Extension or Increase Clause Samples
The 'Extension or Increase' clause allows for the modification of certain terms in an agreement, typically by extending deadlines or increasing quantities, amounts, or durations specified in the contract. In practice, this clause may permit parties to agree to additional time for performance, raise the maximum value of goods or services provided, or expand the scope of work without needing to renegotiate the entire contract. Its core function is to provide flexibility and adaptability within the contractual relationship, ensuring that unforeseen circumstances or evolving needs can be accommodated efficiently.
Extension or Increase. The Borrowers may from time to time --------------------- request the Bank to extend the expiration date of an outstanding Letter of Credit issued by the Bank or to increase the Letter of Credit Undrawn Availability of such Letter of Credit. Such extension or increase shall for all purposes hereunder (including Sections 3.01, 3.02(a) and 5.02) be treated as though the Borrowers had requested issuance of a replacement Letter of Credit; provided, that the Bank may, if it elects, issue an amendment to the Letter of Credit providing for such an extension or increase in lieu of issuing a new Letter of Credit in substitution therefor.
Extension or Increase. The Borrower may from time to time request an Issuing Bank to extend the expiration date of an outstanding Letter of Credit issued by such Issuing Bank or to increase the Letter of Credit Undrawn Availability of such Letter of Credit. Such extension or increase shall for all purposes hereunder (including Sections 3.01(a), 3.01(b)(i) and 5.
Extension or Increase. The Borrower shall have no right hereunder to request the Issuing Bank to extend the expiration date of an outstanding Letter of Credit or to increase the Letter of Credit Undrawn Availability of an outstanding Letter of Credit.
Extension or Increase. (i) Genesis, on behalf of any Borrower, may from time to time request the Issuer (in writing with a copy sent concurrently to the Agent) to extend the expiration date of an outstanding Letter of Credit issued by the Issuer for the account of such Borrower or increase the amount of such Letter of Credit. Each such request shall for all purposes hereunder (including but not limited to Section 5.2 hereof) be treated as though Genesis (on behalf of such Borrower) had requested issuance of a replacement Letter of Credit; provided, however, that if such extension or increase is approved under the terms hereof, the Issuer may, if it elects, issue an amendment to the particular Letter of Credit providing for such an extension or increase in lieu of issuing a new Letter of Credit in substitution for the outstanding Letter of Credit.
(ii) If any Letter of Credit contains an "evergreen" expiration provision, the relevant Borrower may request the Issuer (in writing with a copy sent concurrently to the Agent) to permit the extension of the expiration date of such Letter of Credit for the renewal period provided for therein (so long as such renewal period does not extend beyond the Maturity Date), provided that such request is given not less than 30 days immediately prior to the date as of which, absent contrary notice by the Issuer under such Letter of Credit, such expiration date would automatically be extended thereunder. Each such request shall for all purposes hereunder (including but not limited to Section 5.2 hereof) be treated as though such Borrower had requested issuance of a replacement Letter of Credit; provided, however, that if the extension is approved under the terms hereof, the Issuer need not issue any amendment of or replacement for the outstanding Letter of Credit. In the absence of such request given within such period of time, the Issuer shall give such notice as is required or permitted under such Letter of Credit in order to avoid the extension of such Letter of Credit under such "evergreen" provision, but failure of the Issuer to give such notice shall not impair the rights of the Issuer or the obligations of the Borrowers or the other Lender Parties hereunder. If at any time for any reason any Letter of Credit has an expiration date which extends beyond the Maturity Date, the Borrowers, jointly and severally, shall immediately upon demand by the Agent pay to the Agent, for deposit to the credit of the Letter of Credit Collateral Account, an amo...