Common use of Issuances and Extensions Clause in Contracts

Issuances and Extensions. On the terms and subject to the conditions of this Agreement (including Article VI), the applicable Issuer or Issuers shall issue Letters of Credit (and extend the Stated Expiry Dates of outstanding Letters of Credit) in accordance with the Issuance Requests made therefor pursuant to Section 4.2. Each Issuer will make available the original of each Letter of Credit which it issues in accordance with the Issuance Request therefor to the beneficiary thereof, and will promptly provide each of the Lenders with a copy of such Letter of Credit (and will notify the beneficiary under any such Letter of Credit of any extension of the Stated Expiry Date thereof). Each Letter of Credit (as defined in the Existing Credit Facility) outstanding under the Existing Credit Facility on the Closing Date (each, an "Existing Letter of Credit") shall be deemed to have been issued hereunder on the Closing Date and, on and as of the Closing Date, each Issuer of each Existing Letter of Credit hereby releases each Lender (as defined in the Existing Credit Facility) from all obligations under the Existing Credit Facility in respect of any Existing Letter of Credit.