Each Letter of Credit issued after the date hereof shall be issued upon notice, given not later than 11:00 A.M. (New York City time) on the third Business Day prior to the proposed issuance of such Letter of Credit (or such shorter period of time as may be acceptable to the applicable Issuing Bank), by the Company to an Issuing Bank and to the [[Person A:Person]]ch shall give to each Lender prompt notice thereof by telex, telecopier/fax, cable or electronic mail. Each such notice of issuance of a Letter of Credit (a “Notice of Issuance”) shall be by telex, telecopier/fax, cable or electronic mail, confirmed immediately in writing, specifying therein the requested # date of such issuance (which shall be a Business Day), # Available Amount of such Letter of Credit, including Currency thereof, # expiration date of such Letter of Credit, # name and address of the beneficiary of such Letter of Credit and # form of such Letter of Credit, and shall be accompanied by such application and agreement for letter of credit (each such application and agreement, and each application and agreement executed and delivered in respect of a Starwood Letter of Credit, being herein called a “Letter of Credit Agreement”) as the relevant Issuing Bank may specify to the Company for use in connection with such requested Letter of Credit.

Request for Issuance. (i) Each Letter of Credit shall be Issued upon notice, given not later than 11:00 A.M. (New York City time) on the third Business Day (in the case of Letters of Credit denominated in Dollars) and fifth Business Day (in the case of Letters of Credit denominated in Committed Currencies) prior to the date of the proposed Issuance of such Letter of Credit (or on such shorter notice as the applicable Issuing Bank may agree), by the [[Organization A:Organization]] to any Issuing Bank and to the Administrative Agent. Each such notice by the [[Organization A:Organization]] of an Issuance of a Letter of Credit (a “Notice of Issuance”) shall be by hand or by telecopier (or transmission by electronic communication, if arrangements for doing so have been approved by the applicable Issuing Bank). specifying therein the requested # date of such Issuance (which shall be a Business Day), # Available Amount and currency of such Letter of Credit, # expiration date of such Letter of Credit, # name and address of the beneficiary of such Letter of Credit and # form of such Letter of Credit, such Letter of Credit shall be issued pursuant to such application and agreement for letter of credit as such Issuing Bank and the [[Organization A:Organization]] shall agree for use in connection with such requested Letter of Credit (a “Letter of Credit Agreement”). If the requested form of such Letter of Credit is acceptable to such Issuing Bank in its reasonable discretion (it being understood that any such form shall have only explicit documentary conditions to draw), such Issuing Bank shall, unless such Issuing Bank has received written notice from the Administrative Agent, at least one Business Day prior to the requested date of Issuance or amendment of the applicable Letter of Credit, that one or more applicable conditions contained in [Section 3.02] shall not then be satisfied, then, subject to the terms and conditions hereof, on the requested date, issue a Letter of Credit for the account of the [[Organization A:Organization]] or the applicable Subsidiary or enter into the applicable amendment, as the case may be, in each case in accordance with such Issuing Bank’s usual and customary business practices. Additionally, the [[Organization A:Organization]] shall furnish to the applicable Issuing Bank and the Administrative Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment, as such Issuing Bank or the Administrative Agent may reasonably require. In the event and to the extent that the provisions of any Letter of Credit Agreement shall conflict with this Agreement, the provisions of this Agreement shall govern. Notwithstanding anything to the contrary in this Agreement, the Issuing Banks may send a Letter of Credit or conduct any communication to or from the beneficiary via the Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) message or overnight courier, or any other commercially reasonable means of communicating with a beneficiary.