THE SOLVENCY OR FINANCIAL RESPONSIBILITY OF ANY
PARTY ISSUING ANY DOCUMENTS IN CONNECTION WITH A LETTER OF CREDIT;
(IX)
ANY FAILURE OR DELAY IN NOTICE OF SHIPMENTS
OR ARRIVAL OF ANY PROPERTY;
(X)
ANY ERROR IN THE TRANSMISSION OF ANY
MESSAGE RELATING TO A LETTER OF CREDIT NOT CAUSED BY THE ISSUER, OR ANY DELAY OR
INTERRUPTION IN ANY SUCH MESSAGE;
(XI)
ANY ERROR, NEGLECT OR DEFAULT OF ANY
CORRESPONDENT OF
THE ISSUER IN CONNECTION WITH A LETTER OF CREDIT;
(XII)
ANY CONSEQUENCE ARISING FROM ACTS OF GOD, WAR,
INSURRECTION, CIVIL UNREST, DISTURBANCES, LABOR DISPUTES, EMERGENCY CONDITIONS
OR OTHER CAUSES BEYOND THE CONTROL OF THE ISSUER;
(XIII)
SO LONG AS THE ISSUER IN GOOD FAITH DETERMINES
THAT THE CONTRACT OR DOCUMENT APPEARS TO COMPLY WITH THE TERMS OF THE LETTER OF
CREDIT, THE FORM, ACCURACY, GENUINENESS OR LEGAL EFFECT OF ANY CONTRACT OR
DOCUMENT REFERRED TO IN ANY DOCUMENT SUBMITTED TO THE ISSUER IN CONNECTION WITH
A LETTER OF CREDIT; AND
28
(XIV)
WHERE THE ISSUER HAS ACTED IN GOOD FAITH AND
OBSERVED GENERAL BANKING USAGE, CUSTOMS OR PRACTICES, ANY OTHER CIRCUMSTANCES
WHATSOEVER.
(I)
IF THE BORROWER REQUESTS THAT THE
TERM(S) OF ONE OR MORE LETTERS OF CREDIT EXTEND BEYOND THE MATURITY DATE AND THE
LENDER AND THE ISSUER SO APPROVE PURSUANT TO SECTION 2.6(A), THE BORROWER AGREES
THAT IT WILL ESTABLISH UNDER A NEW LETTER OF CREDIT REIMBURSEMENT FACILITY TO BE
ENTERED INTO ON THE MATURITY DATE (SUCH FACILITY TO BE EVIDENCED BY
DOCUMENTATION COMPARABLE IN ALL MATERIAL RESPECTS TO THE DOCUMENTATION
EVIDENCING THE LETTER OF CREDIT REIMBURSEMENT FACILITY(IES) TERMINATED THE DATE
HEREOF), AND THEREAFTER MAINTAIN SO LONG AS ANY LETTER OF CREDIT REMAINS
OUTSTANDING OR ANY AMOUNT IS PAYABLE TO THE ISSUER OR THE LENDER IN RESPECT OF
ANY SUCH LETTERS OF CREDIT, A SPECIAL COLLATERAL ACCOUNT PURSUANT TO
ARRANGEMENTS SATISFACTORY TO THE LENDER (THE "LC COLLATERAL ACCOUNT") IN THE
NAME OF THE BORROWER BUT UNDER THE SOLE DOMINION AND CONTROL OF THE LENDER, FOR
THE BENEFIT OF THE ISSUER AND THE LENDER, AND SHALL CAUSE FUNDS TO BE MAINTAINED
IN THE LC COLLATERAL ACCOUNT IN AN AMOUNT SUFFICIENT TO PAY ALL OBLIGATIONS OF
THE BORROWER WITH RESPECT TO SUCH OUTSTANDING LETTERS OF CREDIT.
THE BORROWER
SHALL PLEDGE, AND GRANT TO THE LENDER, FOR THE BENEFIT OF THE LENDER AND THE
ISSUER, A SECURITY INTEREST IN ALL OF THE BORROWER'S RIGHT, TITLE AND INTEREST
IN AND TO ALL FUNDS WHICH MAY FROM TIME TO TIME BE ON DEPOSIT IN THE LC
COLLATERAL ACCOUNT, TO SECURE THE PROMPT AND COMPLETE PAYMENT AND PERFORMANCE OF
THE OBLIGATIONS WITH RESPECT TO THE OUTSTANDING LETTERS OF CREDIT.
THE LENDER
WILL INVEST ANY FUNDS ON DEPOSIT FROM TIME TO TIME IN ANY LC COLLATERAL ACCOUNT
IN CERTIFICATES OF DEPOSIT HAVING A MATURITY NOT EXCEEDING 30 DAYS.
THE LENDER
SHALL RELEASE FROM THE LC COLLATERAL ACCOUNT TO THE BORROWER, UPON THE
EXPIRATION OR TERMINATION OF, OR ANY REDUCTION IN THE AMOUNT AVAILABLE UNDER,
ANY APPLICABLE LETTER OF CREDIT, AN AMOUNT EQUAL TO THE