(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 A 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 SHALL CONSTITUTE LETTERS OF CREDIT
HEREUNDER AS THOUGH ISSUED ON THE EFFECTIVE DATE FOR THE BORROWER'S ACCOUNT.
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 ISSUING LENDER BE REQUIRED TO ISSUE ANY
LETTER OF CREDIT EARLIER THAN THREE BUSINESS DAYS AFTER ITS RECEIPT OF THE
APPLICATION THEREFOR AND ALL SUCH OTHER CERTIFICATES, DOCUMENTS AND OTHER PAPERS
AND INFORMATION RELATING THERETO) BY ISSUING THE ORIGINAL OF SUCH LETTER OF
CREDIT TO THE BENEFICIARY THEREOF OR AS OTHERWISE MAY BE AGREED TO BY SUCH
ISSUING LENDER AND THE BORROWER.
EACH ISSUING LENDER SHALL FURNISH A COPY OF
SUCH LETTER OF CREDIT TO THE BORROWER (WITH A COPY TO THE ADMINISTRATIVE AGENT)
PROMPTLY FOLLOWING THE ISSUANCE THEREOF.
EACH ISSUING LENDER SHALL PROMPTLY
FURNISH TO THE ADMINISTRATIVE AGENT, WHICH SHALL IN TURN PROMPTLY FURNISH