identified as making
those representations are true in all material respects by reference to the
circumstances then existing and no Default is continuing or would result from
the proposed Utilisation.
4.2
LENDERS' PARTICIPATIONS
Each Lender will participate through its Facility Office in each Advance made
pursuant to Clause 4.1 (Conditions to Utilisation) in its respective Proportion.
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5.
DOCUMENTARY CREDITS
5.1
ISSUE OF DOCUMENTARY CREDITS
(A)
EACH L/C BANK SHALL ISSUE DOCUMENTARY
CREDITS PURSUANT TO CLAUSE 4.1 (CONDITIONS TO UTILISATION) BY:
(I)
COMPLETING THE ISSUE DATE AND THE
PROPOSED EXPIRY DATE OF ANY DOCUMENTARY CREDIT TO BE ISSUED BY IT; AND
(II)
EXECUTING AND DELIVERING SUCH DOCUMENTARY
CREDIT TO THE RELEVANT BENEFICIARY ON THE RELEVANT UTILISATION DATE.
(B)
EACH LENDER HAVING A REVOLVING FACILITY
COMMITMENT (AN "INDEMNIFYING LENDER") WILL PARTICIPATE BY WAY OF INDEMNITY IN
EACH DOCUMENTARY CREDIT IN AN AMOUNT EQUAL TO ITS L/C PROPORTION.
(C)
THE FACILITY AGENT SHALL NOTIFY EACH
INDEMNIFYING LENDER AND THE L/C BANK OF THE DETAILS OF ANY REQUESTED DOCUMENTARY
CREDIT (INCLUDING THE STERLING AMOUNT OF IT, AND, IF SUCH DOCUMENTARY CREDIT IS
NOT TO BE DENOMINATED IN STERLING, THE RELEVANT CURRENCY IN WHICH IT WILL BE
DENOMINATED AND THE AMOUNT OF IT) AND ITS PARTICIPATION IN THAT DOCUMENTARY
CREDIT.
5.2
RENEWAL OF DOCUMENTARY CREDITS
(A)
EACH BORROWER (OTHER THAN THE US BORROWER)
MAY REQUEST THAT A DOCUMENTARY CREDIT ISSUED ON ITS BEHALF BE RENEWED BY
DELIVERING TO THE FACILITY AGENT AND THE L/C BANK A RENEWAL REQUEST WHICH
COMPLIES WITH CLAUSE 4.1 (CONDITIONS TO UTILISATION).
(B)
THE TERMS OF EACH RENEWED DOCUMENTARY
CREDIT SHALL BE THE SAME AS THOSE OF THE RELEVANT DOCUMENTARY CREDIT IMMEDIATELY
PRIOR TO ITS RENEWAL, EXCEPT THAT (AS STATED IN THE RENEWAL REQUEST THEREFOR):
(I)
ITS AMOUNT MAY BE LESS THAN THE AMOUNT OF
SUCH DOCUMENTARY CREDIT IMMEDIATELY PRIOR TO ITS RENEWAL; AND
(II)
ITS TERM SHALL START ON THE DATE WHICH WAS
THE EXPIRY DATE OF THAT DOCUMENTARY CREDIT IMMEDIATELY PRIOR TO ITS RENEWAL, AND
SHALL END ON THE PROPOSED EXPIRY DATE SPECIFIED IN THE RENEWAL REQUEST.
(C)
IF THE CONDITIONS SET OUT IN THIS
CLAUSE 5.2 HAVE BEEN MET, THE L/C BANK SHALL AMEND AND RE-ISSUE THE RELEVANT
DOCUMENTARY CREDIT PURSUANT TO A RENEWAL REQUEST.
5.3
REVALUATION OF DOCUMENTARY CREDITS
(A)
IF ANY DOCUMENTARY CREDIT IS DENOMINATED IN
A CURRENCY OTHER THAN STERLING AND HAS A TERM OF MORE THAN 6 MONTHS, THE
FACILITY AGENT SHALL ON EACH QUARTER DATE FALLING ON 31 MARCH AND 30 SEPTEMBER
RECALCULATE THE STERLING AMOUNT OF THAT DOCUMENTARY CREDIT BY NOTIONALLY
CONVERTING INTO THE RELEVANT CURRENCY, THE OUTSTANDING AMOUNT OF THAT
DOCUMENTARY CREDIT ON THE BASIS OF THE FACILITY AGENT'S SPOT RATE OF EXCHANGE ON
THE DATE OF CALCULATION.
(B)
THE RELEVANT
BORROWER SHALL, IF REQUESTED
BY THE FACILITY AGENT WITHIN 2 DAYS OF ANY CALCULATION UNDER PARAGRAPH (A)
ABOVE, ENSURE THAT WITHIN 3 BUSINESS DAYS SUFFICIENT REVOLVING FACILITY
OUTSTANDINGS ARE REPAID (SUBJECT TO BREAK COSTS, IF APPLICABLE, BUT
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OTHERWISE WITHOUT PENALTY OR PREMIUM WHICH MIGHT OTHERWISE BE