i) a confirmation that each such purpose complies with Clause 3.1.2 (Purpose) and (ii) an indication as to whether (in the opinion of the relevant Borrower) such Letter of Credit should be treated as an Eligible Letter of Credit; and (H) it has been duly signed by an authorised signatory of the relevant Borrower. 6.4.3 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 that: (A) its Term shall start on amount may be less than the date which was amount of the Expiry Date of such Letter of Credit immediately prior to its renewal, renewal if requested by the relevant Borrower in the Utilisation Request; and (B) its Term shall start on its Utilisation Date and shall end on the new proposed Expiry Date, being Date specified in the earlier of: (i) 12 months thereafter (subject relevant Utilisation Request relating to any further renewal in accordance with Clause 5.6(a)above); and (ii) the Final Maturity Dateits renewal.