DISBURSEMENT THEREUNDER (OR, IN THE CASE OF THE
CREATION OF AN LC ACCEPTANCE, THE DATE PAYMENT IS DUE THEREUNDER); PROVIDED THAT
ANY FAILURE TO GIVE OR DELAY IN GIVING SUCH NOTICE SHALL NOT RELIEVE
ADMINISTRATIVE BORROWER OR CANADIAN BORROWER, AS APPLICABLE, OF ITS
REIMBURSEMENT OBLIGATION TO THE ISSUING BANK AND THE REVOLVING LENDERS WITH
RESPECT TO ANY SUCH LC DISBURSEMENT (OTHER THAN WITH RESPECT TO THE TIMING OF
SUCH REIMBURSEMENT OBLIGATION SET FORTH IN SECTION 2.18(E)).
(H)
INTERIM INTEREST.
IF THE ISSUING BANK SHALL MAKE ANY LC
DISBURSEMENT, THEN, UNLESS US BORROWERS OR CANADIAN BORROWER, AS APPLICABLE,
SHALL REIMBURSE SUCH LC DISBURSEMENT IN FULL ON THE DATE SUCH LC DISBURSEMENT IS
MADE, THE UNPAID AMOUNT THEREOF SHALL BEAR INTEREST PAYABLE ON DEMAND, FOR EACH
DAY FROM AND INCLUDING THE DATE SUCH LC DISBURSEMENT IS MADE TO BUT EXCLUDING
THE DATE THAT US BORROWERS OR CANADIAN BORROWER, AS APPLICABLE, REIMBURSE SUCH
LC DISBURSEMENT, AT THE RATE PER ANNUM DETERMINED PURSUANT TO SECTION 2.06(E).
INTEREST ACCRUED PURSUANT TO THIS PARAGRAPH SHALL BE FOR THE ACCOUNT OF THE
ISSUING BANK, EXCEPT THAT INTEREST ACCRUED ON AND AFTER THE DATE OF PAYMENT BY
ANY REVOLVING
90
LENDER PURSUANT TO SECTION 2.18(E) TO REIMBURSE THE ISSUING BANK SHALL BE FOR
THE ACCOUNT OF SUCH LENDER TO THE EXTENT OF SUCH PAYMENT.
(I)
CASH COLLATERALIZATION.
IF ANY EVENT OF DEFAULT SHALL OCCUR AND
BE CONTINUING, ON THE BUSINESS DAY THAT ADMINISTRATIVE BORROWER RECEIVES NOTICE
FROM THE US ADMINISTRATIVE AGENT OR THE REQUIRED LENDERS (OR, IF THE MATURITY OF
THE LOANS HAS BEEN ACCELERATED, REVOLVING LENDERS WITH LC EXPOSURE REPRESENTING
GREATER THAN 50% OF THE TOTAL LC EXPOSURE) DEMANDING THE DEPOSIT OF CASH
COLLATERAL PURSUANT TO THIS PARAGRAPH, US BORROWERS SHALL DEPOSIT ON TERMS AND
IN ACCOUNTS SATISFACTORY TO THE APPLICABLE COLLATERAL AGENTS, IN THE NAME OF THE
APPLICABLE COLLATERAL AGENTS AND FOR THE BENEFIT OF THE REVOLVING LENDERS, AN
AMOUNT IN CASH EQUAL TO THE LC EXPOSURE AS OF SUCH DATE PLUS ANY ACCRUED AND
UNPAID INTEREST THEREON; PROVIDED THAT THE OBLIGATION TO DEPOSIT SUCH CASH
COLLATERAL SHALL BECOME EFFECTIVE IMMEDIATELY, AND SUCH DEPOSIT SHALL BECOME
IMMEDIATELY DUE AND PAYABLE, WITHOUT DEMAND OR OTHER NOTICE OF ANY KIND, UPON
THE OCCURRENCE OF ANY EVENT OF DEFAULT WITH RESPECT TO US BORROWERS DESCRIBED IN
SECTION 8.01(G) OR SECTION 8.01(H).
FUNDS SO DEPOSITED SHALL BE APPLIED BY THE
APPLICABLE COLLATERAL AGENTS TO REIMBURSE THE ISSUING BANK FOR LC DISBURSEMENTS
FOR WHICH IT HAS NOT BEEN REIMBURSED AND, TO THE EXTENT NOT SO APPLIED, SHALL BE
HELD FOR THE SATISFACTION OF OUTSTANDING REIMBURSEMENT OBLIGATIONS OR, IF THE
MATURITY OF THE LOANS HAS BEEN ACCELERATED (BUT SUBJECT TO THE CONSENT OF
REVOLVING LENDERS WITH LC EXPOSURE REPRESENTING GREATER THAN 50% OF THE TOTAL LC
EXPOSURE), BE APPLIED TO SATISFY OTHER OBLIGATIONS OF US BORROWERS UNDER THIS
AGREEMENT.
IF US BORROWERS ARE REQUIRED TO PROVIDE AN AMOUNT OF CASH COLLATERAL
HEREUNDER AS A RESULT OF THE OCCURRENCE OF AN EVENT OF DEFAULT, SUCH AMOUNT PLUS
ANY ACCRUED INTEREST OR REALIZED