Common use of Extension of Expiry Date Clause in Contracts

Extension of Expiry Date. At any time there shall remain less than sixty (60) days to the Expiry Date of any Letter of Credit, the Company may, by delivery to the Bank of a Request for Extension in the form attached hereto as Exhibit F, request that the Bank extend the Expiry Date of such Letter of Credit for a period of six (6) months. The Bank will consider such request only if (a) the Bank receives evidence satisfactory to it that the Pension Fund L/C which secures the Letter of Credit for which such request has been made has been extended to have an expiry date of at least fifteen (15) days after the extended Expiry Date, and (b) at the time of such extension, the Pension Fund which has issued the Pension Fund L/C which secures such Letter of Credit has an S&P credit rating of “A-“ or higher. The Request for Extension must be received by the Bank at least five (5) Business Days prior to the Expiry Date to which the request relates and the extended Pension Fund L/C must be received by the Bank at least two (2) Business Days prior to such Expiry Date. Any date to which any Expiry Date has been extended in accordance with this Section 2.12 may be extended in like manner for one (1) additional six (6) month period.

Extension of Expiry Date. At any time there shall remain less than sixty (60) days to the Expiry Date of any Letter of Credit, the Company may, by delivery to the Bank of a Request for Extension in the form attached hereto as Exhibit F, request that the Bank extend the Expiry Date of such Letter of Credit for a period of six (6) months. The Bank will consider such request only if (a) the Bank receives evidence satisfactory to it that the Pension Fund L/C which secures the Letter of Credit for which such request has been made has been extended to have an expiry date of at least fifteen (15) days after the extended Expiry Date, and (b) at the time of such extension, the Pension Fund which has issued the Pension Fund L/C which secures such Letter of Credit has an S&P credit rating of “A-“ or A-”or higher. The Request for Extension must be received by the Bank at least five (5) Business Days prior to the Expiry Date to which the request relates and the extended Pension Fund L/C must be received by the Bank at least two (2) Business Days prior to such Expiry Date. Any date to which any Expiry Date has been extended in accordance with this Section 2.12 may be extended in like manner for one (1) additional six (6) month period.