AGENT DETERMINES THAT ANY APPLICABLE
CONDITION SPECIFIED IN ARTICLE 3 HAS NOT BEEN SATISFIED, THE AGENT WILL MAKE THE
FUNDS SO RECEIVED FROM THE BANKS AVAILABLE TO THE BORROWER REQUESTING SUCH
BORROWING AT THE AGENT'S AFORESAID ADDRESS.
(D)
IF ANY BANK MAKES A NEW LOAN HEREUNDER TO THE BORROWER ON A DAY ON
WHICH THE BORROWER IS TO REPAY ALL OR ANY PART OF AN OUTSTANDING LOAN FROM SUCH
BANK, SUCH BANK SHALL APPLY THE PROCEEDS OF ITS NEW LOAN TO MAKE SUCH REPAYMENT
AND ONLY AN AMOUNT EQUAL TO THE DIFFERENCE (IF ANY) BETWEEN THE AMOUNT BEING
BORROWED AND THE AMOUNT BEING REPAID SHALL BE MADE AVAILABLE BY SUCH BANK TO THE
AGENT AS PROVIDED IN SUBSECTION (C) OF THIS SECTION 2.02, OR REMITTED BY THE
BORROWER TO THE AGENT AS PROVIDED IN SECTION 2.11, AS THE CASE MAY BE.
(E)
UNLESS THE AGENT SHALL HAVE RECEIVED NOTICE FROM A BANK PRIOR TO
THE DATE OF ANY BORROWING THAT SUCH BANK WILL NOT MAKE AVAILABLE TO THE AGENT
SUCH BANK'S SHARE OF SUCH BORROWING, THE AGENT MAY ASSUME THAT SUCH BANK HAS
MADE SUCH SHARE AVAILABLE TO THE AGENT ON
32
THE DATE OF SUCH BORROWING IN ACCORDANCE WITH SUBSECTIONS (C) AND (D) OF THIS
SECTION 2.02 AND THE AGENT MAY, IN RELIANCE UPON SUCH ASSUMPTION, MAKE AVAILABLE
TO THE BORROWER ON SUCH DATE A CORRESPONDING AMOUNT.
IF AND TO THE EXTENT THAT
SUCH BANK SHALL NOT HAVE SO MADE SUCH SHARE AVAILABLE TO THE AGENT, SUCH BANK
AND THE BORROWER SEVERALLY AGREE TO REPAY TO THE AGENT FORTHWITH ON DEMAND SUCH
CORRESPONDING AMOUNT TOGETHER WITH INTEREST THEREON, FOR EACH DAY FROM THE DATE
SUCH AMOUNT IS MADE AVAILABLE TO THE BORROWER UNTIL THE DATE SUCH AMOUNT IS
REPAID TO THE AGENT, AT (I) IN THE CASE OF THE BORROWER, A RATE PER ANNUM EQUAL
TO THE HIGHER OF THE FEDERAL FUNDS RATE AND THE INTEREST RATE APPLICABLE THERETO
PURSUANT TO SECTION 2.06 AND (II) IN THE CASE OF SUCH BANK, THE FEDERAL FUNDS
RATE.
IF SUCH BANK SHALL REPAY TO THE AGENT SUCH CORRESPONDING AMOUNT, SUCH
AMOUNT SO REPAID SHALL CONSTITUTE SUCH BANK'S LOAN INCLUDED IN SUCH BORROWING
FOR PURPOSES OF THIS AGREEMENT.
Section 2.03
Revolving Letters of Credit.
(A)
ISSUANCE OF LETTERS OF CREDIT.
SUBJECT TO THE TERMS AND
CONDITIONS HEREOF, EACH REVOLVING FRONTING BANK AGREES TO ISSUE LETTERS OF
CREDIT UNDER THIS SECTION 2.03(A) UPON THE BORROWER'S REQUEST AND FOR THE
BORROWER'S ACCOUNT OR THE ACCOUNT OF ANY OF THE BORROWER'S SUBSIDIARIES, FROM
TIME TO TIME DURING THE REVOLVING CREDIT PERIOD; PROVIDED, HOWEVER, THAT IN NO
EVENT SHALL (I) THE AGGREGATE AVAILABLE AMOUNT FOR ALL REVOLVING LETTERS OF
CREDIT EXCEED THE REVOLVING CREDIT LOAN FACILITY AT SUCH TIME AND (II) A
REVOLVING LETTER OF CREDIT BE ISSUED WITH AN AVAILABLE AMOUNT IN EXCESS OF THE
UNUSED REVOLVING CREDIT COMMITMENTS OF THE REVOLVING CREDIT LOAN BANKS AT SUCH
TIME.
IN ADDITION, AND NOTWITHSTANDING ANY REFERENCE IN ANY EXISTING LETTER OF
CREDIT TO THE EXISTING BANK CREDIT