OF THAT PAYMENT.
(E)
THE OBLIGATIONS OF EACH L/C LENDER AND BORROWER
UNDER THIS CLAUSE 5.7 ARE CONTINUING OBLIGATIONS AND WILL EXTEND TO THE ULTIMATE
BALANCE OF SUMS PAYABLE BY THAT L/C LENDER IN RESPECT OF ANY DOCUMENTARY CREDIT,
REGARDLESS OF ANY INTERMEDIATE PAYMENT OR DISCHARGE IN WHOLE OR IN PART.
(F)
THE OBLIGATIONS OF ANY L/C LENDER OR BORROWER
UNDER THIS CLAUSE 5.7 WILL NOT BE AFFECTED BY ANY ACT, OMISSION, MATTER OR THING
WHICH, BUT FOR THIS CLAUSE 5.7 WOULD REDUCE, RELEASE OR PREJUDICE ANY OF ITS
OBLIGATIONS UNDER THIS CLAUSE 5.7 (WITHOUT LIMITATION AND WHETHER OR NOT KNOWN
TO IT OR ANY OTHER PERSON) INCLUDING:
(I)
ANY TIME, WAIVER OR CONSENT GRANTED TO, OR
COMPOSITION WITH, ANY OBLIGOR, ANY BENEFICIARY UNDER A DOCUMENTARY CREDIT OR ANY
OTHER PERSON;
(II)
THE RELEASE OF ANY OBLIGOR OR ANY OTHER PERSON
UNDER THE TERMS OF ANY COMPOSITION OR ARRANGEMENT WITH ANY CREDITOR OF ANY
MEMBER OF THE GROUP;
(III)
THE TAKING, VARIATION, COMPROMISE, EXCHANGE,
RENEWAL OR RELEASE OF, OR REFUSAL OR NEGLECT TO PERFECT, TAKE UP OR ENFORCE, ANY
RIGHTS AGAINST, OR SECURITY OVER ASSETS OF, ANY OBLIGOR, ANY BENEFICIARY UNDER A
DOCUMENTARY CREDIT OR ANY OTHER PERSON OR ANY NON-PRESENTATION OR NON-OBSERVANCE
OF ANY FORMALITY OR OTHER REQUIREMENT IN RESPECT OF ANY INSTRUMENT OR ANY
FAILURE TO REALISE THE FULL VALUE OF ANY SECURITY;
69
(IV)
ANY INCAPACITY OR LACK OF POWER, AUTHORITY OR LEGAL
PERSONALITY OF OR DISSOLUTION OR CHANGE IN THE MEMBERS OR STATUS OF AN OBLIGOR,
ANY BENEFICIARY UNDER A DOCUMENTARY CREDIT OR ANY OTHER PERSON;
(V)
ANY AMENDMENT OR RESTATEMENT (HOWEVER FUNDAMENTAL)
OR REPLACEMENT OF A RELEVANT FINANCE DOCUMENT, ANY DOCUMENTARY CREDIT OR ANY
OTHER DOCUMENT OR SECURITY;
(VI)
ANY UNENFORCEABILITY, ILLEGALITY OR INVALIDITY OF ANY
OBLIGATION OF ANY PERSON UNDER ANY RELEVANT FINANCE DOCUMENT, ANY DOCUMENTARY
CREDIT OR ANY OTHER DOCUMENT OR SECURITY; OR
(VII)
ANY INSOLVENCY OR SIMILAR PROCEEDINGS.
5.8
CASH COLLATERAL BY NON-ACCEPTABLE L/C
LENDER
(A)
IF, AT ANY TIME, A LENDER UNDER THE REVOLVING
FACILITY IS A NON-ACCEPTABLE L/C LENDER, THE RELEVANT L/C BANK MAY, BY NOTICE TO
THAT LENDER, REQUEST THAT LENDER TO PAY AND THAT LENDER SHALL PAY, ON OR PRIOR
TO THE DATE FALLING 3 BUSINESS DAYS AFTER THE REQUEST BY SUCH L/C BANK, AN
AMOUNT EQUAL TO THAT LENDER'S L/C PROPORTION OF THE OUTSTANDING AMOUNT OF A
DOCUMENTARY CREDIT ISSUED BY SUCH L/C BANK AND IN THE CURRENCY OF THAT
DOCUMENTARY CREDIT TO AN INTEREST-BEARING ACCOUNT HELD IN THE NAME OF THAT
LENDER WITH SUCH L/C BANK.
(B)
THE NON-ACCEPTABLE L/C LENDER TO WHOM A REQUEST HAS
BEEN MADE IN ACCORDANCE WITH PARAGRAPH (A) ABOVE SHALL ENTER INTO A SECURITY
DOCUMENT OR OTHER FORM OF COLLATERAL ARRANGEMENT OVER THE ACCOUNT, IN FORM AND
SUBSTANCE SATISFACTORY TO THE RELEVANT L/C BANK, AS COLLATERAL FOR ANY AMOUNTS
DUE AND PAYABLE UNDER THE RELEVANT FINANCE DOCUMENTS BY THAT LENDER TO THE L/C
BANK IN RESPECT OF THAT DOCUMENTARY CREDIT.
(C)
UNTIL NO AMOUNT IS OR MAY BE OUTSTANDING UNDER