Common use of Extension of the Expiration Date Clause in Contracts

Extension of the Expiration Date. If, after receiving a Notice of Issuance (as defined in the Credit Agreement) requesting an extension of the then current Expiration Date set forth in the Letter of Credit in accordance with the Letter of Credit and the Credit Agreement, the Issuing Bank intends to elect not to extend such Expiration Date, the Issuing Bank shall provide written notice to the Borrower of such intention on or before the date that is sixty (60) days prior to such Expiration Date. In addition, if the Issuing Bank makes such election to not extend the scheduled Expiration Date, the Issuing Bank shall provide written notice of the Issuing Bank’s election to the Trustee on or before the date that is forty-five (45) days prior to such Expiration Date. The determination whether to extend the Expiration Date shall be in the independent absolute discretion of the Issuing Bank.”

Extension of the Expiration Date. If, after receiving a Notice of Issuance (as defined in the Credit Agreement) requesting an extension of the then current Expiration Date set forth in the a Letter of Credit in accordance with the such Letter of Credit and the Credit Agreement, the Issuing Bank intends to elect not to extend such Expiration Date, the Issuing Bank shall provide written notice to the Borrower of such intention on or before the date that is sixty (60) days prior to such Expiration Date. In addition, if the Issuing Bank makes such election to not extend the scheduled Expiration Date, the Issuing Bank shall provide written notice of the Issuing Bank’s election to the Trustee on or before the date that is forty-five (45) days prior to such Expiration Date. The determination whether to extend the Expiration Date shall be in the independent absolute discretion of the Issuing Bank.”