Automatic Extensions. If any LOC shall provide for the automatic extension of the expiry date thereof unless the Bank gives notice that such expiry date shall not be extended, then the Bank shall allow such LOC to be extended unless such extended expiration date would conflict with Section 2.01(d) or unless the Bank shall have received, at least five (5) Business Days prior to the date on which such notice of non-extension must be delivered under such LOC (or such shorter period acceptable to the Bank), (i) notice from the applicable Applicant directing the Bank not to permit the extension of such LOC, unless an Event of Default has occurred and is continuing (and the Bank shall not permit any LOC to be automatically extended if it has received a timely notice, or (ii) a Block Notice from the Parent Guarantor.
Appears in 3 contracts
Sources: Letter of Credit Facility Agreement (Sunpower Corp), Letter of Credit Facility Agreement (Sunpower Corp), Letter of Credit Facility Agreement (Sunpower Corp)