OCCURRED AND BE CONTINUING, OR (III) PURSUANT TO SUCH RENEWAL THE
EFFECTIVE EXPIRATION DATE OF SUCH LETTER OF CREDIT WOULD OCCUR AFTER THE
TERMINATION DATE OR (IV) SUCH ISSUING BANK SHALL HAVE PROCURED A REPLACEMENT
ISSUING BANK) AND (B) IN THE CASE OF A TRADE LETTER OF CREDIT, 60 DAYS AFTER THE
DATE OF ISSUANCE THEREOF; PROVIDED THAT THE TERMS OF EACH STANDBY LETTER OF
CREDIT THAT IS RENEWABLE ANNUALLY SHALL (X) REQUIRE THE ISSUING BANK THAT ISSUED
SUCH STANDBY LETTER OF CREDIT TO GIVE THE BENEFICIARY NAMED IN SUCH STANDBY
LETTER OF CREDIT NOTICE OF ANY NOTICE OF TERMINATION, (Y) PERMIT SUCH
BENEFICIARY, UPON RECEIPT OF SUCH NOTICE, TO DRAW UNDER SUCH STANDBY LETTER OF
CREDIT PRIOR TO THE DATE SUCH STANDBY LETTER OF CREDIT OTHERWISE WOULD HAVE BEEN
AUTOMATICALLY RENEWED AND (Z) NOT PERMIT THE EXPIRATION DATE (AFTER GIVING
EFFECT TO ANY RENEWAL) OF SUCH STANDBY LETTER OF CREDIT IN ANY EVENT TO BE
EXTENDED TO A DATE LATER THAN 60 DAYS BEFORE THE TERMINATION DATE.
IF EITHER A
NOTICE OF RENEWAL IS NOT GIVEN BY THE BORROWER OR A NOTICE OF TERMINATION IS
GIVEN BY THE RELEVANT ISSUING BANK PURSUANT TO THE IMMEDIATELY PRECEDING
SENTENCE, SUCH STANDBY LETTER OF CREDIT SHALL EXPIRE ON THE DATE ON WHICH IT
OTHERWISE WOULD HAVE BEEN RENEWED; PROVIDED, HOWEVER, THAT EVEN IN THE ABSENCE
OF RECEIPT OF A NOTICE OF RENEWAL THE RELEVANT ISSUING BANK MAY IN ITS
DISCRETION, UNLESS INSTRUCTED TO THE CONTRARY BY THE PAYING AGENT OR THE
BORROWER, DEEM THAT A NOTICE OF RENEWAL
25
HAD BEEN TIMELY DELIVERED AND IN SUCH CASE, A NOTICE OF RENEWAL SHALL BE DEEMED
TO HAVE BEEN SO DELIVERED FOR ALL PURPOSES UNDER THIS AGREEMENT.
EACH STANDBY
LETTER OF CREDIT SHALL CONTAIN A PROVISION AUTHORIZING THE ISSUING BANK
THEREUNDER TO DELIVER TO THE BENEFICIARY OF SUCH LETTER OF CREDIT, UPON THE
OCCURRENCE AND DURING THE CONTINUANCE OF AN EVENT OF DEFAULT, A NOTICE (A
"DEFAULT TERMINATION NOTICE") TERMINATING SUCH LETTER OF CREDIT AND GIVING SUCH
BENEFICIARY 15 DAYS TO DRAW SUCH LETTER OF CREDIT.
WITHIN THE LIMITS OF THE
LETTER OF CREDIT FACILITY, AND SUBJECT TO THE LIMITS REFERRED TO ABOVE, THE
BORROWER MAY REQUEST THE ISSUANCE OF LETTERS OF CREDIT UNDER THIS
SECTION 2.01(C), REPAY ANY LETTER OF CREDIT ADVANCES RESULTING FROM DRAWINGS
THEREUNDER PURSUANT TO SECTION 2.03(C) AND REQUEST THE ISSUANCE OF ADDITIONAL
LETTERS OF CREDIT UNDER THIS SECTION 2.01(C).
Section 2.02.
Making the Advances.
(A)
EXCEPT AS OTHERWISE PROVIDED IN SECTION 2.02(B) OR 2.03, EACH
BORROWING SHALL BE MADE ON NOTICE, GIVEN NOT LATER THAN 1:00 P.M. (NEW YORK CITY
TIME) ON THE THIRD BUSINESS DAY PRIOR TO THE DATE OF THE PROPOSED BORROWING IN
THE CASE OF A BORROWING CONSISTING OF EURODOLLAR RATE ADVANCES, OR THE DATE OF
THE PROPOSED BORROWING IN THE CASE OF A BORROWING CONSISTING OF BASE RATE
ADVANCES, BY THE BORROWER TO THE PAYING AGENT, WHICH SHALL GIVE TO EACH
APPROPRIATE LENDER PROMPT NOTICE THEREOF BY TELEX OR TELECOPIER.
EACH SUCH
NOTICE OF