Extension of Letters of Credit. At least 120 days but not more than 365 days before the Stated Expiration Date of a Letter of Credit, the Company may request the Banks, by giving written notice of such request to the Administrating Bank, to extend the Stated Expiration Date of such Letter of Credit, specifying the terms and conditions, including fees, to be applicable to such extension. The Administrating Bank shall promptly notify the Funding Bank and each Participating Bank of such request, and no later than 60 days from the date on which the Administrating Bank shall have received notice from the Company pursuant to the preceding sentence, the Administrating Bank shall notify the Company of the consent or nonconsent of the Banks to such extension request, and if the Administrating Bank shall give no such notice to the Company, the Banks shall be deemed not to have consented to such extension request. No extension shall be effective without the consent of the Funding Bank and each of the Banks. The Banks' consent shall be conditional upon the preparation, execution and delivery of legal documentation in form and substance satisfactory to the Banks and their counsel incorporating substantially the terms and conditions contained in the extension request as the same may be modified by agreement among the Company and the Banks.
Extension of Letters of Credit. 4.1 Bank Notification Each Bank acknowledges that the Account Party may request one or more extensions of a Letter of Credit hereunder, and that pursuant to the terms thereof each Letter of Credit shall be extended automatically for a further year each year unless Lloyd's receives notice to the contrary. Accordingly, each Bank undertakes to notify the Agent in writing as soon as reasonably practicable after it has determined that it will not agree to a requested extension, and in any event by no later than close of business on the date which falls ten weeks prior to the first date which Lloyd's notifies as being the Funds Date of such year and the Agent shall give notice thereof to the Account Party within two Business Days of notification from such Bank. Unless notice is given to the Agent as aforesaid each Bank will be deemed automatically to have agreed to such extension.
Extension of Letters of Credit. If (a) any Letter of Credit provides that the term thereof will be automatically extended or renewed (by issuance of a substitute Letter of Credit or otherwise) unless notice is given by the Issuing Bank on or before a specified date (hereinafter called the "Extension Refusal Date") that such Issuing Bank will not permit such extension or renewal or (b) the Company requests the extension or renewal of any other Letter of Credit, then for purposes of Sections 2.01, 2.04, and 4.03 of this Agreement, any such renewal or extension granted by the Issuing Bank (hereinafter called an "Extension") shall be deemed to be the issuance of a new Letter of Credit and such issuance shall be deemed to occur on the Extension Refusal Date in the case of a Letter of Credit described in clause (a) above, or the date of such request in the case of a Letter of Credit described in clause (b) above; provided, however, that (i) such extension shall not cause the respective Letter of Credit to expire later than the earlier of (A) one year from the extension date or (B) the Termination Date; (ii) the Extension shall not be deemed to cause any duplication of the amount of such Letter of Credit for purposes of determining compliance with subsection 2.01(b); (iii) the Issuing Bank shall receive at least ten but not more than thirty Business Days' prior written notice of such Extension, and the accompanying Letter of Credit Application shall state that it relates to such Extension and shall specify the related Extension Refusal Date, if any; and (iv) no document need be delivered by the Issuing Bank pursuant to subsection 2.04(c) with respect to any Letter of Credit described in clause (a) above unless the terms of such Letter of Credit so require.
Extension of Letters of Credit. The Borrowers hereby request the Banks to extend the stated expiration date of the Letters of Credit to February 15, 1997. Subject to the payment of the extension fee set forth in section 4 of this Amendment and to the other conditions precedent hereinafter set forth, the Issuing Bank will extend the stated expiration date of the Letters of Credit to February 15, 1997, such extension to be effected through the issuance by the Issuing Bank to the Greenbrier Trustee, the Houma Trustee, the HSA Trustee, the Carolina Trustee and the Gulf Coast Trustee, respectively, of an Amendment No. 1 to each of the outstanding Letters of Credit effective as of September 15, 1995.
Extension of Letters of Credit. Notwithstanding the provisions of this Paragraph 2A.1 requiring that the final expiry of each Letter of Credit be on or before the Termination Date, Bank hereby agrees that it may issue, upon Borrowers' request if required by a proposed beneficiary, a Letter of Credit which by its terms may be extended beyond the Termination Date. With respect to any such Letter of Credit issued hereunder, Borrowers hereby agree that they will deliver on or before the Termination Date cash collateral in an amount equal to one hundred ten percent (110%) of the outstanding undrawn amount of each such Letter of Credit pursuant to Paragraph 2A.5 hereof.
Extension of Letters of Credit. Section 19 of the Existing Agreement is hereby amended by deleting the phrase “Banks’ consent shall be conditional upon the preparation” in its entirety and substituting therefor the new phrase “Banks’ consent shall be conditional upon, among other things, the preparation”.
Extension of Letters of Credit. Notwithstanding the provisions of this Section 3.1 requiring that the final expiry of each Letter of Credit be on or before the Termination Date, Lenders hereby agree that the Agent may issue, upon Borrower's request if required by a proposed beneficiary, a Letter of Credit which by its terms may be extended beyond the Termination Date. With respect to any such Letter of Credit issued hereunder, Borrower hereby agrees it will deliver to Agent on or before the Termination Date cash collateral as required by Section 3.6 hereof.
Extension of Letters of Credit. 4.1 Right to Request Extension Each Bank acknowledges that the Account Party may request one or more extensions of a Letter of Credit hereunder, in accordance with this Clause 4.
Extension of Letters of Credit. AUTOMATIC EXTENSION
Extension of Letters of Credit. 2.1 The Borrower hereby requests that Xxxxxx Trust and Savings Bank, in its individual capacity as issuer of the Letters of Credit supporting the Tax-Exempt Financings, extend the Stated Termination Date of each of such Letters of Credit from November 30, 2001 to November 30, 2003.
