RENEWABLE OR AUTOMATICALLY RENEW FOR SUCCESSIVE PERIODS OF UP TO ONE YEAR SO
LONG AS SUCH LETTER OF CREDIT EXPIRES ON OR PRIOR TO THE DATE REFERRED TO IN
CLAUSE (B) ABOVE; OR
(IV)
WHICH IS IN A CURRENCY OTHER THAN DOLLARS.
(B)
CONDITIONS.
IN ADDITION TO BEING SUBJECT TO THE SATISFACTION OF
THE CONDITIONS PRECEDENT CONTAINED IN ARTICLE V, AS APPLICABLE, THE OBLIGATION
OF THE ISSUING BANK TO ISSUE ANY LETTER OF CREDIT IS SUBJECT TO THE SATISFACTION
IN FULL OF THE FOLLOWING CONDITIONS:
26
(I)
IF THE ISSUING BANK SO REQUESTS, THE BORROWER SHALL HAVE EXECUTED
AND DELIVERED TO SUCH ISSUING BANK AND THE ADMINISTRATIVE AGENT A LETTER OF
CREDIT REIMBURSEMENT AGREEMENT AND SUCH OTHER DOCUMENTS AND MATERIALS AS ARE
CUSTOMARILY REQUIRED FOR THE ISSUANCE OF SIMILAR LETTERS OF CREDIT BY THE
ISSUING BANK;
(II)
THE TERMS OF THE PROPOSED LETTER OF CREDIT SHALL BE SATISFACTORY
TO THE ISSUING BANK IN ITS REASONABLE CREDIT JUDGMENT; AND
(III)
NO ORDER, JUDGMENT OR DECREE OF ANY COURT, ARBITRATOR OR
GOVERNMENTAL AUTHORITY SHALL PURPORT BY ITS TERMS TO ENJOIN OR RESTRAIN THE
ISSUING BANK FROM ISSUING THE LETTER OF CREDIT AND NO LAW, RULE OR REGULATION
APPLICABLE TO THE ISSUING BANK AND NO REQUEST OR DIRECTIVE (WHETHER OR NOT
HAVING THE FORCE OF LAW AND WHETHER OR NOT THE FAILURE TO COMPLY THEREWITH WOULD
BE UNLAWFUL) FROM A GOVERNMENTAL AUTHORITY WITH JURISDICTION OVER THE ISSUING
BANK SHALL PROHIBIT OR REQUEST THAT THE ISSUING BANK REFRAIN FROM THE ISSUANCE
OF LETTERS OF CREDIT GENERALLY OR THE ISSUANCE OF SUCH LETTER OF CREDIT.
(C)
ISSUANCE OF LETTERS OF CREDIT.
THE BORROWER SHALL GIVE THE
ISSUING BANK AND THE ADMINISTRATIVE AGENT WRITTEN NOTICE THAT IT IS REQUESTING
THAT THE ISSUING BANK ISSUE A LETTER OF CREDIT NOT LATER THAN 3:00 P.M.
(CHARLOTTE TIME) ON THE THIRD BUSINESS DAY PRECEDING THE REQUESTED DATE FOR
ISSUANCE THEREOF, OR SUCH SHORTER NOTICE AS MAY BE REASONABLY ACCEPTABLE TO SUCH
ISSUING BANK AND THE ADMINISTRATIVE AGENT.
SUCH NOTICE SHALL BE IRREVOCABLE
UNLESS AND UNTIL SUCH REQUEST IS DENIED BY THE APPLICABLE ISSUING BANK PURSUANT
TO THE TERMS HEREOF AND SHALL SPECIFY (A) THE STATED AMOUNT OF THE LETTER OF
CREDIT REQUESTED, (B) THE EFFECTIVE DATE (WHICH SHALL BE A BUSINESS DAY) OF
ISSUANCE OF SUCH LETTER OF CREDIT, (C) THE DATE ON WHICH SUCH LETTER OF CREDIT
IS TO EXPIRE, (D) THE PERSON FOR WHOSE BENEFIT SUCH LETTER OF CREDIT IS TO BE
ISSUED, AND (E) OTHER RELEVANT TERMS OF SUCH LETTER OF CREDIT.
SUCH ISSUING
BANK SHALL NOTIFY THE ADMINISTRATIVE AGENT IMMEDIATELY UPON RECEIPT OF A WRITTEN
NOTICE FROM THE BORROWER REQUESTING THAT A LETTER OF CREDIT BE ISSUED AND, UPON
THE ADMINISTRATIVE AGENT'S REQUEST THEREFOR, SEND A COPY OF SUCH NOTICE TO THE
ADMINISTRATIVE AGENT.
THE ISSUING BANK SHALL GIVE THE ADMINISTRATIVE AGENT
WRITTEN NOTICE, OR TELEPHONIC NOTICE CONFIRMED PROMPTLY THEREAFTER IN WRITING,
OF THE ISSUANCE OF A LETTER OF CREDIT (WHICH NOTICE THE ADMINISTRATIVE AGENT
SHALL PROMPTLY TRANSMIT BY FACSIMILE OR SIMILAR TRANSMISSION TO