Issuer's risk with respect to such Lender.
51
(IV)
THE L/C ISSUER SHALL NOT AMEND ANY LETTER OF
CREDIT IF (A) THE L/C ISSUER WOULD NOT BE PERMITTED AT SUCH TIME TO ISSUE SUCH
LETTER OF CREDIT IN ITS AMENDED FORM UNDER THE TERMS HEREOF, (B) THE BENEFICIARY
OF SUCH LETTER OF CREDIT DOES NOT ACCEPT THE PROPOSED AMENDMENT TO SUCH LETTER
OF CREDIT OR (C) SUCH LETTER OF CREDIT HAS BEEN AMENDED ON FOUR (4) PRIOR
OCCASIONS.
(V)
THE L/C ISSUER SHALL ACT ON BEHALF OF THE
LENDERS WITH RESPECT TO ANY LETTERS OF CREDIT ISSUED BY IT AND THE DOCUMENTS
ASSOCIATED THEREWITH, AND THE L/C ISSUER SHALL HAVE ALL OF THE BENEFITS AND
IMMUNITIES (A) PROVIDED TO THE ADMINISTRATIVE AGENT IN ARTICLE IX WITH RESPECT
TO ANY ACTS TAKEN OR OMISSIONS SUFFERED BY THE L/C ISSUER IN CONNECTION WITH
LETTERS OF CREDIT ISSUED BY IT OR PROPOSED TO BE ISSUED BY IT AND ISSUER
DOCUMENTS PERTAINING TO SUCH LETTERS OF CREDIT AS FULLY AS IF THE TERM
"ADMINISTRATIVE AGENT" AS USED IN ARTICLE IX INCLUDED THE L/C ISSUER WITH
RESPECT TO SUCH ACTS OR OMISSIONS, AND (B) AS ADDITIONALLY PROVIDED HEREIN WITH
RESPECT TO THE L/C ISSUER.
(B)
PROCEDURES FOR ISSUANCE AND AMENDMENT OF
LETTERS OF CREDIT; AUTO-EXTENSION LETTERS OF CREDIT.
(I)
EACH LETTER OF CREDIT SHALL BE ISSUED OR
AMENDED, AS THE CASE MAY BE, UPON THE REQUEST OF THE LEAD BORROWER DELIVERED TO
THE ADMINISTRATIVE AGENT (WITH A COPY TO THE L/C ISSUER) IN THE FORM OF A LETTER
OF CREDIT APPLICATION, APPROPRIATELY COMPLETED AND SIGNED BY AN L/C RESPONSIBLE
PERSON; PROVIDED, HOWEVER, THAT IN NO EVENT SHALL ANY LETTER OF CREDIT BE
AMENDED MORE THAN FOUR (4) TIMES AFTER THE ISSUANCE THEREOF.
ANY LETTER OF
CREDIT APPLICATION OR OTHER DOCUMENT DELIVERED HEREUNDER THAT IS SIGNED BY AN
L/C RESPONSIBLE PERSON SHALL BE CONCLUSIVELY PRESUMED TO HAVE BEEN AUTHORIZED BY
ALL NECESSARY CORPORATE, PARTNERSHIP AND/OR OTHER ACTION, AND SUCH L/C
RESPONSIBLE PERSON SHALL BE CONCLUSIVELY PRESUMED TO HAVE ACTED ON BEHALF OF THE
LEAD BORROWER.
SUCH LETTER OF CREDIT APPLICATION MUST BE RECEIVED BY THE
ADMINISTRATIVE AGENT NOT LATER THAN 1:00 P.M. AT LEAST TWO BUSINESS DAYS (OR
SUCH OTHER DATE AND TIME AS THE ADMINISTRATIVE AGENT MAY AGREE IN A PARTICULAR
INSTANCE IN ITS SOLE DISCRETION) PRIOR TO THE PROPOSED ISSUANCE DATE OR DATE OF
AMENDMENT, AS THE CASE MAY BE.
PROMPTLY AFTER RECEIPT OF ANY LETTER OF CREDIT
APPLICATION, THE ADMINISTRATIVE AGENT WILL CONFIRM WITH THE L/C ISSUER (BY
TELEPHONE OR IN WRITING) THAT THE L/C ISSUER HAS RECEIVED A COPY OF SUCH LETTER
OF CREDIT APPLICATION FROM THE LEAD BORROWER AND, IF NOT, THE ADMINISTRATIVE
AGENT WILL PROVIDE THE L/C ISSUER WITH A COPY THEREOF.
IN THE CASE OF A REQUEST
FOR AN INITIAL ISSUANCE OF A LETTER OF CREDIT, SUCH LETTER OF CREDIT APPLICATION
SHALL SPECIFY IN FORM AND DETAIL SATISFACTORY TO THE ADMINISTRATIVE AGENT AND
THE L/C ISSUER: (A) THE PROPOSED ISSUANCE DATE OF THE REQUESTED LETTER OF CREDIT
(WHICH