The Automatic Extension of Guarantees/SBLCs batch to be configured as part of LCEOD Batch:

• To be processed during BOD
• To be processed during previous EOD, if Extension date is a holiday.

Undertaking with Automatic Extension Period to be considered for automatic extension.

Automatic extension to be processed similar to amendment of expiry date without beneficiary confirmation.

• AMND event to be trigged
• Guarantee issue date will remain the same
• Revised Expiry Date to be computed based on Extension Period. Calendar Days to be considered for extension
  • If Extension Period is Days, revised expiry date to be Current Expiry Date + Number of Days
  • If Extension Period is ONEY, revised expiry date will be same day next year

• Tenor to be recomputed based on revised expiry date.
• Claim Expiry Date, Closure Date and Stop Date to be computed based on extended expiry date.
• Commission to be computed for the extended period based on revised Claim Expiry Date.
• Limit Tracking to be done based on the revised Claim Expiry Date.
• No impact on Collateral.
• Default amendment advice, GUA_AMND_INSTR, will be generated.
• Default FFTs defined at Product will be applicable.

Contracts for which Automatic extension has failed will be picked up during subsequent EODs. Automatic extension will not be applicable beyond Final Expiry Date (Application Date >= Final Expiry Date). Automatic extension will not be applicable if Notification period is provided.