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This excerpt taken from the FL 8-K filed May 21, 2008. Expiry Dates. No Letter of Credit shall have an expiry date later than the LC Termination Date. Subject to the preceding sentence and to Section 2.16(e):
(i) each Letter of Credit shall, when issued, have an expiry date on or before the first anniversary of the date on which it is issued; and
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(ii) the expiry date of any Letter of Credit may, at the request of the Borrower, be extended from time to time for a period not exceeding one year so long as the applicable LC Agent agrees to so extend such Letter of Credit (or, in the case of an Auto-Extension Letter of Credit, its right to give a notice to prevent the extension thereof expires). (c) |
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