TO THE FACILITY AGENT OF A RENEWAL REQUEST IN
SUBSTANTIALLY SIMILAR FORM TO A UTILISATION REQUEST FOR A LETTER OF CREDIT BY
THE SPECIFIED TIME.
(B)
THE FINANCE PARTIES SHALL TREAT ANY
RENEWAL REQUEST IN THE SAME WAY AS A UTILISATION REQUEST FOR A LETTER OF CREDIT
EXCEPT THAT THE CONDITIONS SET OUT IN PARAGRAPH (E) OF CLAUSE 6.3 (COMPLETION OF
A UTILISATION REQUEST FOR LETTERS OF CREDIT) SHALL NOT APPLY.
(C)
THE TERMS OF EACH RENEWED LETTER OF
CREDIT SHALL BE THE SAME AS THOSE OF THE RELEVANT LETTER OF CREDIT IMMEDIATELY
PRIOR TO ITS RENEWAL, EXCEPT THAT:
(I)
ITS AMOUNT MAY BE LESS THAN THE AMOUNT OF THE LETTER
OF CREDIT IMMEDIATELY PRIOR TO ITS RENEWAL; AND
(II)
ITS TERM SHALL START ON THE DATE WHICH WAS THE EXPIRY
DATE OF THE LETTER OF CREDIT IMMEDIATELY PRIOR TO ITS RENEWAL, AND SHALL END ON
THE PROPOSED EXPIRY DATE SPECIFIED IN THE RENEWAL REQUEST.
(D)
IF THE CONDITIONS SET OUT IN THIS
AGREEMENT HAVE BEEN MET, THE ISSUING BANK SHALL AMEND AND RE-ISSUE ANY LETTER OF
CREDIT PURSUANT
TO A RENEWAL REQUEST.
6.7
REVALUATION OF LETTERS OF CREDIT
(A)
IF ANY LETTERS OF CREDIT ARE
DENOMINATED IN AN OPTIONAL CURRENCY, THE FACILITY AGENT SHALL AT SIX MONTHLY
INTERVALS AFTER THE DATE OF THE LETTER OF CREDIT RECALCULATE THE BASE CURRENCY
AMOUNT OF EACH LETTER OF CREDIT BY NOTIONALLY CONVERTING INTO THE BASE CURRENCY
THE OUTSTANDING AMOUNT OF THAT LETTER OF CREDIT ON THE BASIS OF THE AGENT'S SPOT
RATE OF EXCHANGE ON THE DATE OF CALCULATION.
(B)
THE PARENT SHALL, IF REQUESTED BY THE
FACILITY AGENT WITHIN FIVE DAYS OF ANY CALCULATION UNDER PARAGRAPH (A) ABOVE,
ENSURE THAT WITHIN THREE BUSINESS DAYS SUFFICIENT REVOLVING FACILITY
UTILISATIONS ARE PREPAID TO PREVENT THE BASE CURRENCY AMOUNT OF THE REVOLVING
FACILITY UTILISATIONS EXCEEDING THE TOTAL REVOLVING FACILITY COMMITMENTS
FOLLOWING ANY ADJUSTMENT TO A BASE CURRENCY AMOUNT UNDER PARAGRAPH (A) OF THIS
CLAUSE 6.7.
7.
LETTERS OF CREDIT
7.1
IMMEDIATELY PAYABLE
If a Letter of Credit or any amount outstanding under a Letter of Credit is
expressed to be immediately payable, the Borrower that requested (or on behalf
of which the Parent requested) the issue of that Letter of Credit shall repay or
prepay that amount immediately.
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7.2
CLAIMS UNDER A LETTER OF CREDIT
(A)
EACH BORROWER IRREVOCABLY AND
UNCONDITIONALLY AUTHORISES THE ISSUING BANK TO PAY ANY CLAIM MADE OR PURPORTED
TO BE MADE UNDER A LETTER OF CREDIT REQUESTED BY IT (OR REQUESTED BY THE PARENT
ON ITS BEHALF) AND WHICH APPEARS ON ITS FACE TO BE IN ORDER (IN THIS CLAUSE 7, A
"CLAIM").
(B)
EACH BORROWER SHALL IMMEDIATELY ON
DEMAND OR, IF SUCH PAYMENT IS BEING FUNDED BY A REVOLVING FACILITY LOAN, SHALL
WITHIN THREE BUSINESS DAYS OF DEMAND PAY TO THE FACILITY AGENT FOR THE ISSUING
BANK AN AMOUNT EQUAL TO THE AMOUNT OF ANY CLAIM.
(C)
EACH BORROWER ACKNOWLEDGES THAT THE
ISSUING BANK:
(I)
IS NOT OBLIGED TO CARRY OUT ANY INVESTIGATION OR SEEK
ANY CONFIRMATION