LC Commitment. Subject to the terms and conditions of this Agreement and Applicable Law, LC Issuer agrees, in reliance upon the agreement of the other Lenders in this SECTION 2.3, to issue LCs or to amend and renew LCs previously issued by it, upon Borrower's application therefor (denominated in Dollars) by delivering to LC Issuer (with a copy to Administrative Agent) a properly completed LC Request and an LC Agreement with respect thereto no later than 10:00 a.m. Dallas, Texas time three Business Days before such LC is to be issued or amended; provided that, (i) on any date of determination and after giving effect to any LC to be issued or amended on such date, the Commitment Usage shall never exceed the aggregate amount of the Commitments then in effect, (ii) on any date of determination and after giving effect to any LC to be issued or amended on such date, the LC Exposure shall never exceed the LC Commitment, (iii) at the time of issuance or amendment of such LC, no Default or Event of Default shall have occurred and be continuing, and (iv) each LC must expire no later than the earlier of the 30th day prior to the Termination Date, or one year from its issuance; provided further that, (x) any LC may provide for automatic renewal for periods of up to one year (but no renewal period may extend beyond the 30th day prior to the Termination Date) unless LC Issuer has given prior notice to the applicable beneficiary of its election not to extend such LC; (y) LC Issuer shall be under no obligation to issue any LC if (A) any order, judgment, or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain LC Issuer from issuing such LC, or any law applicable to LC Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over LC Issuer shall prohibit, or request that LC Issuer refrain from, the issuance of letters of credit generally or such LC in particular or shall impose upon LC Issuer with respect to such LC any restriction, reserve, or capital requirement (for which LC Issuer is not otherwise compensated hereunder) not in effect on the Effective Date, or shall impose upon LC Issuer any unreimbursed loss, cost, or expense which was not applicable on the Effective Date and which LC Issuer in good fai▇▇ ▇▇▇▇▇ ▇▇terial to it, or (B) the issuance of such LC would violate one or more policies of LC Issuer; and (z) LC Issuer shall be under no obligation to amend any LC if (A) LC Issuer would have no obligation at such time to issue such LC in its amended form under the terms hereof, or (B) the beneficiary of such LC does not accept the proposed amendment to such LC. Promptly after receipt of any LC Request and LC Agreement, LC Issuer will confirm with Administrative Agent (by telephone or in writing) that Administrative Agent has received a copy of such LC Request and LC Agreement from Borrower and, if not, LC Issuer will provide Administrative Agent with a copy thereof. Upon receipt by LC Issuer of confirmation from Administrative Agent that the requested issuance or amendment is permitted in accordance with the terms hereof, LC Issuer shall, on the requested date, issue a LC for the account of Borrower or enter into the applicable amendment, as the case may be, in each case in accordance with LC Issuer's usual and customary business practices. Within the foregoing limits, and subject to the terms and conditions hereof, Borrower's ability to obtain LCs shall be fully revolving; accordingly, Borrower may, prior to the Termination Date, obtain LCs to replace LCs that have expired or that have been drawn upon and reimbursed.
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LC Commitment. Subject to the terms and conditions of this Agreement and Applicable Law, LC Issuer agrees, in reliance upon the agreement of the other Lenders in this SECTION Section 2.3, to issue LCs or and to amend and or renew LCs previously issued by it, upon Borrower's ’s application therefor (denominated in Dollars) by delivering to LC Issuer (with a copy to Administrative Agent) a properly completed LC Request and an LC Agreement with respect thereto no later than 10:00 a.m. Dallas, Texas time three Business Days before such LC is to be issued or amended; provided that, (i) on any date of determination and after giving effect to any LC to be issued or amended on such date, the Commitment Usage shall never exceed the aggregate amount of the Commitments then in effect, (ii) on any date of determination and after giving effect to any LC to be issued or amended on such date, the LC Exposure shall never exceed the LC Commitment, (iii) at the time of issuance or amendment of such LC, no Default or Event of Default shall have occurred and be continuing, and (iv) each LC must expire no later than the earlier of the 30th day prior to the Termination Date, or one year from its issuance; provided further that, (x) any LC may provide for automatic renewal for periods of up to one year (but no renewal period may extend beyond the 30th day prior to the Termination Date) unless LC Issuer has given prior notice to the applicable beneficiary of its election not to extend such LC; (y) LC Issuer shall be under no obligation to issue any LC if (A) any order, judgment, or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain LC Issuer from issuing such LC, or any law applicable to LC Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over LC Issuer shall prohibit, or request that LC Issuer refrain from, the issuance of letters of credit generally or such LC in particular or shall impose upon LC Issuer with respect to such LC any restriction, reserve, or capital requirement (for which LC Issuer is not otherwise compensated hereunder) not in effect on the Effective Date, or shall impose upon LC Issuer any unreimbursed loss, cost, or expense which was not applicable on the Effective Date and which LC Issuer in good faif▇▇▇▇ ▇▇▇▇▇ ▇▇terial material to it, or (B) the issuance of such LC would violate one or more policies of LC Issuer; and (z) LC Issuer shall be under no obligation to amend any LC if (A) LC Issuer would have no obligation at such time to issue such LC in its amended form under the terms hereof, or (B) the beneficiary of such LC does not accept the proposed amendment to such LC. Promptly after receipt of any LC Request and LC Agreement, LC Issuer will confirm with Administrative Agent (by telephone or in writing) that Administrative Agent has received a copy of such LC Request and LC Agreement from Borrower and, if not, LC Issuer will provide Administrative Agent with a copy thereof. Upon receipt by LC Issuer of confirmation from Administrative Agent that the requested issuance or amendment is permitted in accordance with the terms hereof, LC Issuer shall, on the requested date, issue a LC for the account of Borrower or enter into the applicable amendment, as the case may be, in each case in accordance with LC Issuer's ’s usual and customary business practices. Within the foregoing limits, and subject to the terms and conditions hereof, Borrower's ’s ability to obtain LCs shall be fully revolving; accordingly, Borrower may, prior to the Termination Date, obtain LCs to replace LCs that have expired or that have been drawn upon and reimbursed.have
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LC Commitment. Subject to the terms and conditions of this Agreement and Applicable applicable Law, LC Issuer agrees, in reliance upon the agreement of the other Lenders in this SECTION 2.32.2, to issue LCs or to amend and renew LCs previously issued by it, upon Borrower's application therefor (denominated in DollarsDollars or, upon Borrower's request and subject to this SECTION 2.2, in a Foreign Currency) by delivering to LC Issuer (with a copy to Administrative Agent) Agent a properly completed LC Request notice (a "NOTICE OF LC," substantially in the form of EXHIBIT B-3) and an LC Agreement with respect thereto no later than 10:00 a.m. Dallas, Texas time three Business Days before such LC is to be issued or amended; provided that, PROVIDED THAT (i) on any date of determination and after giving effect to any LC to be issued or amended on such date, the Commitment Usage (calculated at the then Dollar-Equivalent of that amount) shall never exceed the aggregate amount of the Commitments Commitment then in effect, (ii) on any date of determination and after giving effect to any LC to be issued or amended on such date, the LC Exposure (calculated at the then Dollar-Equivalent of that amount) shall never exceed the LC Commitment, (iii) at the time of issuance or amendment of such LC, no Default or Event of Potential Default shall have occurred and be continuing, and (iv) each LC must expire no later NO LATER than the earlier EARLIER of the 30th thirtieth (30th) day prior to the Termination Date, Date or one year two years from its issuance; provided further that, PROVIDED FURTHER THAT (x) any LC may provide for automatic renewal for successive twelve month periods of up to one year (but no renewal period may extend beyond the 30th day prior to the Termination Date) unless LC Issuer has given prior notice to the applicable beneficiary of its election not to extend such LC; (y) LC Issuer shall be under no obligation to issue any LC if (A) any order, judgment, or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain LC Issuer from issuing such LC, or any law applicable to LC Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over LC Issuer shall prohibit, or request that LC Issuer refrain from, the issuance of letters of credit generally or such LC in particular or shall impose upon LC Issuer with respect to such LC any restriction, reserve, or capital requirement (for which LC Issuer is not otherwise compensated hereunder) not in effect on the Effective Date, or shall impose upon LC Issuer any unreimbursed loss, cost, or expense which was not applicable on the Effective Date and which LC Issuer in good fai▇▇ ▇▇▇▇▇ ▇▇terial to it, or (B) the issuance of such LC would violate one or more policies of LC Issuer; and (z) LC Issuer shall be under no obligation to amend any LC if (A) LC Issuer would have no obligation at such time to issue such LC in its amended form under the terms hereof, or (B) the beneficiary of such LC does not accept the proposed amendment to such LC. Promptly after receipt of any LC Request and LC Agreement, LC Issuer will confirm with Administrative Agent (by telephone or in writing) that Administrative Agent has received a copy of such LC Request and LC Agreement from Borrower and, if not, LC Issuer will provide Administrative Agent with a copy thereof. Upon receipt by LC Issuer of confirmation from Administrative Agent that the requested issuance or amendment is permitted in accordance with the terms hereof, LC Issuer shall, on the requested date, issue a LC for the account of Borrower or enter into the applicable amendment, as the case may be, in each case in accordance with LC Issuer's usual and customary business practices. Within the foregoing limits, and subject to the terms and conditions hereof, Borrower's ability to obtain LCs shall be fully revolving; accordingly, Borrower may, prior to the Termination Date, obtain LCs to replace LCs that have expired or that have been drawn upon and reimbursed.
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