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{{gmslaprov|5.9}} '''{{gmslaprov|Substitutions and extensions of Letters of Credit}}''' | {{gmslaprov|5.9}} '''{{gmslaprov|Substitutions and extensions of Letters of Credit}}''' <br> | ||
Where {{gmslaprov|Collateral}} is a {{gmslaprov|Letter of Credit}}, {{gmslaprov|Lender}} may by notice to {{gmslaprov|Borrower}} require that {{gmslaprov|Borrower}}, on the third {{gmslaprov|Business Day}} following the date of delivery of such notice (or by such other time as the {{gmslaprov|Parties}} may agree), substitute {{gmslaprov|Collateral}} consisting of cash or other {{gmslaprov|Collateral}} acceptable to {{gmslaprov|Lender}} for the {{gmslaprov|Letter of Credit}}. [[Prior to]] the expiration of any {{gmslaprov|Letter of Credit}} supporting {{gmslaprov|Borrower}}’s obligations hereunder, {{gmslaprov|Borrower}} shall, no later than 10.30 a.m. UK time on the second {{gmslaprov|Business Day}} prior to the date such {{gmslaprov|Letter of Credit}} expires (or by such other time as the {{gmslaprov|Parties}} may agree), obtain an extension of the expiration of such {{gmslaprov|Letter of Credit}} or replace such {{gmslaprov|Letter of Credit}} by providing {{gmslaprov|Lender}} with a substitute {{gmslaprov|Letter of Credit}} in an amount at least equal to the amount of the {{gmslaprov|Letter of Credit}} for which it is substituted. <br> | Where {{gmslaprov|Collateral}} is a {{gmslaprov|Letter of Credit}}, {{gmslaprov|Lender}} may by notice to {{gmslaprov|Borrower}} require that {{gmslaprov|Borrower}}, on the third {{gmslaprov|Business Day}} following the date of delivery of such notice (or by such other time as the {{gmslaprov|Parties}} may agree), substitute {{gmslaprov|Collateral}} consisting of cash or other {{gmslaprov|Collateral}} acceptable to {{gmslaprov|Lender}} for the {{gmslaprov|Letter of Credit}}. [[Prior to]] the expiration of any {{gmslaprov|Letter of Credit}} supporting {{gmslaprov|Borrower}}’s obligations hereunder, {{gmslaprov|Borrower}} shall, no later than 10.30 a.m. UK time on the second {{gmslaprov|Business Day}} prior to the date such {{gmslaprov|Letter of Credit}} expires (or by such other time as the {{gmslaprov|Parties}} may agree), obtain an extension of the expiration of such {{gmslaprov|Letter of Credit}} or replace such {{gmslaprov|Letter of Credit}} by providing {{gmslaprov|Lender}} with a substitute {{gmslaprov|Letter of Credit}} in an amount at least equal to the amount of the {{gmslaprov|Letter of Credit}} for which it is substituted. <br> | ||