OBLIGATIONS OF THE BORROWER FOR THE LC EXPOSURE AT SUCH TIME OR, IF THE MATURITY
OF THE LOANS HAS BEEN ACCELERATED (BUT SUBJECT TO THE CONSENT OF LENDERS WITH LC
EXPOSURE
REPRESENTING GREATER THAN 50% OF THE TOTAL LC EXPOSURE), BE APPLIED TO
SATISFY OTHER SECURED OBLIGATIONS.
IF THE BORROWER IS REQUIRED TO PROVIDE AN
AMOUNT OF CASH COLLATERAL HEREUNDER AS A RESULT OF THE OCCURRENCE OF AN EVENT OF
DEFAULT, SUCH AMOUNT (TO THE EXTENT NOT APPLIED AS AFORESAID) SHALL BE RETURNED
TO THE BORROWER WITHIN THREE (3) BUSINESS DAYS AFTER ALL EVENTS OF DEFAULT HAVE
BEEN CURED OR WAIVED.
(K)
CONVERSION.
IN THE EVENT THAT THE LOANS BECOME IMMEDIATELY DUE AND PAYABLE
ON ANY DATE PURSUANT TO ARTICLE VII, ALL AMOUNTS (I) THAT THE BORROWER IS AT THE
TIME OR THEREAFTER BECOMES REQUIRED TO REIMBURSE OR OTHERWISE PAY TO THE
ADMINISTRATIVE AGENT IN RESPECT OF LC DISBURSEMENTS MADE UNDER ANY FOREIGN
CURRENCY LETTER OF CREDIT (OTHER THAN AMOUNTS IN RESPECT OF WHICH THE BORROWER
HAS DEPOSITED CASH COLLATERAL PURSUANT TO PARAGRAPH (J) ABOVE, IF SUCH CASH
COLLATERAL WAS DEPOSITED IN THE APPLICABLE FOREIGN CURRENCY TO THE EXTENT SO
DEPOSITED OR APPLIED), (II) THAT THE LENDERS ARE AT THE TIME OR THEREAFTER
BECOME REQUIRED TO PAY TO THE ADMINISTRATIVE AGENT AND THE ADMINISTRATIVE AGENT
IS AT THE TIME OR THEREAFTER BECOMES REQUIRED TO DISTRIBUTE TO THE ISSUING BANK
PURSUANT TO PARAGRAPH (E) OF THIS SECTION IN RESPECT OF UNREIMBURSED LC
DISBURSEMENTS MADE UNDER ANY FOREIGN CURRENCY LETTER OF CREDIT AND (III) OF EACH
LENDER'S PARTICIPATION IN ANY FOREIGN CURRENCY LETTER OF CREDIT UNDER WHICH AN
LC DISBURSEMENT HAS BEEN MADE SHALL, AUTOMATICALLY AND WITH NO FURTHER ACTION
REQUIRED, BE CONVERTED INTO THE DOLLAR AMOUNT, CALCULATED USING THE
ADMINISTRATIVE AGENT'S CURRENCY EXCHANGE RATES ON SUCH DATE (OR IN THE CASE OF
ANY LC DISBURSEMENT MADE AFTER SUCH DATE, ON THE DATE SUCH LC DISBURSEMENT IS
MADE), OF SUCH AMOUNTS.
ON AND AFTER SUCH CONVERSION, ALL AMOUNTS ACCRUING AND
OWED TO THE ADMINISTRATIVE AGENT, THE ISSUING BANK OR ANY LENDER IN RESPECT OF
THE OBLIGATIONS DESCRIBED IN THIS PARAGRAPH SHALL ACCRUE AND BE PAYABLE IN
DOLLARS AT THE RATES OTHERWISE APPLICABLE HEREUNDER.
SECTION 2.07.
Funding of Borrowings.
(a)
Each
Lender shall make each Loan to be made by it hereunder on the proposed date
thereof by wire transfer of immediately available funds (i) in the case of Loans
denominated in Dollars, by 12:00 noon, New York City time, to the account of the
Administrative Agent most recently designated by it for such purpose by notice
to the Lenders and (ii) in the case of each Loan denominated in a Foreign
Currency, by 12:00 noon, Local Time, in the city of the Administrative Agent's
Eurocurrency Payment Office for such currency and at such Eurocurrency Payment
Office for such currency; provided that Swingline Loans shall be made as
provided in Section 2.05.
The Administrative Agent will make such Loans
available to the Borrower by promptly crediting the amounts so received, in like