Common use of Issuance Requests Clause in Contracts

Issuance Requests. By delivering to the Administrative Agent and the applicable Issuer an Issuance Request on or before 3:00 p.m. each Borrower may request, from time to time prior to the Termination Date and on not less than three nor more than ten (10) Business Days’ notice, that such Issuer issue a Letter of Credit for the account of such Borrower; provided that the Letter of Credit Outstandings shall not at any time exceed $100,000,000. Such Issuance Request may be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided by the Issuer, by personal delivery or by any other means acceptable to the Issuer. Upon receipt of an Issuance Request, the Administrative Agent shall promptly notify the Lenders thereof. Each Letter of Credit shall by its terms be stated to expire on a date (its “Stated Expiry Date”) no later than the earlier of 12 months from its date of issuance and fourteen (14) days prior to the scheduled Termination Date. The Administrative Agent, the Lenders and the Borrowers hereby agree, anything in any Issuance Request to the contrary notwithstanding, that any and all provisions of any Issuance Request purporting to grant a security interest in any asset of any Borrower are null and void, it being the intention of the parties that security for the Reimbursement Obligations in respect of any Letter of Credit shall be provided as described in Section 5.8 and pursuant to the documents described in Section 8.1. Notwithstanding the terms of any Issuance Request for a Commercial Letter of Credit, in no event may any Borrower extend the time for reimbursing any drawing under a Commercial Letter of Credit by obtaining a bankers’ acceptance from the relevant Issuer. In the event of any conflict between the terms hereof and the terms of any Issuance Request, the terms hereof shall control.

Issuance Requests. By delivering to the Administrative Agent and the applicable Issuer an Issuance Request on or before 3:00 p.m. each 11:00 a.m., Central time, the Borrower may request, from time to time prior to during the Termination Date Commitment Period and on not less than three (3) nor more than ten (10) Business Days’ notice, that such Issuer issue an irrevocable standby letter of credit in such form as may be mutually agreed to by the Borrower and such Issuer (each a “Letter of Credit for Credit”), in support of financial obligations of the account Borrower incurred in the Borrower’s ordinary course of business and which are described in such Borrower; provided that the Letter of Credit Outstandings shall not at any time exceed $100,000,000. Such Issuance Request may be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided by the Issuer, by personal delivery or by any other means acceptable to the IssuerRequest. Upon receipt of an Issuance Request, the Administrative Agent shall promptly notify the Lenders thereof. Each Letter of Credit shall by its terms terms: (i) be issued in a Stated Amount which (A) together with all Letter of Credit Outstandings and all outstanding Revolving Loans does not exceed (or would not exceed) the lesser of (1) the then current Borrowing Base or (2) the Aggregate Commitment of all Lenders or (B) together with all Letter of Credit Outstandings would not exceed the Letter of Credit Commitment Amount; (ii) be stated to expire on a date (its “Stated Expiry Date”) no later than the earlier of 12 months (A) one year from its date of issuance and fourteen (14B) days five (5) Business Days prior to the scheduled Termination Dateend of the Commitment Period. So long as no Default has occurred and is continuing, by delivery to the applicable Issuer and the Administrative Agent of an Issuance Request at least three (3) but not more than ten (10) Business Days prior to the Stated Expiry Date of any Letter of Credit, the Borrower may request such Issuer to, at such Issuer’s option, extend the Stated Expiry Date of such Letter of Credit for an additional period not to exceed the earlier of (x) one year from its date of extension or (y) five (5) Business Days prior to the end of the Commitment Period. No Issuer is under any obligation to issue any Letter of Credit if: (i) any order, judgment or decree of any government agency or arbitrator shall by its terms purport to enjoin or restrain such Issuer from issuing such Letter of Credit, or any requirement of applicable Law or any request or directive (whether or not having the force of law) from any government agency with jurisdiction over such Issuer shall prohibit, or request that the Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which such Issuer is not otherwise compensated hereunder) not in effect on the date hereof, or shall impose upon such Issuer any unreimbursed loss, cost or expense which was not applicable on the date hereof and which such Issuer in good fxxxx xxxxx material to it; (ii) one or more of the applicable conditions contained in Article IV is not then satisfied; (iii) the expiry date of any requested Letter of Credit is prior to the maturity date of any financial obligation to be supported by the requested Letter of Credit; (iv) any requested Letter of Credit does not provide for drafts, or is not otherwise in form and substance acceptable to such Issuer, or the issuance of a Letter of Credit shall violate any applicable policies of such Issuer; (v) any standby Letter of Credit is for the purpose of supporting the issuance of any letter of credit by any other Person; (vi) such Letter of Credit is in a face amount denominated in a currency other than Dollars; or (vii) as a result of such issuance, such Issuer together with the other Issuers shall have outstanding Letters of Credit having an aggregate Stated Amount of more than the Letter of Credit Commitment Amount. The Administrative Agent, Uniform Customs and Practice for Documentary Credits most recently published by the Lenders and International Chamber of Commerce at the Borrowers hereby agree, anything in any Issuance Request to the contrary notwithstanding, that any and all provisions time of any Issuance Request purporting to grant a security interest in any asset of any Borrower are null and void, it being the intention of the parties that security for the Reimbursement Obligations in respect issuance of any Letter of Credit shall be (unless otherwise expressly provided as described in Section 5.8 and pursuant to the documents described in Section 8.1. Notwithstanding the terms of any Issuance Request for a Commercial Letter of Credit, in no event may any Borrower extend the time for reimbursing any drawing under a Commercial Letter ) apply to all Letters of Credit by obtaining a bankers’ acceptance from the relevant Issuer. In the event of any conflict between the terms hereof and the terms of any Issuance Request, the terms hereof shall controlCredit.

Issuance Requests. By delivering to the Administrative Agent and the applicable Issuer an Issuance Request on or before 3:00 p.m. each 10:00 A.M., New York time, any Borrower may request, from time to time prior to the Commitment Termination Date and on not less than three nor more than ten (10) Business Days’ ' notice, that such the Issuer issue an irrevocable letter of credit in substantially the form of Exhibit D hereto, or in such other form as may be requested by a Borrower and approved by the Issuer (each a "Letter of Credit for the account Credit"), in support of financial obligations of such Borrower incurred in such Borrower; provided that the Letter 's ordinary course of Credit Outstandings shall not at any time exceed $100,000,000. Such business and which are described in such Issuance Request may be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided by the Issuer, by personal delivery or by any other means acceptable to the IssuerRequest. Upon receipt of an Issuance Request, the Administrative Agent shall promptly notify the Lenders thereof. Each Letter of Credit shall by its terms terms: (a) be issued in Dollars; (b) be issued in a Stated Amount which does not exceed (or would not exceed) the then Letter of Credit Availability; (c) be stated to expire on a date (its “"Stated Expiry Date”") no later than the earlier of 12 months (i) one year from its the date of issuance issuance, or (ii) the Commitment Termination Date; and (d) on or prior to its Stated Expiry Date (i) terminate immediately upon notice to the Issuer thereof from the beneficiary thereunder that all obligations covered thereby have been terminated, paid, or otherwise satisfied in full, or (ii) reduce in part immediately and fourteen (14) days to the extent the beneficiary thereunder has notified the Issuer thereof that the obligations covered thereby have been paid or otherwise satisfied in part. So long as no Default has occurred and is continuing and subject to the conditions set forth in this Agreement, by delivery to the Issuer and the Agent of an Issuance Request at least three but not more than ten Business Days prior to the scheduled Termination Date. The Administrative Agent, the Lenders and the Borrowers hereby agree, anything in any Issuance Request to the contrary notwithstanding, that any and all provisions of any Issuance Request purporting to grant a security interest in any asset of any Borrower are null and void, it being the intention of the parties that security for the Reimbursement Obligations in respect Stated Expiry Date of any Letter of Credit shall be provided as described in Section 5.8 and pursuant to the documents described in Section 8.1. Notwithstanding the terms of any Issuance Request for a Commercial Letter of Credit, in no event such Borrower may any Borrower request the Issuer to extend the time for reimbursing any drawing under a Commercial Stated Expiry Date of such Letter of Credit by obtaining a bankers’ acceptance from for an additional period not to extend beyond the relevant Issuer. In the event of any conflict between the terms hereof and the terms of any Issuance Request, the terms hereof shall controlCommitment Termination Date.

Issuance Requests. By delivering to the Administrative Agent and the applicable Issuer an Issuance Request, together with an Enhancement Letter of Credit Application and Agreement if such Issuance Request is in respect of an Enhancement Letter of Credit on or before 3:00 p.m. each 11:00 a.m. (New York City, New York time), a Subsidiary Borrower may request, from time to time prior to the Commitment Termination Date and on not less than three nor more than ten (10) 30 Business Days’ notice, that ' notice (or such Issuer issue a Letter of Credit for the account of such Borrower; provided that the Letter of Credit Outstandings shall not at any time exceed $100,000,000. Such Issuance Request shorter or longer notice as may be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided by the Issuer, by personal delivery or by any other means acceptable to the Issuer), in the case of General Letters of Credit, and on not less than 15 nor more than 30 Business Days' notice (or such shorter or longer notice as may be acceptable to the Issuer), in the case of Enhancement Letters of Credit (provided that the Stated Amount of any such Enhancement Letter of Credit need not be provided to the Issuer in writing until the fifth Business Day prior to the issuance thereof), that the Issuer issue Letters of Credit in support of financial obligations of such Subsidiary Borrower or any other Account Party incurred (in the case of General Letters of Credit) in the ordinary course of business of such Borrower or such Account Party, as the case may be, and which are described in such Issuance Request; provided that, in the case of an Issuance Request that requests an increase in the Stated Amount of an Enhancement Letter of Credit then outstanding, such Issuance Request shall be so delivered on not less than five nor more than fifteen Business Days notice (or such shorter or longer notice as may be acceptable to the Issuer). Upon receipt of an Issuance RequestRequest and, if applicable, an Enhancement Letter of Credit Application and Agreement, the Administrative Agent shall promptly notify the Lenders thereof. Each Letter of Credit shall by its terms terms: (a) be issued in a Stated Amount denominated in U.S. Dollars which (i) is at least $25,000; (ii) does not exceed (or would not exceed) (A) an amount equal to the excess, if any, of (x) the Commitment Amount over (y) the sum of all Letter of Credit Outstandings plus the aggregate outstanding principal amount of all Loans, or (B) an amount equal to the excess, if any, of the Letter of Credit Commitment Amount over all Letter of Credit Outstandings; and (b) be stated to expire on a date (its “"Stated Expiry Date”") no later than the earlier of 12 months (i) (A) one year from its date of issuance issuance, in the case of a General Letter of Credit, and fourteen (14B) days three years from its date of issuance, in the case of an Enhancement Letter of Credit, and (ii) the Commitment Termination Date in effect at the time of such issuance. So long as no Default has occurred and is continuing, by delivery to the Issuer and the Administrative Agent of an Issuance Request, at least three but not more than ten Business Days (or such shorter or longer notice as may be acceptable to the Issuer) prior to the Stated Expiry Date of any issued General Letter of Credit or prior to the date any issued General Letter of Credit containing an "evergreen" or similar automatic extension feature is scheduled Termination Date. The Administrative Agent, to automatically be extended (unless the Lenders and the Borrowers hereby agree, anything in any Issuance Request beneficiary thereof shall have received notice to the contrary notwithstandingfrom the Issuer), that any the applicable Subsidiary Borrower may request the Issuer to extend the Stated Expiry Date of such issued General Letter of Credit for an additional period not to exceed the earlier of (A) one year from its date of extension and all provisions (B) the Commitment Termination Date in effect at the time of such extension. So long as no Default has occurred and is continuing, the applicable Subsidiary Borrower (or the applicable Account Party) may request the Issuer to extend the Stated Expiry Date of any Issuance Request purporting issued Enhancement Letter of Credit for an additional period not to grant a security interest exceed the earlier of (A) two years from its date of extension and (B) the Commitment Termination Date in any asset effect at the time of any Borrower are null and void, it being such extension; provided such request is made in accordance with the intention terms of the parties Enhancement Letter of Credit Application and Agreement relating thereto and is accompanied by delivery to the Issuer and the Administrative Agent of an Issuance Request. Each Enhancement Letter of Credit that security provides for LOC Liquidity Disbursements shall be issued pursuant to an Enhancement Letter of Credit Application and Agreement substantially in the Reimbursement Obligations form of Exhibit J, with such modifications thereto as the Administrative Agent and the Issuer may consent (a "CP Enhancement Letter of Credit Application and Agreement"). Notwithstanding any provision contained in respect of the foregoing to the contrary, no Borrower may request the issuance of, and the Issuer shall not have any obligation to issue, any Letter of Credit at any time when, and so long as, there shall be provided as described outstanding in Section 5.8 and pursuant to the documents described in Section 8.1. Notwithstanding the terms of any Issuance Request for a Commercial Letter aggregate 50 Letters of Credit, in no event may any Borrower extend unless otherwise consented to by the time for reimbursing any drawing under a Commercial Letter of Credit by obtaining a bankers’ acceptance from the relevant Issuer. In the event of any conflict between the terms hereof Issuer and the terms of any Issuance Request, the terms hereof shall controlAdministrative Agent.

Issuance Requests. By delivering to the Administrative Agent and the applicable Issuer an Issuance Request on or before 3:00 p.m. each Borrower 12:00 noon (Chicago time), the Borrowers may request, from time to time prior to the earlier to occur of (x) the Tranche A Availability Termination Date and (y) any Commitment Termination Date relating to all Commitments or to the Tranche A Commitment, and on not less than three (3) nor more than ten (10) Business Days’ ' notice, that such the Issuer issue an irrevocable standby letter of credit in substantially the form of Exhibit K hereto, or in such other form as may be mutually agreed by the Borrowers and the Issuer (each a "Letter of Credit for Credit"), in support of financial obligations of the account Borrowers incurred in the Borrowers' ordinary course of business and which are described in such Borrower; provided that the Letter of Credit Outstandings shall not at any time exceed $100,000,000. Such Issuance Request may be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided by the Issuer, by personal delivery or by any other means acceptable to the IssuerRequest. Upon receipt of an Issuance Request, the Administrative Agent shall promptly notify the Lenders and the Issuer thereof. Each Letter of Credit shall by its terms terms: (a) be issued in a Stated Amount which (i) is at least $10,000; (ii) does not exceed (or would not exceed) the then Letter of Credit Availability; (b) be stated to expire on a date (its “"Stated Expiry Date”") no later than the earlier of 12 months from (i) one (1) year after its date of issuance and fourteen (14ii the Commitment Termination Date; and (c) days on or prior to its Stated Expiry Date (i) terminate immediately upon notice to the Issuer from the beneficiary thereunder that all obligations covered thereby have been terminated, paid, or otherwise satisfied in full, (ii) reduce in part immediately and to the extent the beneficiary thereunder has notified the Issuer that the obligations covered thereby have been paid or otherwise satisfied in part, or (iii) terminate thirty (30) Business Days after notice to the beneficiary thereunder from the Agent that an Event of Default has occurred and is continuing. So long as no Default has occurred and is continuing, by delivery to the Agent and the Issuer of an Issuance Request at least three (3) but not more than ten (10) Business Days prior to the scheduled Termination Date. The Administrative Agent, the Lenders and the Borrowers hereby agree, anything in any Issuance Request to the contrary notwithstanding, that any and all provisions of any Issuance Request purporting to grant a security interest in any asset of any Borrower are null and void, it being the intention of the parties that security for the Reimbursement Obligations in respect Stated Expiry Date of any Letter of Credit shall be provided as described in Section 5.8 and pursuant to the documents described in Section 8.1. Notwithstanding the terms of any Issuance Request for a Commercial Letter of Credit, in no event the Borrowers may any Borrower request the Issuer to extend the time for reimbursing any drawing under a Commercial Stated Expiry Date of such Letter of Credit by obtaining a bankers’ acceptance for an additional period not to exceed the earlier of one (1) year from the relevant Issuer. In the event its date of any conflict between the terms hereof and the terms of any Issuance Requestextension, the terms hereof shall controlAvailability Termination Date or the Commitment Termination Date.

Issuance Requests. By delivering to the Administrative Agent and the applicable Issuer an Issuance Request on or before 3:00 p.m. each 12:00 noon (Chicago time), the Borrower may request, from time to time prior to the earlier to occur of (x) the Tranche A Availability Termination Date and (y) the Tranche A Commitment Termination Date, and on not less than three (3) nor more than ten (10) Business Days’ ' notice, that such the Issuer issue a Letter an irrevocable standby letter of Credit for credit in substantially the account form of EXHIBIT N hereto, or in such Borrower; provided that the Letter of Credit Outstandings shall not at any time exceed $100,000,000. Such Issuance Request other form as may be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided mutually agreed by the IssuerBorrower and the Issuer (each a "LETTER OF CREDIT"), by personal delivery or by any other means acceptable to in support of financial obligations of the Issuer. Upon receipt Borrower incurred in the Borrower's ordinary course of an business and which are described in such Issuance Request, the Administrative Agent shall promptly notify the Lenders thereof. Each Letter of Credit shall by its terms terms: (a) be issued in a Stated Amount which (i) is at least $50,000; (ii) does not exceed (or would not exceed) the then Letter of Credit Availability; (b) be stated to expire on a date (its “Stated Expiry Date”"STATED EXPIRY DATE") no later than the earlier of 12 months (i) one (1) year after its date of issuance, or (ii) one (1) year after the Availability Termination Date; and (c) on or prior to its Stated Expiry Date (i) terminate immediately upon notice to the Issuer from the beneficiary thereunder that all obligations covered thereby have been terminated, paid, or otherwise satisfied in full, (ii) reduce in part immediately and to the extent the beneficiary thereunder has notified the Issuer that the obligations covered thereby have been paid or otherwise satisfied in part, or (iii) terminate thirty (30) Business Days after notice to the beneficiary thereunder from the Lender that an Event of Default has occurred and is continuing. So long as no Default has occurred and is continuing, by delivery to the Issuer of an Issuance Request at least three (3) but not more than ten (10) Business Days prior to the Stated Expiry Date of any Letter of Credit, the Borrower may request the Issuer to extend the Stated Expiry Date of such Letter of Credit for an additional period not to exceed the earlier of one (1) year from its date of issuance and fourteen (14) days prior to extension, the scheduled Tranche A Availability Termination Date or the Tranche A Commitment Termination Date. The Administrative Agent, the Lenders and the Borrowers hereby agree, anything in any Issuance Request to the contrary notwithstanding, that any and all provisions of any Issuance Request purporting to grant a security interest in any asset of any Borrower are null and void, it being the intention of the parties that security for the Reimbursement Obligations in respect of any Letter of Credit shall be provided as described in Section 5.8 and pursuant to the documents described in Section 8.1. Notwithstanding the terms of any Issuance Request for a Commercial Letter of Credit, in no event may any Borrower extend the time for reimbursing any drawing under a Commercial Letter of Credit by obtaining a bankers’ acceptance from the relevant Issuer. In the event of any conflict between the terms hereof and the terms of any Issuance Request, the terms hereof shall control.

Issuance Requests. By delivering to the Administrative Agent and the applicable Issuer an Issuance Request on or before 3:00 p.m. each 11:00 a.m., Central time, the Borrower may request, from time to time prior to during the Termination Date Commitment Period and on not less than three (3) nor more than ten (10) Business Days’ notice, that such Issuer issue an irrevocable standby letter of credit in such form as may be mutually agreed to by the Borrower and such Issuer (each a “Letter of Credit for Credit”), in support of financial obligations of the account Borrower incurred in the Borrower’s ordinary course of business and which are described in such Borrower; provided that the Letter of Credit Outstandings shall not at any time exceed $100,000,000. Such Issuance Request may be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided by the Issuer, by personal delivery or by any other means acceptable to the IssuerRequest. Upon receipt of an Issuance Request, the Administrative Agent shall promptly notify the Revolving Loan Lenders thereof. Each Letter of Credit shall by its terms terms: (i) be issued in a Stated Amount which (A) together with all Letter of Credit Outstandings and all outstanding Revolving Loans does not exceed (or would not exceed) the lesser of (1) the then current Borrowing Base minus the aggregate principal amount of all outstanding Tranche A Term Loans and Tranche B Term Loans or (2) the aggregate Revolving Loan Commitments of all Revolving Loan Lenders or (B) together with all Letter of Credit Outstandings would not exceed the Letter of Credit Commitment Amount; (ii) be stated to expire on a date (its “Stated Expiry Date”) no later than the earlier (A) of 12 months one year from its date of issuance and fourteen (14B) days the end of the Commitment Period. So long as no Default has occurred and is continuing, by delivery to the applicable Issuer and the Agent of an Issuance Request at least three (3) but not more than ten (10) Business Days prior to the scheduled Termination DateStated Expiry Date of any Letter of Credit, the Borrower may request such Issuer to, at such Issuer’s option, extend the Stated Expiry Date of such Letter of Credit for an additional period not to exceed the earlier of (x) one year from its date of extension or (y) the end of the Commitment Period. No Issuer is under any obligation to issue any Letter of Credit if: (i) any order, judgment or decree of any government agency or arbitrator shall by its terms purport to enjoin or restrain such Issuer from issuing such Letter of Credit, or any requirement of applicable Law or any request or directive (whether or not having the force of law) from any government agency with jurisdiction over such Issuer shall prohibit, or request that the Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which such Issuer is not otherwise compensated hereunder) not in effect on the date hereof, or shall impose upon such Issuer any unreimbursed loss, cost or expense which was not applicable on the date hereof and which such Issuer in good xxxxx xxxxx material to it; (ii) one or more of the applicable conditions contained in Article IV is not then satisfied; (iii) the expiry date of any requested Letter of Credit is prior to the maturity date of any financial obligation to be supported by the requested Letter of Credit; (iv) any requested Letter of Credit does not provide for drafts, or is not otherwise in form and substance acceptable to such Issuer, or the issuance of a Letter of Credit shall violate any applicable policies of such Issuer; (v) any standby Letter of Credit is for the purpose of supporting the issuance of any letter of credit by any other Person; or (vi) such Letter of Credit is in a face amount denominated in a currency other than Dollars. The Administrative Agent, Uniform Customs and Practice for Documentary Credits most recently published by the Lenders and International Chamber of Commerce at the Borrowers hereby agree, anything in any Issuance Request to the contrary notwithstanding, that any and all provisions time of any Issuance Request purporting to grant a security interest in any asset of any Borrower are null and void, it being the intention of the parties that security for the Reimbursement Obligations in respect issuance of any Letter of Credit shall be (unless otherwise expressly provided as described in Section 5.8 and pursuant to the documents described in Section 8.1. Notwithstanding the terms of any Issuance Request for a Commercial Letter of Credit, in no event may any Borrower extend the time for reimbursing any drawing under a Commercial Letter ) apply to all Letters of Credit by obtaining a bankers’ acceptance from the relevant Issuer. In the event of any conflict between the terms hereof and the terms of any Issuance Request, the terms hereof shall controlCredit.

Issuance Requests. By delivering to the Administrative Agent and the applicable Issuer an Issuance Request, together with an Enhancement Letter of Credit Application and Agreement if such Issuance Request is in respect of an Enhancement Letter of Credit on or before 3:00 p.m. each 11:00 a.m. (New York City, New York time), a Borrower may request, from time to time prior to the Commitment Termination Date and on not less than three nor more than ten (10) 30 Business Days’ notice, that ' notice (or such Issuer issue a Letter of Credit for the account of such Borrower; provided that the Letter of Credit Outstandings shall not at any time exceed $100,000,000. Such Issuance Request shorter or longer notice as may be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided by the Issuer, by personal delivery or by any other means acceptable to the Issuer), in the case of General Letters of Credit, and on not less than 15 nor more than 30 Business Days' notice (or such shorter or longer notice as may be acceptable to the Issuer), in the case of Enhancement Letters of Credit (provided that the Stated Amount of any such Enhancement Letter of Credit need not be provided to the Issuer in writing until the fifth Business Day prior to the issuance thereof), that the Issuer issue Letters of Credit in support of financial obligations of such Subsidiary Borrower or any other Account Party incurred (in the case of General Letters of Credit) in the ordinary course of business of such Borrower or such Account Party, as the case may be, and which are described in such Issuance Request; provided that, in the case of an Issuance Request that requests an increase in the Stated Amount of an Enhancement Letter of Credit then outstanding, such Issuance Request shall be so delivered on not less than five nor more than fifteen Business Days notice (or such shorter or longer notice as may be acceptable to the Issuer). Upon receipt of an Issuance RequestRequest and, if applicable, an Enhancement Letter of Credit Application and Agreement, the Administrative Agent shall promptly notify the Lenders thereof. Each Letter of Credit shall by its terms terms: (a) be issued in a Stated Amount denominated in U.S. Dollars which (i) is at least $25,000; (ii) does not exceed (or would not exceed) (A) an amount equal to the excess, if any, of (x) the Commitment Amount over (y) the sum of all Letter of Credit Outstandings plus the aggregate outstanding principal amount of all Loans, or (B) an amount equal to the excess, if any, of the Letter of Credit Commitment Amount over all Letter of Credit Outstandings; and (b) be stated to expire on a date (its “"Stated Expiry Date”") no later than the earlier of 12 months (i) (A) one year from its date of issuance issuance, in the case of a General Letter of Credit, and fourteen (14B) days three years from its date of issuance, in the case of an Enhancement Letter of Credit, and (ii) five Business Days prior to the scheduled Termination DateStated Maturity Date in effect at the time of such issuance. The Administrative AgentSo long as no Default has occurred and is continuing, by delivery to the Lenders Issuer and the Borrowers hereby agreeAdministrative Agent of an Issuance Request, anything in at least three but not more than ten Business Days (or such shorter or longer notice as may be acceptable to the Issuer) prior to the Stated Expiry Date of any Issuance Request issued General Letter of Credit or prior to the date any issued General Letter of Credit containing an "evergreen" or similar automatic extension feature is scheduled to automatically be extended (unless the beneficiary thereof shall have received notice to the contrary notwithstandingfrom the Issuer), that any the applicable Subsidiary Borrower may request the Issuer to extend the Stated Expiry Date of such issued General Letter of Credit for an additional period not to exceed the earlier of (A) one year from its date of extension and all provisions (B) five Business Days prior to the Stated Maturity Date in effect at the time of such extension. So long as no Default has occurred and is continuing, the applicable Subsidiary Borrower (or the applicable Account Party) may request the Issuer to extend the Stated Expiry Date of any Issuance Request purporting issued Enhancement Letter of Credit for an additional period not to grant a security interest exceed the earlier of (A) two years from its date of extension and (B) five Business Days prior to the Stated Maturity Date in any asset effect at the time of any Borrower are null and void, it being such extension; provided such request is made in accordance with the intention terms of the parties Enhancement Letter of Credit Application and Agreement relating thereto and is accompanied by delivery to the Issuer and the Administrative Agent of an Issuance Request. Each Enhancement Letter of Credit that security provides for LOC Liquidity Disbursements shall be issued pursuant to an Enhancement Letter of Credit Application and Agreement substantially in the Reimbursement Obligations form of Exhibit J, with such modifications thereto as the Administrative Agent and the Issuer may consent (a "CP Enhancement Letter of Credit Application and Agreement"). Notwithstanding any provision contained in respect of the foregoing to the contrary, no Borrower may request the issuance of, and the Issuer shall not have any obligation to issue, any Letter of Credit at any time when, and so long as, there shall be provided as described outstanding in Section 5.8 and pursuant to the documents described in Section 8.1. Notwithstanding the terms of any Issuance Request for a Commercial Letter aggregate 75 Letters of Credit, in no event may any Borrower extend unless otherwise consented to by the time for reimbursing any drawing under a Commercial Letter of Credit by obtaining a bankers’ acceptance from the relevant Issuer. In the event of any conflict between the terms hereof Issuer and the terms of any Issuance Request, the terms hereof shall controlAdministrative Agent.

Issuance Requests. By delivering to the Administrative Agent and the applicable an Issuer an Issuance Request on or before 3:00 p.m. each 12:00 noon, New York time, the Borrower may request, from time to time prior to the Revolving Loan Commitment Termination Date and on not less than three nor more than ten (10) Business Days’ ' notice, that such Issuer issue a an irrevocable standby letter of credit, in Dollars, Canadian Dollars or Sterling (provided that the Equivalent Amount of the aggregate Stated Amount of all Foreign Currency Letters of Credit after giving effect to such issuance shall not exceed the Foreign Currency Letter of Credit Commitment Amount) and in such form as may be requested by the Borrower and approved by such Issuer (each, together with the Existing Letters of Credit and any Foreign Currency Letters of Credit, a "Letter of Credit"), in support of the general corporate purposes of the Borrower and its Subsidiaries (including credit support by the Borrower for the account of gas and power contracts for CES, Calpine Energy Services Canada Partnership and Calpine Energy Services UK Limited) and which are described in such Borrower; Issuance Request, provided that the no Letter of Credit Outstandings shall not at any time exceed $100,000,000. Such Issuance Request may be sent by facsimileused (i) to finance acquisitions (other than acquisitions of equipment, by United States mailsites and property in the ordinary course of the Borrower and its Subsidiaries' business, by overnight courierbut in no event may Letters of Credit be used to finance acquisitions of power projects, by electronic transmission using reserves of geothermal steam and fluids and material gas reserves) or make any Investments in any third parties (other than Subsidiaries), directly or indirectly, through the system provided by Borrower or any of its Subsidiaries or Affiliates or (ii) to defease, repurchase or prepay any Subordinated Debt or any Senior Notes; and provided, further, that Letters of Credit shall only be used to secure or support obligations (other than for the Issuer, by personal delivery or by any other means acceptable to deferred purchase price of property) entered into in the Issuerordinary course of business of the Borrower and its Subsidiaries. Upon receipt of an Issuance Request, the Administrative Agent shall promptly notify the Revolving Lenders thereof. Each Letter of Credit shall by its terms terms: (a) be issued in a Stated Amount which (i) is at least the Equivalent Amount of $500,000 or such lesser amount as may be agreed by the Agent; (ii) does not exceed (or would not exceed) the then Revolving Commitment Availability; (b) be stated to expire on a date (its “"Stated Expiry Date”") no later than the earlier of 12 months (i) one year from its date of issuance and fourteen (14ii) five days prior to the scheduled Termination Date. The Administrative AgentStated Maturity Date for Revolving Loans; provided, the Lenders and the Borrowers hereby agree, anything in any Issuance Request to the contrary notwithstandinghowever, that any and all provisions of any Issuance Request purporting to grant a security interest in any asset of any Borrower are null and void, it being the intention of the parties that security for the Reimbursement Obligations in respect of any Letter of Credit shall may provide that if it is not renewed prior to its Stated Expiry Date, it may be provided as described in Section 5.8 and pursuant drawn by the beneficiary thereof; and (c) on or prior to its Stated Expiry Date (i) terminate immediately upon notice to the documents described Issuer thereof from the beneficiary thereunder that all obligations covered thereby have been terminated, paid, or otherwise satisfied in Section 8.1. Notwithstanding full and surrender by the terms beneficiary of any Issuance Request for a Commercial Letter of Credit, in no event may any Borrower extend the time for reimbursing any drawing under a Commercial Letter of Credit by obtaining a bankers’ acceptance from to such Issuer, and (ii) reduce in part immediately and to the relevant Issuer. In extent the event beneficiary thereunder has notified the Issuer thereof that the obligations covered thereby have been paid or otherwise satisfied in part and that the Letter of any conflict between the terms hereof and the terms of any Issuance Request, the terms hereof shall controlCredit may be reduced.

Issuance Requests. By delivering to the Administrative Agent and the applicable Issuer an Issuance Request on or before 3:00 p.m. each 12:00 noon (Chicago time), the Borrower may request, from time to time prior to the earlier to occur of (x) the Availability Termination Date and (y) the Commitment Termination Date, and on not less than three (3) nor more than ten (10) Business Days’ ' notice, that such the Issuer issue an irrevocable standby letter of credit in substantially the form of Exhibit L hereto, or in such other form as may be mutually agreed by the Borrower and the Issuer (each a "Letter of Credit for Credit"), in support of financial obligations of the account Borrower incurred in the Borrower's ordinary course of business and which are described in such Borrower; provided that the Letter of Credit Outstandings shall not at any time exceed $100,000,000. Such Issuance Request may be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided by the Issuer, by personal delivery or by any other means acceptable to the Issuer. Upon receipt of an Issuance Request, the Administrative Agent shall promptly notify the Lenders thereof. Each Letter of Credit shall by its terms terms: (a) be issued in a Stated Amount which (i) is at least $50,000; (ii) does not exceed (or would not exceed) the then Letter of Credit Availability; (b) be stated to expire on a date (its “"Stated Expiry Date”") no later than the earlier of 12 months (i) one (1) year after its date of issuance, or (ii) one (1) year after the Availability Termination Date; and (c) on or prior to its Stated Expiry Date (iA terminate immediately upon notice to the Issuer from the beneficiary thereunder that all obligations covered thereby have been terminated, paid, or otherwise satisfied in full, (iiA reduce in part immediately and to the extent the beneficiary thereunder has notified the Issuer that the obligations covered thereby have been paid or otherwise satisfied in part, or (iiiA terminate thirty (30) Business Days after notice to the beneficiary thereunder from the Lender that an Event of Default has occurred and is continuing. So long as no Default has occurred and is continuing, by delivery to the Issuer of an Issuance Request at least three (3) but not more than ten (10) Business Days prior to the Stated Expiry Date of any Letter of Credit, the Borrower may request the Issuer to extend the Stated Expiry Date of such Letter of Credit for an additional period not to exceed the earlier of one (1) year from its date of issuance and fourteen (14) days prior to extension, the scheduled Availability Termination Date or the Commitment Termination Date. The Administrative Agent, the Lenders and the Borrowers hereby agree, anything in any Issuance Request to the contrary notwithstanding, that any and all provisions of any Issuance Request purporting to grant a security interest in any asset of any Borrower are null and void, it being the intention of the parties that security for the Reimbursement Obligations in respect of any Letter of Credit shall be provided as described in Section 5.8 and pursuant to the documents described in Section 8.1. Notwithstanding the terms of any Issuance Request for a Commercial Letter of Credit, in no event may any Borrower extend the time for reimbursing any drawing under a Commercial Letter of Credit by obtaining a bankers’ acceptance from the relevant Issuer. In the event of any conflict between the terms hereof and the terms of any Issuance Request, the terms hereof shall control.

Issuance Requests. By delivering to the Administrative Agent and the applicable Issuer an Issuance Request on or before 3:00 p.m. each 11:00 a.m., Central time, the Borrower may request, from time to time prior to during the Termination Date Commitment Period and on not less than three (3) nor more than ten (10) Business Days’ notice, that such Issuer issue an irrevocable standby letter of credit in such form as may be mutually agreed to by the Borrower and such Issuer (each a “Letter of Credit for Credit”), in support of financial obligations of the account Borrower incurred in the Borrower’s ordinary course of business and which are described in such Borrower; provided that the Letter of Credit Outstandings shall not at any time exceed $100,000,000. Such Issuance Request may be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided by the Issuer, by personal delivery or by any other means acceptable to the IssuerRequest. Upon receipt of an Issuance Request, the Administrative Agent shall promptly notify the Lenders thereof. Each Letter of Credit shall by its terms terms: (i) be issued in a Stated Amount which (A) together with all Letter of Credit Outstandings and all outstanding Revolving Loans does not exceed (or would not exceed) the lesser of (1) the then current Borrowing Base or (2) the Aggregate Commitment of all Lenders or (B) together with all Letter of Credit Outstandings would not exceed the Letter of Credit Commitment Amount; (ii) be stated to expire on a date (its “Stated Expiry Date”) no later than the earlier of 12 months (A) one year from its date of issuance and fourteen (14B) days five (5) Business Days prior to the scheduled Termination Dateend of the Commitment Period. So long as no Default has occurred and is continuing, by delivery to the applicable Issuer and the Administrative Agent of an Issuance Request at least three (3) but not more than ten (10) Business Days prior to the Stated Expiry Date of any Letter of Credit, the Borrower may request such Issuer to, at such Issuer’s option, extend the Stated Expiry Date of such Letter of Credit for an additional period not to exceed the earlier of (x) one year from its date of extension or (y) five (5) Business Days prior to the end of the Commitment Period. No Issuer is under any obligation to issue any Letter of Credit if: (i) any order, judgment or decree of any government agency or arbitrator shall by its terms purport to enjoin or restrain such Issuer from issuing such Letter of Credit, or any requirement of applicable Law or any request or directive (whether or not having the force of law) from any government agency with jurisdiction over such Issuer shall prohibit, or request that the Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which such Issuer is not otherwise compensated hereunder) not in effect on the date hereof, or shall impose upon such Issuer any unreimbursed loss, cost or expense which was not applicable on the date hereof and which such Issuer in good xxxxx xxxxx material to it; (ii) one or more of the applicable conditions contained in Article IV is not then satisfied; (iii) the expiry date of any requested Letter of Credit is prior to the maturity date of any financial obligation to be supported by the requested Letter of Credit; (iv) any requested Letter of Credit does not provide for drafts, or is not otherwise in form and substance acceptable to such Issuer, or the issuance of a Letter of Credit shall violate any applicable policies of such Issuer; (v) any standby Letter of Credit is for the purpose of supporting the issuance of any letter of credit by any other Person; (vi) such Letter of Credit is in a face amount denominated in a currency other than Dollars; or (vii) as a result of such issuance, such Issuer together with the other Issuers shall have outstanding Letters of Credit having an aggregate Stated Amount of more than the Letter of Credit Commitment Amount. The Administrative Agent, Uniform Customs and Practice for Documentary Credits most recently published by the Lenders and International Chamber of Commerce at the Borrowers hereby agree, anything in any Issuance Request to the contrary notwithstanding, that any and all provisions time of any Issuance Request purporting to grant a security interest in any asset of any Borrower are null and void, it being the intention of the parties that security for the Reimbursement Obligations in respect issuance of any Letter of Credit shall be (unless otherwise expressly provided as described in Section 5.8 and pursuant to the documents described in Section 8.1. Notwithstanding the terms of any Issuance Request for a Commercial Letter of Credit, in no event may any Borrower extend the time for reimbursing any drawing under a Commercial Letter ) apply to all Letters of Credit by obtaining a bankers’ acceptance from the relevant IssuerCredit. In the event of any conflict between the terms hereof and the terms of any Issuance Request, the terms hereof shall control.​

Issuance Requests. By delivering an Issuance Request to the Administrative Agent and the applicable Issuer an Issuance Request on or before 3:00 p.m. each 12:00 noon, New York time, the Borrower may request, from time to time prior to the Commitment Termination Date and on not less than three (3) nor more than ten (10) Business Days’ prior notice, that such the Issuer issue an irrevocable standby or commercial (trade) letter of credit in such form as may be requested by the Borrower and approved by the Issuer (each a “Letter of Credit for Credit”), in support of financial obligations of the account Borrower incurred in the Borrower’s ordinary course of business and which are described in such Borrower; provided that the Letter of Credit Outstandings shall not at any time exceed $100,000,000. Such Issuance Request may be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided by the Issuer, by personal delivery or by any other means acceptable to the Issuer. Upon receipt of an Issuance Request, the Administrative Agent shall promptly notify the Lenders thereof. Each Letter of Credit shall by its terms terms: (a) be issued in a Stated Amount which, when added (without duplication) to the sum of all other Aggregate Outstanding Liabilities on such day (after giving effect to the incurrence or repayment of any Aggregate Outstanding Liabilities on such day) would not exceed the Total Commitment Amount; (b) be issued in a Stated Amount which, when added (without duplication) to the sum of all other Letter of Credit Outstandings on such day (after giving effect to the incurrence or repayment of any other Letter of Credit Outstandings on such day and calculating the U.S. Dollar Equivalent of all Non-U.S. Letters of Credit) would not exceed the Letter of Credit Commitment Amount; and (c) be stated to expire on a date (its “Stated Expiry Date”) no later than the earlier of 12 months one year from its date of issuance and fourteen (14) 30 days prior to the scheduled Commitment Termination Date. The So long as no Default has occurred and is continuing, by delivery to the Issuer and the Administrative AgentAgent of an Issuance Request at least three (3) but not more than ten (10) Business Days prior to the Stated Expiry Date of any Letter of Credit, the Lenders Borrower may request the Issuer to extend the Stated Expiry Date of such Letter of Credit for one or more additional periods, each such period to expire not later than the earlier of one year from its date of extension and the Borrowers hereby agree, anything in any Issuance Request 30 days prior to the contrary notwithstandingCommitment Termination Date. All Existing Letters of Credit shall be maintained as Letters of Credit hereunder. The Borrower may request the issuance of a Non-U.S. Letter of Credit subject to the terms and conditions of this Section, that any and all provisions in addition to the other conditions applicable to the issuance of Letters of Credit generally. The issuance of any Issuance Request purporting to grant a security interest in any asset of any Borrower are null and void, it being the intention of the parties that security for the Reimbursement Obligations in respect of any Non-U.S. Letter of Credit shall be provided as described in Section 5.8 and pursuant subject to the documents described in approval of the Issuer. If any Non-U.S. Letter of Credit is issued, the following provisions shall apply. For purposes of determining the Letter of Credit Outstandings and for purposes of calculating fees payable under Section 8.1. Notwithstanding 2.3, the terms Stated Amount of any Issuance Request for Non-U.S. Letter of Credit and of any Reimbursement Obligations in respect thereof shall be deemed to be, as of any date of determination, the U.S. Dollar Equivalent thereof at such date. The initial U.S. Dollar Equivalent of any Non-U.S. Letter of Credit shall be determined by the Issuer on the date of issuance thereof based upon the Applicable Exchange Rate determined on the most recent Reset Date in accordance with Section 5.6(a) and adjusted from time to time thereafter as provided below. The Issuer shall provide the Administrative Agent and the Borrower with written notice (together with back-up calculations therefor) of adjustments to the U.S. Dollar Equivalent of each outstanding Non-U.S. Letter of Credit on each Reset Date in accordance with Section 5.6(b). If a Commercial Disbursement is made by the Issuer under any Non-U.S. Letter of Credit, the U.S. Dollar Equivalent of such Disbursement shall be determined by the Issuer on the Disbursement Date related thereto. The Issuer shall make such determination by calculating the amount in no event may Dollars that would be required in order for the Issuer to purchase an amount of the applicable Qualified Foreign Currency equal to the amount of the relevant Reimbursement Obligation on the Disbursement Date at the Spot Exchange Rate, with respect to such Qualified Foreign Currency on such Disbursement Date. The Issuer shall notify the Administrative Agent and the Borrower promptly of such U.S. Dollar Equivalent determined by it, on the date that such determination is required to be made. The obligation of the Borrower to reimburse the Issuer for any Borrower extend the time for reimbursing Disbursement under any drawing Non-U.S. Letter of Credit, and to pay interest thereon, shall be payable only in Dollars (calculated pursuant to clause (i) above), and shall not be discharged by paying an amount in any Qualified Foreign Currency or any other currency. The obligations of each Lender under a Commercial Section 4.4 to pay its Percentage of any Reimbursement Obligation under any Non-U.S. Letter of Credit shall be payable only in Dollars and shall be in an amount equal to such Percentage of the U.S. Dollar Equivalent of such Reimbursement Obligation determined as provided in clause (i) above. Under no circumstances shall the provisions hereof permitting the issuance of Letters of Credit in a Qualified Foreign Currency be construed, by obtaining a bankers’ acceptance implication or otherwise, as imposing any obligation upon any Lender to make any Loan or other payment under any Loan Document, or to accept any payment from the relevant Issuer. In the event Borrower in respect of any conflict between Reimbursement Obligation, in any currency other than Dollars, it being understood that the terms hereof parties intend all Liabilities to be denominated and the terms of any Issuance Request, the terms hereof shall controlpayable only in Dollars.

Issuance Requests. By delivering to the Administrative Agent and the applicable Issuer Lender an Issuance Request on or before 3:00 p.m. each Borrower 12:00 noon (Chicago time), the Borrowers may request, from time to time prior to the earlier to occur of (x) the Tranche A Availability Termination Date and (y) any Commitment Termination Date relating to all Commitments or to the Tranche A Commitment, and on not less than three nor more than ten (10) Business Days’ ' notice, that the Lender issue an irrevocable standby letter of credit in substantially the form of Exhibit L hereto, or in such Issuer issue other form as may be mutually agreed by the Borrowers and the Lender (each a "Letter of Credit for Credit"), in support of financial obligations of the account Borrowers incurred in the Borrowers' ordinary course of business and which are described in such Borrower; provided that the Letter of Credit Outstandings shall not at any time exceed $100,000,000. Such Issuance Request may be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided by the Issuer, by personal delivery or by any other means acceptable to the Issuer. Upon receipt of an Issuance Request, the Administrative Agent shall promptly notify the Lenders thereof. Each Letter of Credit shall by its terms terms: (a) be issued in a Stated Amount which (i) is at least $10,000; (ii) does not exceed (or would not exceed) the then Letter of Credit Availability; (b) be stated to expire on a date (its “"Stated Expiry Date”") no later than the earlier (i) of 12 months one year from its date of issuance and fourteen (14ii) days the Commitment Termination Date; and (c) on or prior to its Stated Expiry Date (i) terminate immediately upon notice to the Lender from the beneficiary thereunder that all obligations covered thereby have been terminated, paid, or otherwise satisfied in full, (ii) reduce in part immediately and to the extent the beneficiary thereunder has notified the Lender that the obligations covered thereby have been paid or otherwise satisfied in part, or (iii) terminate 30 Business Days after notice to the beneficiary thereunder from the Lender that an Event of Default has occurred and is continuing. So long as no Default has occurred and is continuing, by delivery to the Lender of an Issuance Request at least three but not more than ten Business Days prior to the scheduled Termination Date. The Administrative Agent, the Lenders and the Borrowers hereby agree, anything in any Issuance Request to the contrary notwithstanding, that any and all provisions of any Issuance Request purporting to grant a security interest in any asset of any Borrower are null and void, it being the intention of the parties that security for the Reimbursement Obligations in respect Stated Expiry Date of any Letter of Credit shall be provided as described in Section 5.8 and pursuant to the documents described in Section 8.1. Notwithstanding the terms of any Issuance Request for a Commercial Letter of Credit, in no event the Borrowers may any Borrower request the Lender to extend the time for reimbursing any drawing under a Commercial Stated Expiry Date of such Letter of Credit by obtaining a bankers’ acceptance for an additional period not to exceed the earlier of one year from the relevant Issuer. In the event its date of any conflict between the terms hereof extension and the terms of any Issuance Request, the terms hereof shall controlCommitment Termination Date.

Issuance Requests. By delivering an Issuance Request to the Administrative Agent and the applicable Issuer an Issuance Request on or before 3:00 p.m. each 12:00 noon, Atlanta time, the Borrower may request, from time to time prior to the Commitment Termination Date and on not less than three (3) nor more than ten (10) Business Days’ ' prior notice, that such the Issuer issue a Letter an irrevocable standby or commercial (trade) letter of Credit for the account of credit in such Borrower; provided that the Letter of Credit Outstandings shall not at any time exceed $100,000,000. Such Issuance Request form as may be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided requested by the IssuerBorrower and approved by the Issuer (each a "LETTER OF CREDIT"), by personal delivery or by any other means acceptable to in support of financial obligations of the Issuer. Upon receipt Borrower incurred in the Borrower's ordinary course of an business and which are described in such Issuance Request, the Administrative Agent shall promptly notify the Lenders thereof. Each Letter of Credit shall by its terms terms: (a) be issued in a Stated Amount which, when added (without duplication) to the sum of all other Aggregate Outstanding Liabilities on such day (after giving effect to the incurrence or repayment of any Aggregate Outstanding Liabilities on such day) would not exceed the Total Commitment Amount; (b) be issued in a Stated Amount which, when added (without duplication) to the sum of all other Letter of Credit Outstandings on such day (after giving effect to the incurrence or repayment of any other Letter of Credit Outstandings on such day) would not exceed $25,000,000; and (c) be stated to expire on a date (its “Stated Expiry Date”"STATED EXPIRY DATE") no later than the earlier of 12 months one year from its date of issuance and fourteen (14) 30 days prior to the scheduled Commitment Termination Date. The Administrative AgentSo long as no Default has occurred and is continuing, by delivery to the Lenders Issuer and the Borrowers hereby agree, anything in any Administrative Agent of an Issuance Request at least three (3) but not more than ten (10) Business Days prior to the contrary notwithstanding, that any and all provisions of any Issuance Request purporting to grant a security interest in any asset of any Borrower are null and void, it being the intention of the parties that security for the Reimbursement Obligations in respect Stated Expiry Date of any Letter of Credit shall be provided as described in Section 5.8 and pursuant to the documents described in Section 8.1. Notwithstanding the terms of any Issuance Request for a Commercial Letter of Credit, in no event the Borrower may any Borrower request the Issuer to extend the time for reimbursing any drawing under a Commercial Stated Expiry Date of such Letter of Credit by obtaining a bankers’ acceptance for one or more additional periods, each such period to expire not later than the earlier of one year from its date of extension and 30 days prior to the relevant IssuerCommitment Termination Date. In Notwithstanding anything to the event of any conflict between the terms hereof and the terms of any Issuance Requestcontrary herein, the terms hereof Issuer shall controlnot be obligated to issue any Letter of Credit payable in a currency other than Dollars.

Issuance Requests. By delivering to the Administrative Agent and the applicable an Issuer an Issuance Request on or before 3:00 p.m. each 12:00 noon, New York time, the Borrower may request, from time to time prior to the Commitment Termination Date and on not less than three nor more than ten (10) Business Days’ ' notice, that such Issuer issue an irrevocable standby letter of credit in Dollars and in such form as may be requested by the Borrower and approved by such Issuer (each, together with the Existing Letters of Credit, a "Letter of Credit"), in support of the general corporate purposes of the Borrower and its Subsidiaries (including credit support by the Borrower for gas and power contracts for CES, Calpine Energy Services Canada Partnership and Calpine Energy Services UK Limited) and which are described in such Issuance Request, provided that no Letter of Credit may be used (i) to finance acquisitions (other than acquisitions of equipment, sites and property in the ordinary course of the Borrower and its Subsidiaries' business, but in no event may Letters of Credit be used to finance acquisitions of power projects, reserves of geothermal steam and fluids and material gas reserves) or make any Investments in any third parties (other than Subsidiaries), directly or indirectly, through the Borrower or any of its Subsidiaries or Affiliates or (ii) to defease, repurchase or prepay any Subordinated Debt or any Senior Notes; and provided, further, that Letters of Credit shall only be used to secure or support obligations (other than for the account deferred purchase price of such Borrower; provided that property) entered into in the Letter ordinary course of Credit Outstandings shall not at any time exceed $100,000,000. Such Issuance Request may be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using business of the system provided by the Issuer, by personal delivery or by any other means acceptable to the IssuerBorrower and its Subsidiaries. Upon receipt of an Issuance Request, the Administrative Agent shall promptly notify the Lenders thereof. Each Letter of Credit shall by its terms terms: (a) be issued in a Stated Amount which does not exceed (or would not exceed) the then Commitment Availability; (b) be stated to expire on a date (its “"Stated Expiry Date”") no later than the earlier of 12 months one year from its date of issuance and fourteen (14) days prior to the scheduled Termination Date. The Administrative Agentissuance; provided, the Lenders and the Borrowers hereby agree, anything in any Issuance Request to the contrary notwithstandinghowever, that any and all provisions of any Issuance Request purporting to grant a security interest in any asset of any Borrower are null and void, it being the intention of the parties that security for the Reimbursement Obligations in respect of any Letter of Credit shall may provide that if it is not renewed prior to its Stated Expiry Date, it may be provided as described in Section 5.8 and pursuant drawn by the beneficiary thereof; and (c) on or prior to its Stated Expiry Date (i) terminate immediately upon notice to the documents described Issuer thereof from the beneficiary thereunder that all obligations covered thereby have been terminated, paid, or otherwise satisfied in Section 8.1. Notwithstanding full and surrender by the terms beneficiary of any Issuance Request for a Commercial Letter of Credit, in no event may any Borrower extend the time for reimbursing any drawing under a Commercial Letter of Credit by obtaining a bankers’ acceptance from to such Issuer, and (ii) reduce in part immediately and to the relevant Issuer. In extent the event beneficiary thereunder has notified the Issuer thereof that the obligations covered thereby have been paid or otherwise satisfied in part and that the Letter of any conflict between the terms hereof and the terms of any Issuance Request, the terms hereof shall controlCredit may be reduced.

Issuance Requests. By delivering to the Administrative Agent and the applicable Issuer an Issuance Request, together with an Enhancement Letter of Credit Application and Agreement if such Issuance Request on or before 3:00 p.m. each is in respect of an Enhancement Letter of Credit, the Borrower may request, from time to time prior to the Termination Date and on not less than three two nor more than ten (10) 10 Business Days’ ' notice, in the case of Replacement General Letters of Credit and on not less than five nor more than 10 Business Days' notice, in the case of Postpetition Enhancement Letters of Credit or Replacement Enhancement Letters of Credit, that such the Issuer issue a Letters of Credit in support of financial obligations of the Borrower or any other Account Party incurred in the ordinary course of business of the Borrower or such Account Party, as the case may be, and which are described in such Issuance Request; provided that, in the case of an Issuance Request that requests an increase in the Stated Amount of an Enhancement Letter of Credit for the account of then outstanding, such Borrower; provided that the Letter of Credit Outstandings shall not at any time exceed $100,000,000. Such Issuance Request may shall be sent by facsimileso delivered on not less than two nor more than 10 Business Days notice. Any Issuance Request not delivered on or before 1:00 p.m. (New York City, by United States mail, by overnight courier, by electronic transmission using New York time) on a Business Day shall be deemed to have been delivered on the system provided by the Issuer, by personal delivery or by any other means acceptable to the Issuerimmediately succeeding Business Day. Upon receipt of an Issuance RequestRequest and, if applicable, an Enhancement Letter of Credit Application and Agreement, the Administrative Agent shall promptly notify the Lenders thereof. Each Letter of Credit shall by its terms terms: (a) be issued in a Stated Amount denominated in Dollars which does not exceed the Stated Amount that such Letter of Credit may be issued under Section 2.1.2; and (b) be stated to expire on a date (its “"Stated Expiry Date”") no later than the earlier of 12 months from its date of issuance and fourteen (14) days first Business Day prior to the scheduled Termination Stated Maturity Date. The Administrative Agent, the Lenders and the Borrowers hereby agree, anything in any Issuance Request to the contrary notwithstanding, that any and all provisions of any Issuance Request purporting to grant a security interest in any asset of any Borrower are null and void, it being the intention of the parties that security for the Reimbursement Obligations in respect of any Letter of Credit shall be provided as described in Section 5.8 and pursuant to the documents described in Section 8.1. Notwithstanding the terms of any Issuance Request for a Commercial Letter of Credit, in no event may any Borrower extend the time for reimbursing any drawing under a Commercial Letter of Credit by obtaining a bankers’ acceptance from the relevant Issuer. In the event of any conflict between the terms hereof and the terms of any Issuance Request, the terms hereof shall control.

Issuance Requests. By delivering to the Administrative Agent and the applicable Issuer an Issuance Request Request, either by facsimile, by mail or electronically, on or before 3:00 p.m. each 9:00 a.m., San Francisco time, the Borrower may request, from time to time prior to the Working Capital Loan Commitment Termination Date and on not less than three one nor more than ten (10) five Business Days’ ' notice, that such the Issuer issue an irrevocable standby letter of credit (each, a Letter "STANDBY LETTER OF CREDIT") or an irrevocable commercial letter of Credit for the account of credit (each, a "COMMERCIAL LETTER OF CREDIT"), in each case in such Borrower; provided that the Letter of Credit Outstandings shall not at any time exceed $100,000,000. Such Issuance Request form as may be sent requested by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided Borrower and approved by the Issuer, by personal delivery in support of obligations of the Borrower or by any other means acceptable to Restricted Subsidiary incurred in the Issuerordinary course of business of the Borrower or the Restricted Subsidiaries and which are described in such Issuance Request. Upon receipt of an Issuance Request, the Administrative Agent shall promptly notify the Lenders thereof. Each Letter of Credit shall by its terms terms: (a) be issued in a Stated Amount which (i) is at least $250,000; (ii) does not exceed (or would not exceed) the then Letter of Credit Availability; and (iii) in the case of a Standby Letter of Credit to be issued in connection with surety, worker's compensation and other financial guaranties, when aggregated with all other outstanding Standby Letters of Credit issued in connection with surety, worker's compensation and other financial guaranties, does not exceed (or would not exceed) $5,000,000; (b) be stated to expire on a date (its “Stated Expiry Date”"STATED EXPIRY DATE") no later than the earlier of 12 months (i) 120 days from its date of issuance (364 days from its date of issuance in the case of Standby Letters of Credit issued in connection with worker's compensation requirements) and fourteen (14ii) 30 days prior to the scheduled Working Capital Loan Commitment Termination Date; and (c) on or prior to its Stated Expiry Date (i) terminate immediately upon notice to the Issuer thereof from the beneficiary thereunder that all obligations covered thereby have been terminated, paid, or otherwise satisfied in full, or (ii) reduce in part immediately and to the extent the beneficiary thereunder has notified the Issuer thereof that the obligations covered thereby have been paid or otherwise satisfied in part. The Administrative AgentSo long as no Default has occurred and is continuing, by delivery to the Lenders Issuer and the Borrowers hereby agree, anything in any Agent of an Issuance Request at least three but not more than five Business Days prior to the contrary notwithstanding, that any and all provisions of any Issuance Request purporting to grant a security interest in any asset of any Borrower are null and void, it being the intention of the parties that security for the Reimbursement Obligations in respect Stated Expiry Date of any Letter of Credit shall be provided as described in Section 5.8 and pursuant to the documents described in Section 8.1. Notwithstanding the terms of any Issuance Request for a Commercial Letter of Credit, in no event the Borrower may any Borrower request the Issuer to extend the time for reimbursing any drawing under a Commercial Stated Expiry Date of such Letter of Credit by obtaining a bankers’ acceptance for an additional period not to exceed the earlier of (x) 120 days from its date of extension (364 days in the relevant Issuer. In case of Standby Letters of Credit issued in connection with worker's compensation requirements) and (y) 30 days prior to the event of any conflict between the terms hereof and the terms of any Issuance Request, the terms hereof shall controlWorking Capital Loan Commitment Termination Date.

Issuance Requests. By delivering to the Administrative Agent and the applicable Issuer an Issuance Request, together with an Enhancement Letter of Credit Application and Agreement if such Issuance Request is in respect of an Enhancement Letter of Credit on or before 3:00 p.m. each 11:00 a.m. (New York City, New York time), a Subsidiary Borrower may request, from time to time prior to the Commitment Termination Date and on not less than three nor more than ten (10) 30 Business Days’ ' notice, in the case of General Letters of Credit, and on not less than 15 nor more than 30 Business Days' notice, in the case of Enhancement Letters of Credit, that such the Issuer issue a Letters of Credit in support of financial obligations of such Subsidiary Borrower or any other Account Party incurred (in the case of General Letters of Credit) in the ordinary course of business of such Borrower or such Account Party, as the case may be, and which are described in such Issuance Request; provided that, in the case of an Issuance Request that requests an increase in the Stated Amount of an Enhancement Letter of Credit for the account of then outstanding, such Borrower; provided that the Letter of Credit Outstandings shall not at any time exceed $100,000,000. Such Issuance Request may shall be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided by the Issuer, by personal delivery or by any other means acceptable to the Issuerso delivered on not less than five nor more than fifteen Business Days notice. Upon receipt of an Issuance RequestRequest and, if applicable, an Enhancement Letter of Credit -44- 53 Application and Agreement, the Administrative Agent shall promptly notify the Lenders thereof. Each Letter of Credit shall by its terms terms: (a) be issued in a Stated Amount denominated in U.S. Dollars which (i) is at least $25,000; (ii) does not exceed (or would not exceed) (A) an amount equal to the excess, if any, of (x) the Commitment Amount over (y) the sum of all Letter of Credit Outstandings plus the aggregate outstanding principal amount of all Loans, or (B) an amount equal to the excess, if any, of the Letter of Credit Commitment Amount over all Letter of Credit Outstandings; and (b) be stated to expire on a date (its “"Stated Expiry Date”") no later than the earlier of 12 months (i) (A) one year from its date of issuance issuance, in the case of a General Letter of Credit, and fourteen (14B) days three years from its date of issuance, in the case of an Enhancement Letter of Credit, and (ii) the Commitment Termination Date in effect at the time of such issuance. So long as no Default has occurred and is continuing, by delivery to the Issuer and the Administrative Agent of an Issuance Request, at least three but not more than ten Business Days prior to the Stated Expiry Date of any issued General Letter of Credit or prior to the date any issued General Letter of Credit containing an "evergreen" or similar automatic extension feature is scheduled Termination Date. The Administrative Agent, to automatically be extended (unless the Lenders and the Borrowers hereby agree, anything in any Issuance Request beneficiary thereof shall have received notice to the contrary notwithstandingfrom the Issuer), that any the applicable Subsidiary Borrower may request the Issuer to extend the Stated Expiry Date of such issued General Letter of Credit for an additional period not to exceed the earlier of (A) one year from its date of extension and all provisions (B) the Commitment Termination Date in effect at the time of such extension. So long as no Default has occurred and is continuing, the applicable Subsidiary Borrower (or the applicable Account Party) may request the Issuer to extend the Stated Expiry Date of any Issuance Request purporting issued Enhancement Letter of Credit for an additional period not to grant a security interest exceed the earlier of (A) two years from its date of extension and (B) the Commitment Termination Date in any asset effect at the time of any Borrower are null and void, it being such extension; provided such request is made in accordance with the intention terms of the parties Enhancement Letter of Credit Application and Agreement relating thereto and is accompanied by delivery to the Issuer and the Administrative Agent of an Issuance Request. Each Enhancement Letter of Credit that security provides for LOC Liquidity Disbursements shall be issued pursuant to an Enhancement Letter of Credit Application and Agreement substantially in the Reimbursement Obligations form of Exhibit J, with such modifications thereto as the Administrative Agent and the Issuer may consent (a "CP Enhancement Letter of Credit Application and Agreement"). Notwithstanding any provision contained in respect of the foregoing to the contrary, no Borrower may request the issuance of, and the Issuer shall not have any obligation to issue, any Letter of Credit at any time when, and so long as, there shall be provided as described outstanding in Section 5.8 and pursuant to the documents described in Section 8.1. Notwithstanding the terms of any Issuance Request for a Commercial Letter aggregate 50 Letters of Credit, in no event may any Borrower extend unless otherwise consented to by the time for reimbursing any drawing under a Commercial Letter of Credit by obtaining a bankers’ acceptance from the relevant Issuer. In the event of any conflict between the terms hereof Issuer and the terms of any Issuance Request, the terms hereof shall controlAdministrative Agent.

Issuance Requests. By delivering to the Administrative Agent and the applicable Issuer an Issuance Request on or before 3:00 p.m. each 10:00 a.m. San Francisco time, the Revolving Borrower may request, from time to time prior to the Commitment Termination Date and on not less than three nor more than ten (10) fifteen Business Days’ ' notice, that such Issuer issue an irrevocable standby letter of credit (each a Letter "LETTER OF CREDIT"), in support of Credit for the account financial obligations of any Borrower or its Subsidiaries incurred in such Borrower; provided that the Letter 's or such Subsidiary's ordinary course of Credit Outstandings shall not at any time exceed $100,000,000. Such business or in connection with an Approved Acquisition and which are described in such Issuance Request may be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided by the Issuer, by personal delivery or by any other means acceptable to the IssuerRequest. Upon receipt of an Issuance Request, the Administrative Agent shall promptly notify the Lenders thereof. Each Letter of Credit shall by its terms terms: (a) be issued in a Stated Amount which (i) is at least $100,000; and (ii) does not exceed (or would not exceed) the then Letter of Credit Availability; and (b) be stated to expire on a date (its “Stated Expiry Date”"STATED EXPIRY DATE") no later than the earlier of 12 months from its date of issuance and fourteen (14) fifteen days prior to the scheduled then Revolving Commitment Termination Date. The Administrative AgentSo long as no Default has occurred and is continuing, by delivery to the Lenders applicable Issuer and the Borrowers hereby agree, anything in any Administrative Agent of an Issuance Request at least five but not more than fifteen Business Days prior to the contrary notwithstanding, that any and all provisions earlier of any Issuance Request purporting to grant a security interest in any asset of any Borrower are null and void, it being (i) the intention of the parties that security for the Reimbursement Obligations in respect Stated Expiry Date of any Letter of Credit shall and (ii) (if such Letter of Credit contains provisions for automatic extension or renewal unless the Issuer advises the beneficiary thereof that such Letter of Credit will not be provided as described extended or renewed) the date upon which in Section 5.8 and pursuant to the documents described in Section 8.1. Notwithstanding accordance with the terms of any Issuance Request for a Commercial such Letter of Credit, in no event may any the Issuer must provide notice to the Revolving Borrower extend the time for reimbursing any drawing under a Commercial that such Letter of Credit by obtaining a bankers’ acceptance from will expire without renewal on the relevant Issuer. In the event of any conflict between the terms hereof and the terms of any Issuance RequestStated Expiry Date, the terms hereof Revolving Borrower may request such Issuer to extend the Stated Expiry Date of such Letter of Credit to a date no later than fifteen days prior to the then Revolving Commitment Termination Date. Notwithstanding any provision contained in the foregoing to the contrary, the Revolving Borrower may not request the issuance of, and no Issuer shall controlhave an obligation to issue, any Letter of Credit at any time when, or if after giving effect to such issuance, and so long as, the Letter of Credit Outstandings shall equal or exceed $30,000,000.

Issuance Requests. By delivering to the Administrative Agent and the applicable Issuer an Issuance Request on or before 3:00 p.m. each 11:30 a.m., Central time, the Borrower may request, from time to time prior to the Commitment Termination Date and on not less than three nor more than ten (10) Business Days’ ' notice, that such Issuer issue a Letter an irrevocable standby letter of Credit for the account of credit in such Borrower; provided that the Letter of Credit Outstandings shall not at any time exceed $100,000,000. Such Issuance Request form as may be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided mutually agreed to by the IssuerBorrower and such Issuer (each a "LETTER OF CREDIT"), by personal delivery or by any other means acceptable to in support of financial obligations of the IssuerBorrower incurred in the Borrower's ordinary course of business and which are described in such Issuance Request. Upon receipt of an Issuance Request, the Administrative Agent shall promptly notify the Lenders thereof. Each Letter of Credit shall by its terms terms: (a) be issued in a Stated Amount which (i) together with all Letter of Credit Outstandings does not exceed the Letter of Credit Sublimit, or (ii) together with all Letter of Credit Outstandings and all outstanding Loans does not exceed (or would not exceed) the then Commitment Amount (as such amount is reduced and is scheduled to reduce pursuant to Section 2.2); and (b) be stated to expire on a date (its “Stated Expiry Date”"STATED EXPIRY DATE") no later than the earlier (i) of 12 months one year from its date of issuance and fourteen (14ii) days the Commitment Termination Date. So long as no Default has occurred and is continuing, by delivery to the applicable Issuer and the Administrative Agent of an Issuance Request at least three but not more than ten Business Days prior to the scheduled Termination Date. The Administrative Agent, the Lenders and the Borrowers hereby agree, anything in any Issuance Request to the contrary notwithstanding, that any and all provisions of any Issuance Request purporting to grant a security interest in any asset of any Borrower are null and void, it being the intention of the parties that security for the Reimbursement Obligations in respect Stated Expiry Date of any Letter of Credit shall be provided as described in Section 5.8 and pursuant to the documents described in Section 8.1. Notwithstanding the terms of any Issuance Request for a Commercial Letter of Credit, in no event the Borrower may any Borrower request such Issuer to extend the time for reimbursing any drawing under a Commercial Stated Expiry Date of such Letter of Credit by obtaining a bankers’ acceptance for an additional period not to exceed the earlier of one year from the relevant Issuer. In the event its date of any conflict between the terms hereof extension and the terms of any Issuance Request, the terms hereof shall controlReducing Loan Commitment Termination Date.

Issuance Requests. By delivering to the Administrative Agent and the applicable Issuer an Issuance Request on or before 3:00 p.m. 12:00 noon each Borrower may request, from time to time prior to the Termination Date and on not less than three nor more than ten (10) Business Days’ notice, that such Issuer issue a Letter of Credit for the account of such Borrower; provided that (x) (i) the TCIL Letter of Credit Outstandings shall not at any time exceed the TCIL LC Commitments, (ii) the TALICC Letter of Credit Outstandings shall not at any time exceed the TALICC LC Commitments, and (iii) the Letter of Credit Outstandings shall not at any time exceed $100,000,000the LC Commitments, (y) the TCIL Usage shall not at any time exceed the TCIL Credit Capacity, and (z) the TALICC Usage shall not at any time exceed the TALICC Credit Capacity. Such Issuance Request may be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided by the Issuer, by personal delivery or by any other means acceptable to the Issuer. Upon receipt of an Issuance Request, the Administrative Agent shall promptly notify the Lenders thereof. Each Letter of Credit shall by its terms be stated to expire on a date (its “Stated Expiry Date”) no later than the earlier of 12 months from its date of issuance and fourteen (14) 14 days prior to the scheduled Termination Date. The Administrative Agent, the Lenders and the Borrowers TCIL hereby agree, anything in any Issuance Request to the contrary notwithstanding, that any and all provisions of any Issuance Request purporting to grant a security interest in any asset of any Borrower TCIL are null and void, it being the intention of the parties that security for the TCIL Reimbursement Obligations in respect of any Letter of Credit shall be provided as described in Section 5.8 and pursuant to the documents described in Section 8.1. Notwithstanding the terms of any Issuance Request for a Commercial Letter of Credit, in no event may any Borrower TCIL extend the time for reimbursing any drawing under a Commercial Letter of Credit by obtaining a bankers’ acceptance from the relevant Issuer. In the event of any conflict between the terms hereof and the terms of any Issuance Request, the terms hereof shall control.

Issuance Requests. By delivering to the Administrative Agent and the applicable Issuer an Issuance Request on or before 3:00 p.m. each 11:00 a.m., Central time, the Borrower may request, from time to time prior to during the Termination Date Commitment Period and on not less than three (3) nor more than ten (10) Business Days’ ' notice, that such Issuer issue an irrevocable standby letter of credit in such form as may be mutually agreed to by the Borrower and such Issuer (each a "Letter of Credit for Credit"), in support of financial obligations of the account Borrower incurred in the Borrower's ordinary course of business and which are described in such Borrower; provided that the Letter of Credit Outstandings shall not at any time exceed $100,000,000. Such Issuance Request may be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided by the Issuer, by personal delivery or by any other means acceptable to the IssuerRequest. Upon receipt of an Issuance Request, the Administrative Agent shall promptly notify the Lenders thereof. Each Letter of Credit shall by its terms terms: (i) be issued in a Stated Amount which (1) together with all Letter of Credit Outstandings and all outstanding Loans does not exceed (or would not exceed) the then Commitment or Borrowing Base or (2) together with all Letter of Credit Outstandings would not exceed $5,000,000; (ii) be stated to expire on a date (its “"Stated Expiry Date”") no later than the earlier (1) of 12 months one year from its date of issuance and fourteen (142) days the end of the Commitment Period. So long as no Default has occurred and is continuing, by delivery to the applicable Issuer and the Agent of an Issuance Request at least three (3) but not more than ten (10) Business Days prior to the scheduled Termination DateStated Expiry Date of any Letter of Credit, the Borrower may request such Issuer to extend the Stated Expiry Date of such Letter of Credit for an additional period not to exceed the earlier of (i) one year from its date of extension or (ii) the end of the Commitment Period. No Issuer is under any obligation to issue any Letter of Credit if: (i) any order, judgment or decree of any government agency or arbitrator shall by its terms purport to enjoin or restrain such Issuer from issuing such Letter of Credit, or any requirement of applicable Law or any request or directive (whether or not having the force of law) from any government agency with jurisdiction over such Issuer shall prohibit, or request that the Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which such Issuer is not otherwise compensated hereunder) not in effect on the date hereof, or shall impose upon such Issuer any unreimbursed loss, cost or expense which was not applicable on the date hereof and which such Issuer in good xxxxx xxxxx material to it; (ii) one or more of the applicable conditions contained in Article IV is not then satisfied; (iii) the expiry date of any requested Letter of Credit is prior to the maturity date of any financial obligation to be supported by the requested Letter of Credit; (iv) any requested Letter of Credit does not provide for drafts, or is not otherwise in form and substance acceptable to such Issuer, or the issuance of a Letter of Credit shall violate any applicable policies of such Issuer; (v) any standby Letter of Credit is for the purpose of supporting the issuance of any letter of credit by any other Person; or (vi) such Letter of Credit is in a face amount denominated in a currency other than Dollars. The Administrative Agent, Uniform Customs and Practice for Documentary Credits most recently published by the Lenders and International Chamber of Commerce at the Borrowers hereby agree, anything in any Issuance Request to the contrary notwithstanding, that any and all provisions time of any Issuance Request purporting to grant a security interest in any asset of any Borrower are null and void, it being the intention of the parties that security for the Reimbursement Obligations in respect issuance of any Letter of Credit shall be (unless otherwise expressly provided as described in Section 5.8 and pursuant to the documents described in Section 8.1. Notwithstanding the terms of any Issuance Request for a Commercial Letter of Credit, in no event may any Borrower extend the time for reimbursing any drawing under a Commercial Letter ) apply to all Letters of Credit by obtaining a bankers’ acceptance from the relevant Issuer. In the event of any conflict between the terms hereof and the terms of any Issuance Request, the terms hereof shall controlCredit.

Issuance Requests. By delivering to the Administrative Agent and the applicable Issuer an Issuance Request on or before 3:00 p.m. each 11:00 a.m., Chicago time, the Borrower may request, from time to time prior to the Working Capital Loan Commitment Termination Date and on not less than [three nor more than ten (10) five] Business Days’ ' notice, that such Issuer issue a Letter an irrevocable standby letter of Credit for credit in substantially the account form of EXHIBIT N hereto, or in such Borrower; provided that the Letter of Credit Outstandings shall not at any time exceed $100,000,000. Such Issuance Request other form as may be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided requested by the IssuerBorrower and approved by such Issuer (each a "LETTER OF CREDIT"), by personal delivery in support of obligations of the Borrower or by any other means acceptable to Restricted Subsidiary incurred in the IssuerBorrower's ordinary course of business of the Borrower or its Restricted Subsidiaries and which are described in such Issuance Request. Upon receipt of an Issuance Request, the Administrative Agent shall promptly notify the Lenders thereof. Each Letter of Credit shall by its terms terms: (a) be issued in a Stated Amount which (i) is at least $[100,000]; and (ii) does not exceed (or would not exceed) the then Letter of Credit Availability; (b) be stated to expire on a date (its “Stated Expiry Date”"STATED EXPIRY DATE") no later than the earlier of 12 thirteen months from its date of issuance and fourteen the Working Capital Loan Commitment Termination Date; and (14c) days on or prior to its Stated Expiry Date (i) terminate immediately upon notice to the Issuer thereof from the beneficiary thereunder that all obligations covered thereby have been terminated, paid, or otherwise satisfied in full, or (ii) reduce in part immediately and to the extent the beneficiary thereunder has notified the Issuer thereof that the obligations covered thereby have been paid or otherwise satisfied in part. So long as no Default has occurred and is continuing, by delivery to the applicable Issuer and the Agent of an Issuance Request at least three but not more than five Business Days prior to the scheduled Termination Date. The Administrative Agent, the Lenders and the Borrowers hereby agree, anything in any Issuance Request to the contrary notwithstanding, that any and all provisions of any Issuance Request purporting to grant a security interest in any asset of any Borrower are null and void, it being the intention of the parties that security for the Reimbursement Obligations in respect Stated Expiry Date of any Letter of Credit shall be provided as described in Section 5.8 and pursuant to the documents described in Section 8.1. Notwithstanding the terms of any Issuance Request for a Commercial Letter of Credit, in no event the Borrower may any Borrower request such Issuer to extend the time for reimbursing any drawing under a Commercial Stated Expiry Date of such Letter of Credit by obtaining a bankers’ acceptance for an additional period not to exceed the earlier of thirteen months from the relevant Issuer. In the event its date of any conflict between the terms hereof extension and the terms of any Issuance Request, the terms hereof shall controlWorking Capital Loan Commitment Termination Date.

Issuance Requests. By delivering to the Administrative Agent and the applicable Issuer an Issuance Request on or before 3:00 p.m. each 11:00 a.m., Central time, the Borrower may request, from time to time prior to during the Termination Date Commitment Period and on not less than three (3) nor more than ten (10) Business Days’ notice, that such Issuer issue an irrevocable standby letter of credit in such form as may be mutually agreed to by the Borrower and such Issuer (each a “Letter of Credit for Credit”), in support of financial obligations of the account Borrower incurred in the Borrower’s ordinary course of business and which are described in such Borrower; provided that the Letter of Credit Outstandings shall not at any time exceed $100,000,000. Such Issuance Request may be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided by the Issuer, by personal delivery or by any other means acceptable to the IssuerRequest. Upon receipt of an Issuance Request, the Administrative Agent shall promptly notify the Revolving Loan Lenders thereof. Each Letter of Credit shall by its terms terms: (i) be issued in a Stated Amount which (A) together with all Letter of Credit Outstandings and all outstanding Revolving Loans does not exceed (or would not exceed) the lesser of (1) the then current Borrowing Base or (2) the aggregate Revolving Loan Commitments of all Revolving Loan Lenders or (B) together with all Letter of Credit Outstandings would not exceed the Letter of Credit Commitment Amount; (ii) be stated to expire on a date (its “Stated Expiry Date”) no later than the earlier of 12 months (A) one year from its date of issuance and fourteen (14B) days the end of the Commitment Period. So long as no Default has occurred and is continuing, by delivery to the applicable Issuer and the Administrative Agent of an Issuance Request at least three (3) but not more than ten (10) Business Days prior to the scheduled Termination DateStated Expiry Date of any Letter of Credit, the Borrower may request such Issuer to, at such Issuer’s option, extend the Stated Expiry Date of such Letter of Credit for an additional period not to exceed the earlier of (x) one year from its date of extension or (y) the end of the Commitment Period. No Issuer is under any obligation to issue any Letter of Credit if: (i) any order, judgment or decree of any government agency or arbitrator shall by its terms purport to enjoin or restrain such Issuer from issuing such Letter of Credit, or any requirement of applicable Law or any request or directive (whether or not having the force of law) from any government agency with jurisdiction over such Issuer shall prohibit, or request that the Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which such Issuer is not otherwise compensated hereunder) not in effect on the date hereof, or shall impose upon such Issuer any unreimbursed loss, cost or expense which was not applicable on the date hereof and which such Issuer in good xxxxx xxxxx material to it; (ii) one or more of the applicable conditions contained in Article IV is not then satisfied; (iii) the expiry date of any requested Letter of Credit is prior to the maturity date of any financial obligation to be supported by the requested Letter of Credit; (iv) any requested Letter of Credit does not provide for drafts, or is not otherwise in form and substance acceptable to such Issuer, or the issuance of a Letter of Credit shall violate any applicable policies of such Issuer; (v) any standby Letter of Credit is for the purpose of supporting the issuance of any letter of credit by any other Person; (vi) such Letter of Credit is in a face amount denominated in a currency other than Dollars; or (vii) as a result of such issuance, such Issuer shall have outstanding Letters of Credit having an aggregate Stated Amount of more than $30,000,000 in the aggregate unless such Issuer shall otherwise agree. The Administrative Agent, Uniform Customs and Practice for Documentary Credits most recently published by the Lenders and International Chamber of Commerce at the Borrowers hereby agree, anything in any Issuance Request to the contrary notwithstanding, that any and all provisions time of any Issuance Request purporting to grant a security interest in any asset of any Borrower are null and void, it being the intention of the parties that security for the Reimbursement Obligations in respect issuance of any Letter of Credit shall be (unless otherwise expressly provided as described in Section 5.8 and pursuant to the documents described in Section 8.1. Notwithstanding the terms of any Issuance Request for a Commercial Letter of Credit, in no event may any Borrower extend the time for reimbursing any drawing under a Commercial Letter ) apply to all Letters of Credit by obtaining a bankers’ acceptance from the relevant Issuer. In the event of any conflict between the terms hereof and the terms of any Issuance Request, the terms hereof shall controlCredit.

Issuance Requests. By delivering to the Administrative Agent and the applicable Issuer an Issuance Request, together with an Enhancement Letter of Credit Application and Agreement if such Issuance Request is in respect of an Enhancement Letter of Credit on or before 3:00 p.m. each 11:00 a.m. (New York City, New York time), the Borrower may request, from time to time up to five Business Days prior to the Revolving Commitment Termination Date and on not less than three nor more than ten (10) 30 Business Days’ notice, that notice (or such Issuer issue a Letter of Credit for the account of such Borrower; provided that the Letter of Credit Outstandings shall not at any time exceed $100,000,000. Such Issuance Request shorter or longer notice as may be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided by the Issuer, by personal delivery or by any other means acceptable to the Issuer), in the case of General Letters of Credit, and on not less than 15 nor more than 30 Business Days’ notice (or such shorter or longer notice as may be acceptable to the Issuer), in the case of Enhancement Letters of Credit (provided that the Stated Amount of any such Enhancement Letter of Credit need not be provided to the Issuer in writing until the fifth Business Day prior to the issuance thereof), that the Issuer issue Letters of Credit in support of financial obligations of the Borrower or any other Account Party incurred (in the case of General Letters of Credit) in the ordinary course of business of the Borrower or such Account Party, as the case may be, and which are described in such Issuance Request; provided that, in the case of an Issuance Request that requests an increase in the Stated Amount of an Enhancement Letter of Credit then outstanding, such Issuance Request shall be so delivered on not less than five nor more than fifteen Business Days notice (or such shorter or longer notice as may be acceptable to the Issuer). Upon receipt of an Issuance RequestRequest and, if applicable, an Enhancement Letter of Credit Application and Agreement, the Administrative Agent shall promptly notify the Lenders thereof. Each Letter of Credit shall by its terms terms: (a) be stated to expire on issued in a date Stated Amount denominated in U.S. Dollars which (its “Stated Expiry Date”i) no later than the earlier of 12 months from its date of issuance and fourteen is at least $25,000 (14) days prior or such lesser amount as may be acceptable to the scheduled Termination Date. The Administrative Agent, the Lenders and the Borrowers hereby agree, anything in any Issuance Request to the contrary notwithstanding, that any and all provisions of any Issuance Request purporting to grant a security interest in any asset of any Borrower are null and void, it being the intention of the parties that security for the Reimbursement Obligations in respect of any Letter of Credit shall be provided as described in Section 5.8 and pursuant to the documents described in Section 8.1. Notwithstanding the terms of any Issuance Request for a Commercial Letter of Credit, in no event may any Borrower extend the time for reimbursing any drawing under a Commercial Letter of Credit by obtaining a bankers’ acceptance from the relevant Issuer. In the event of any conflict between the terms hereof and the terms of any Issuance Request, the terms hereof shall control.);

Issuance Requests. By delivering to the Administrative Agent and the applicable an Issuer an Issuance Request on or before 3:00 p.m. each 12:00 noon, New York time, the Borrower may request, from time to time prior to the Revolving Loan Commitment Termination Date and on not less than three nor more than ten (10) Business Days’ ' notice, that such Issuer issue a an irrevocable standby letter of credit, in Dollars, Canadian Dollars or Sterling (provided that the Equivalent Amount of the aggregate Stated Amount of all Foreign Currency Letters of Credit after giving effect to such issuance shall not exceed the Foreign Currency Letter of Credit Commitment Amount) and in such form as may be requested by the Borrower and approved by such Issuer (each, together with the Existing Letters of Credit and any Foreign Currency Letters of Credit, a "Letter of Credit"), in support of the general corporate purposes of the Borrower (including credit support by the Borrower for the account of gas and power contracts for Calpine Energy Services, L.P., Calpine Energy Services Canada Partnership and Calpine Energy Services UK Limited) and which are described in such Borrower; Issuance Request, provided that the no Letter of Credit Outstandings shall not at any time exceed $100,000,000. Such Issuance Request may be sent by facsimileused to finance acquisitions (other than acquisitions of equipment, by United States mailsites and property in the ordinary course of the Borrower and its Subsidiaries' business, by overnight courierbut in no event may Letters of Credit be used to finance acquisitions of power projects, by electronic transmission using reserves of geothermal steam and fluids and material gas reserves) or make any Investments in any third parties (other than Subsidiaries), directly or indirectly, through the system provided by Borrower or any of its Subsidiaries or Affiliates and provided, further, that Letters of Credit shall only be used to secure or support obligations (other than for the Issuer, by personal delivery or by any other means acceptable to deferred purchase price of property) entered into in the Issuerordinary course of business of the Company and its Restricted Subsidiaries. Upon receipt of an Issuance Request, the Administrative Agent shall promptly notify the Revolving Lenders thereof. Each Letter of Credit shall by its terms terms: (a) be stated to expire on issued in a date Stated Amount which (its “Stated Expiry Date”i) no later than is at least the earlier Equivalent Amount of 12 months from its date of issuance and fourteen (14) days prior to $500,000 or such lesser amount as may be agreed by the scheduled Termination Date. The Administrative Agent, the Lenders and the Borrowers hereby agree, anything in any Issuance Request to the contrary notwithstanding, that any and all provisions of any Issuance Request purporting to grant a security interest in any asset of any Borrower are null and void, it being the intention of the parties that security for the Reimbursement Obligations in respect of any Letter of Credit shall be provided as described in Section 5.8 and pursuant to the documents described in Section 8.1. Notwithstanding the terms of any Issuance Request for a Commercial Letter of Credit, in no event may any Borrower extend the time for reimbursing any drawing under a Commercial Letter of Credit by obtaining a bankers’ acceptance from the relevant Issuer. In the event of any conflict between the terms hereof and the terms of any Issuance Request, the terms hereof shall control.;

Issuance Requests. By delivering to the Administrative Agent and the applicable Issuer an Issuance Request on or before 3:00 p.m. each 10:00 a.m. San Francisco time, the Revolving Borrower may request, from time to time prior to the Commitment Termination Date and on not less than three nor more than ten (10) fifteen Business Days’ ' notice, that such Issuer issue an irrevocable standby letter of credit (each a Letter "LETTER OF CREDIT"), in support of Credit for the account financial obligations of any Borrower or its Subsidiaries incurred in such Borrower; provided that the Letter 's or such Subsidiary's ordinary course of Credit Outstandings shall not at any time exceed $100,000,000. Such business or in connection with an Approved Acquisition and which are described in such Issuance Request may be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided by the Issuer, by personal delivery or by any other means acceptable to the IssuerRequest. Upon receipt of an Issuance Request, the Administrative Agent shall promptly notify the Lenders thereof. Each Letter of Credit shall by its terms terms: (a) be issued in a Stated Amount which (i) is at least $100,000; and (ii) does not exceed (or would not exceed) the then Letter of Credit Availability; and (b) be stated to expire on a date (its “Stated Expiry Date”"STATED EXPIRY DATE") no later than the earlier of 12 months from its date of issuance and fourteen (14) fifteen days prior to the scheduled then Revolving Commitment Termination Date. The Administrative AgentSo long as no Default has occurred and is continuing, by delivery to the Lenders applicable Issuer and the Borrowers hereby agree, anything in any Administrative Agent of an Issuance Request at least five but not more than fifteen Business Days prior to the contrary notwithstanding, that any and all provisions earlier of any Issuance Request purporting to grant a security interest in any asset of any Borrower are null and void, it being (i) the intention of the parties that security for the Reimbursement Obligations in respect Stated Expiry Date of any Letter of Credit shall and (ii) (if such Letter of Credit contains provisions for automatic extension or renewal unless the Issuer advises the beneficiary thereof that such Letter of Credit will not be provided as described extended or renewed) the date upon which in Section 5.8 and pursuant to the documents described in Section 8.1. Notwithstanding accordance with the terms of any Issuance Request for a Commercial such Letter of Credit, in no event may any the Issuer must provide notice to the Revolving Borrower extend the time for reimbursing any drawing under a Commercial that such Letter of Credit by obtaining a bankers’ acceptance from will expire without renewal on the relevant Issuer. In the event of any conflict between the terms hereof and the terms of any Issuance RequestStated Expiry Date, the terms hereof Revolving Borrower may request such Issuer to extend the Stated Expiry Date of such Letter of Credit to a date no later than fifteen days prior to the then Revolving Commitment Termination Date. Notwithstanding any provision contained in the foregoing to the contrary, the Revolving Borrower may not request the issuance of, and no Issuer shall controlhave an obligation to issue, any Letter of Credit at any time when, or if after giving effect to such issuance, and so long as, the Letter of Credit Outstandings shall equal or exceed $15,000,000.

Issuance Requests. By delivering to the Administrative Agent and the applicable Issuer an Issuance Request on or before 3:00 p.m. each 11:30 a.m., Central time, the Borrower may request, from time to time prior to the Commitment Termination Date and on not less than three nor more than ten (10) Business Days’ notice, that such Issuer issue an irrevocable standby letter of credit in such form as may be mutually agreed to by the Borrower and such Issuer (each a “Letter of Credit for Credit”), in support of financial obligations of the account Borrower incurred in the Borrower’s ordinary course of business and which are described in such Borrower; provided that the Letter of Credit Outstandings shall not at any time exceed $100,000,000. Such Issuance Request may be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided by the Issuer, by personal delivery or by any other means acceptable to the IssuerRequest. Upon receipt of an Issuance Request, the Administrative Agent shall promptly notify the Lenders thereof. Each Letter of Credit shall by its terms terms: (a) be issued in a Stated Amount which (i) together with all Letter of Credit Outstandings does not exceed the Letter of Credit Sublimit, or (ii) together with all Letter of Credit Outstandings and all outstanding Loans does not exceed (or would not exceed) the then Commitment Amount (as such amount is reduced and is scheduled to reduce prior to the Stated Expiry Date pursuant to Section 2.2); and (b) be stated to expire on a date (its “Stated Expiry Date”) no later than the earlier (i) of 12 months one year from its date of issuance and fourteen (14ii) days the Commitment Termination Date. So long as no Default has occurred and is continuing, by delivery to the applicable Issuer and the Administrative Agent of an Issuance Request at least three but not more than ten Business Days prior to the scheduled Termination Date. The Administrative Agent, the Lenders and the Borrowers hereby agree, anything in any Issuance Request to the contrary notwithstanding, that any and all provisions of any Issuance Request purporting to grant a security interest in any asset of any Borrower are null and void, it being the intention of the parties that security for the Reimbursement Obligations in respect Stated Expiry Date of any Letter of Credit shall be provided as described in Section 5.8 and pursuant to the documents described in Section 8.1. Notwithstanding the terms of any Issuance Request for a Commercial Letter of Credit, in no event the Borrower may any Borrower request such Issuer to extend the time for reimbursing any drawing under a Commercial Stated Expiry Date of such Letter of Credit by obtaining a bankers’ acceptance for an additional period not to exceed the earlier of one year from the relevant Issuer. In the event its date of any conflict between the terms hereof extension and the terms of any Issuance Request, the terms hereof shall controlReducing Loan Commitment Termination Date.

Issuance Requests. By delivering to the Administrative Agent and the applicable Issuer an Issuance Request on or before 3:00 p.m. each 11:00 a.m., Central time, the Borrower may request, from time to time prior to during the Termination Date Commitment Period and on not less than three (3) nor more than ten (10) Business Days’ notice, that such Issuer issue an irrevocable standby letter of credit in such form as may be mutually agreed to by the Borrower and such Issuer (each a “Letter of Credit for Credit”), in support of financial obligations of the account Borrower incurred in the Borrower’s ordinary course of business and which are described in such Borrower; provided that the Letter of Credit Outstandings shall not at any time exceed $100,000,000. Such Issuance Request may be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided by the Issuer, by personal delivery or by any other means acceptable to the IssuerRequest. Upon receipt of an Issuance Request, the Administrative Agent shall promptly notify the Lenders thereof. Each Letter of Credit shall by its terms terms: (i) be issued in a Stated Amount which (1) together with all Letter of Credit Outstandings and all outstanding Loans does not exceed (or would not exceed) the then Commitment or Borrowing Base or (2) together with all Letter of Credit Outstandings would not exceed $90,000,000; (ii) be stated to expire on a date (its “Stated Expiry Date”) no later than the earlier (1) of 12 months one year from its date of issuance and fourteen (142) days the end of the Commitment Period. So long as no Default has occurred and is continuing, by delivery to the applicable Issuer and the Agent of an Issuance Request at least three (3) but not more than ten (10) Business Days prior to the scheduled Termination DateStated Expiry Date of any Letter of Credit, the Borrower may request such Issuer to extend the Stated Expiry Date of such Letter of Credit for an additional period not to exceed the earlier of (i) one year from its date of extension or (ii) the end of the Commitment Period. No Issuer is under any obligation to issue any Letter of Credit if: (i) any order, judgment or decree of any government agency or arbitrator shall by its terms purport to enjoin or restrain such Issuer from issuing such Letter of Credit, or any requirement of applicable Law or any request or directive (whether or not having the force of law) from any government agency with jurisdiction over such Issuer shall prohibit, or request that the Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which such Issuer is not otherwise compensated hereunder) not in effect on the date hereof, or shall impose upon such Issuer any unreimbursed loss, cost or expense which was not applicable on the date hereof and which such Issuer in good xxxxx xxxxx material to it; (ii) one or more of the applicable conditions contained in Article IV is not then satisfied; (iii) the expiry date of any requested Letter of Credit is prior to the maturity date of any financial obligation to be supported by the requested Letter of Credit; (iv) any requested Letter of Credit does not provide for drafts, or is not otherwise in form and substance acceptable to such Issuer, or the issuance of a Letter of Credit shall violate any applicable policies of such Issuer; (v) any standby Letter of Credit is for the purpose of supporting the issuance of any letter of credit by any other Person; or (vi) such Letter of Credit is in a face amount denominated in a currency other than Dollars. The Administrative Agent, Uniform Customs and Practice for Documentary Credits most recently published by the Lenders and International Chamber of Commerce at the Borrowers hereby agree, anything in any Issuance Request to the contrary notwithstanding, that any and all provisions time of any Issuance Request purporting to grant a security interest in any asset of any Borrower are null and void, it being the intention of the parties that security for the Reimbursement Obligations in respect issuance of any Letter of Credit shall be (unless otherwise expressly provided as described in Section 5.8 and pursuant to the documents described in Section 8.1. Notwithstanding the terms of any Issuance Request for a Commercial Letter of Credit, in no event may any Borrower extend the time for reimbursing any drawing under a Commercial Letter ) apply to all Letters of Credit by obtaining a bankers’ acceptance from the relevant Issuer. In the event of any conflict between the terms hereof and the terms of any Issuance Request, the terms hereof shall controlCredit.

Issuance Requests. By delivering to the Administrative Agent and the ----------------- applicable Issuer an Issuance Request on or before 3:00 p.m. each 11:30 a.m. (Chicago, Illinois time), the Borrower may request, from time to time prior to the Commitment Termination Date and on not less than three nor more than ten (10) Business Days’ ' notice, that such Issuer issue an irrevocable standby letter of credit in such form as may be mutually agreed to by the Borrower and such Issuer (each a "Letter of Credit for Credit"), in support of financial obligations of the account Borrower ---------------- incurred in the Borrower's ordinary course of business and which are described in such Borrower; provided that the Letter of Credit Outstandings shall not at any time exceed $100,000,000. Such Issuance Request may be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided by the Issuer, by personal delivery or by any other means acceptable to the IssuerRequest. Upon receipt of an Issuance Request, the Administrative Agent shall promptly notify the Lenders thereof. Each Letter of Credit shall by its terms terms: (a) be issued in a Stated Amount which together with all Letter of Credit Outstandings and all outstanding Loans does not exceed (or would not exceed) the then Commitment Amount (as such amount is reduced and is scheduled to reduce pursuant to Section 2.2); and (b) be stated to expire on a date (its “"Stated ----------- ------ Expiry Date”") no later than the earlier (i) of 12 months one year from its date of ----------- issuance and fourteen (14ii) days the Commitment Termination Date. So long as no Default has occurred and is continuing, by delivery to the applicable Issuer and the Agent of an Issuance Request at least three but not more than ten Business Days prior to the scheduled Termination Date. The Administrative Agent, the Lenders and the Borrowers hereby agree, anything in any Issuance Request to the contrary notwithstanding, that any and all provisions of any Issuance Request purporting to grant a security interest in any asset of any Borrower are null and void, it being the intention of the parties that security for the Reimbursement Obligations in respect Stated Expiry Date of any Letter of Credit shall be provided as described in Section 5.8 and pursuant to the documents described in Section 8.1. Notwithstanding the terms of any Issuance Request for a Commercial Letter of Credit, in no event the Borrower may any Borrower request such Issuer to extend the time for reimbursing any drawing under a Commercial Stated Expiry Date of such Letter of Credit by obtaining a bankers’ acceptance for an additional period not to exceed the earlier of one year from the relevant Issuer. In the event its date of any conflict between the terms hereof extension and the terms of any Issuance Request, the terms hereof shall controlReducing Loan Commitment Termination Date.