TIME TO TIME BY SUCH ISSUING LENDER; PROVIDED THAT NO
ISSUING LENDER SHALL HAVE ANY OBLIGATION TO ISSUE ANY LETTER OF CREDIT UNDER A
REVOLVING FACILITY IF, AFTER GIVING EFFECT TO SUCH ISSUANCE, (I) THE TOTAL L/C
OBLIGATIONS WOULD EXCEED THE L/C COMMITMENT OR (II) THE AGGREGATE AMOUNT OF THE
AVAILABLE REVOLVING COMMITMENTS UNDER SUCH REVOLVING FACILITY
40
WOULD BE LESS THAN ZERO.
EACH DOLLAR LETTER OF CREDIT SHALL BE DENOMINATED IN
DOLLARS AND EACH MULTICURRENCY LETTER OF CREDIT SHALL BE DENOMINATED IN DOLLARS
OR A FOREIGN CURRENCY.
EACH LETTER OF CREDIT SHALL EXPIRE NO LATER THAN THE
EARLIER OF (X) THE FIRST ANNIVERSARY OF ITS DATE OF ISSUANCE AND (Y) THE DATE
THAT IS FIVE BUSINESS DAYS PRIOR TO THE REVOLVING TERMINATION DATE (THE
"REQUIRED EXPIRY DATE"); PROVIDED THAT ANY LETTER OF CREDIT WITH A ONE-YEAR TERM
MAY PROVIDE FOR THE RENEWAL THEREOF FOR ADDITIONAL ONE-YEAR PERIODS (WHICH SHALL
IN NO EVENT EXTEND BEYOND THE REQUIRED EXPIRY DATE).
AN ISSUING LENDER MAY, IN
ITS SOLE DISCRETION, EXTEND A LETTER OF CREDIT BEYOND THE REQUIRED EXPIRY DATE,
PROVIDED THAT (I) EACH L/C PARTICIPANT'S INTEREST IN THE ISSUING LENDER'S
OBLIGATIONS AND RIGHTS UNDER AND IN RESPECT OF SUCH LETTER OF CREDIT SHALL
TERMINATE AT THE CLOSE OF BUSINESS ON THE REQUIRED EXPIRY DATE (EXCEPT WITH
RESPECT TO DEMANDS FOR DRAWINGS THEREUNDER SUBMITTED PRIOR TO THAT TIME) AND
(II) SUCH ISSUING LENDER MAY, AS CONDITION TO EXTENDING SUCH LETTER OF CREDIT,
REQUIRE ADDITIONAL FEES OR COLLATERAL.
(B)
NO ISSUING LENDER SHALL AT ANY TIME BE OBLIGATED TO ISSUE ANY LETTER OF
CREDIT HEREUNDER IF SUCH ISSUANCE WOULD CONFLICT WITH, OR CAUSE SUCH ISSUING
LENDER OR ANY L/C PARTICIPANT TO EXCEED ANY LIMITS IMPOSED BY, ANY APPLICABLE
REQUIREMENT OF LAW.
(C)
THE EXISTING LETTERS OF CREDIT OUTSTANDING ON THE RESTATEMENT EFFECTIVE
DATE SHALL CONSTITUTE LETTERS OF CREDIT HEREUNDER.
3.8
PROCEDURE FOR ISSUANCE OF LETTERS OF CREDIT.
THE BORROWER MAY FROM TIME TO
TIME REQUEST THAT AN ISSUING LENDER ISSUE A DOLLAR LETTER OF CREDIT OR A
MULTICURRENCY LETTER OF CREDIT BY DELIVERING TO SUCH ISSUING LENDER AT ITS
ADDRESS FOR NOTICES SPECIFIED HEREIN AN APPLICATION THEREFOR, COMPLETED TO THE
SATISFACTION OF SUCH ISSUING LENDER, AND SUCH OTHER CERTIFICATES, DOCUMENTS AND
OTHER PAPERS AND INFORMATION AS SUCH ISSUING LENDER MAY REQUEST.
UPON RECEIPT
OF ANY APPLICATION, AN ISSUING LENDER WILL NOTIFY THE ADMINISTRATIVE AGENT OF
(I) WHETHER THE APPLICATION IS WITH RESPECT TO A DOLLAR LETTER OF CREDIT OR
MULTICURRENCY LETTER OF CREDIT AND (II) THE AMOUNT, CURRENCY, REQUESTED
EXPIRATION AND BENEFICIARY OF THE REQUESTED LETTER OF CREDIT. UPON RECEIPT OF
CONFIRMATION FROM THE ADMINISTRATIVE AGENT THAT AFTER GIVING EFFECT TO THE
REQUESTED ISSUANCE, THE AVAILABLE REVOLVING COMMITMENTS UNDER THE RELEVANT
REVOLVING FACILITY WOULD NOT BE LESS THAN ZERO, SUCH ISSUING LENDER WILL PROCESS
SUCH APPLICATION AND THE CERTIFICATES, DOCUMENTS AND OTHER PAPERS AND
INFORMATION DELIVERED TO IT IN CONNECTION THEREWITH IN ACCORDANCE WITH ITS
CUSTOMARY PROCEDURES AND SHALL PROMPTLY ISSUE THE LETTER OF CREDIT REQUESTED
THEREBY (BUT IN NO EVENT SHALL SUCH