Supercuts 2008 Annual Report Download - page 212

(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; or
(v) such Letter of Credit is in a face amount less than $25,000, unless such amount is approved by the Administrative Agent and
such Issuer, or is to be denominated in a currency other than Dollars.
3.02 Issuance, Amendment and Renewal of Letters of Credit. (a) Each Letter of Credit shall be issued upon the irrevocable written
request of the Company received by the applicable Issuer (with a copy sent by the Company to the Administrative Agent) at least three days (or
such shorter time as such Issuer may agree in a particular instance in its sole discretion) prior to the proposed date of issuance. Each such request
for issuance of a Letter of Credit shall be by facsimile, confirmed immediately in an original writing, in the form of an L/C Application (or such
other form as shall be acceptable to the applicable Issuer), and shall specify in form and detail satisfactory to such Issuer: (i) the proposed date of
issuance of the Letter of Credit (which shall be a Business Day); (ii) the face amount of the Letter of Credit; (iii) the expiry date of the Letter of
Credit; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by the beneficiary of the Letter of Credit in case
of any drawing thereunder; (vi) the full text of any certificate to be presented by the beneficiary in case of any drawing thereunder; and (vii) such
other matters as such Issuer may require.
(b) At least two Business Days prior to the Issuance of any Letter of Credit (or such shorter time as the Administrative Agent may agree in
a particular instance in its sole discretion), the applicable Issuer will confirm with the Administrative Agent (by telephone or in writing) that the
Administrative Agent has received a copy of the L/C Application or L/C Amendment Application from the Company and, if not, such Issuer will
provide the Administrative Agent with a copy thereof. Unless the applicable Issuer has received notice on or before the Business Day
immediately preceding the date such Issuer is to issue a requested Letter of Credit from the Administrative Agent (A) directing such Issuer not to
issue such Letter of Credit because such issuance is not then permitted under subsection 3.01(a) as a result of the limitations set forth in
clauses (1) through (3) thereof or subsection 3.01(b)(ii) ; or (B) that one or more conditions specified in Article V are not then satisfied; then,
subject to the terms and conditions hereof, such Issuer shall, on the requested date, Issue a Letter of Credit for the account of the Company in
accordance with such Issuer's usual and customary business practices.
(c) From time to time while a Letter of Credit is outstanding and prior to the Termination Date, the applicable Issuer will, upon the written
request of the Company received by such Issuer (with a copy sent by the Company to the Administrative Agent) at least three days (or such
shorter time as such Issuer may agree in a particular instance in its sole discretion) prior to the proposed date of amendment, amend any Letter of
Credit issued by it. Each such request for amendment of a Letter of Credit shall be made by facsimile, confirmed immediately in an original
writing, made in the form of an L/C Amendment Application and shall specify in form and detail satisfactory to the applicable Issuer: (i) the
Letter of Credit to be amended; (ii) the proposed date of amendment of the Letter of Credit (which shall be a Business Day); (iii) the nature of
the proposed amendment; and (iv) such other matters as such Issuer may require. No Issuer shall be under any obligation to amend any Letter of
Credit if: (A) such Issuer would have no obligation at such time to issue such Letter of Credit in its amended form under the terms of this
Agreement; or (B) the beneficiary of any such Letter of Credit does not accept the proposed amendment to the Letter of Credit. The
Administrative Agent will promptly notify the Lenders of the receipt by it of any L/C Application or L/C Amendment Application.
(d) The Issuers and the Lenders agree that, while a Letter of Credit is outstanding and prior to the Termination Date, at the option of the
Company and upon the written request of the Company received by the applicable Issuer (with a copy sent by the Company to the
Administrative Agent) at
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