Common use of Multicurrency Letters of Credit Clause in Contracts

Multicurrency Letters of Credit. (a) The Borrower may request the issuance of Multicurrency Letters of Credit on a sight basis for its own account or for the account of any of its subsidiaries, in a form reasonably acceptable to the Administrative Agent and the relevant Multicurrency Issuing Bank, at any time and from time to time on or after the Effective Date and prior to the earlier to occur of (i) the termination of its Multicurrency L/C Commitment and (ii) the date that is five Business Days prior to the latest Revolving Credit Maturity Date. This Section shall not be construed to impose an obligation upon any Multicurrency Issuing Bank to issue any Multicurrency Letter of Credit that is inconsistent with the terms and conditions of this Agreement or if any Multicurrency Letter of Credit requested to be issued (or amended, as applicable) would have a stated expiry date after the next Revolving Credit Maturity Date with respect to Multicurrency Revolving Credit Commitments and the aggregate face amount of all Multicurrency Letters of Credit having stated expiry dates after such Revolving Credit Maturity Date would exceed the amount of the Multicurrency Revolving Credit Commitments that have maturities after such Revolving Credit Maturity Date, unless, with the consent of the relevant Multicurrency Issuing Bank, the Borrower provides Cash Collateral in respect of such overage. Multicurrency Letters of Credit may be denominated in US Dollars or in one or more Alternate Borrowing Currencies.

Multicurrency Letters of Credit. (ai) The Borrower may request During the issuance of Multicurrency Facility Commitment Period, subject to the terms and conditions hereof, each Multicurrency Issuing Bank agrees to issue Multicurrency Letters of Credit on in a sight basis for its own account or Multicurrency for the account of any Company in the Dollar Equivalent of its subsidiaries, in a form reasonably acceptable to the Administrative Agent and the relevant an aggregate amount for all Multicurrency Letters of Credit issued by all Multicurrency Issuing BankBanks up to but not exceeding the Multicurrency Letter of Credit Sublimit; provided, at any time and from time to time on or after the Effective Date and prior to the earlier to occur of (i) the termination of its Multicurrency L/C Commitment and (ii) the date that is five Business Days prior to the latest Revolving Credit Maturity Date. This Section Company shall not be construed to impose an obligation upon request that any Multicurrency Issuing Bank to issue issue, and no Multicurrency Issuing Bank shall issue: (1) any Multicurrency Letter of Credit that is inconsistent with if, after giving effect to such issuance, the terms and conditions Total Utilization of this Agreement or if Multicurrency Facility Commitments would exceed the Multicurrency Facility Commitments then in effect; (2) any Multicurrency Letter of Credit requested if, after giving effect to be issued (or amendedsuch issuance, as applicable) would have a stated expiry date after the next Revolving Credit Maturity Date with respect to Multicurrency Revolving Credit Commitments and the aggregate face amount of all Multicurrency Letters Letter of Credit having stated expiry dates after such Revolving Credit Maturity Date Usage would exceed the amount Multicurrency Letter of Credit Sublimit then in effect; or (3) any standby letter of credit having an expiration date later than the earlier of (I) the Multicurrency Revolving Credit Commitments that have maturities after Facility Commitment Termination Date and (II) the date which is one year from the date of issuance of such Revolving Credit Maturity Datestandby letter of credit. Subject to the foregoing, unless, with the consent of the relevant a Multicurrency Issuing Bank, the Borrower provides Cash Collateral in respect Bank may agree that a standby letter of such overage. Multicurrency Letters of Credit may credit will automatically be denominated in US Dollars or in extended for one or more Alternate Borrowing Currenciessuccessive periods not to exceed one year each unless such Multicurrency Issuing Bank elects not to extend for any such additional period; provided, no Multicurrency Issuing Bank shall extend any such letter of credit if it has knowledge that an Event of Default has occurred and is continuing at the time such Multicurrency Issuing Bank must elect to allow such extension.