Common use of Request for Extension or Increase or Decrease Clause in Contracts

Request for Extension or Increase or Decrease. ACE may from time to time during the Availability Period request, upon at least three Business Days’ notice (given not later than 11:00 A.M.), that the Bank extend the expiration date of an outstanding LOC or increase (or, with the consent of the beneficiary, decrease) the Stated Amount of an outstanding LOC by delivering to the Bank a written request therefor. Any request for an extension or increase or decrease shall for all purposes hereof (including for purposes of Section 2.02(a)) be treated as though ACE had requested the issuance of a replacement LOC (except that the Bank may, if it elects, issue a notice of extension or increase or decrease in lieu of issuing a new LOC in substitution for an outstanding LOC).