Common use of Applied Letters of Credit Clause in Contracts

Applied Letters of Credit. If, notwithstanding the provisions of Clause 2.4 (Application ofOwn FAL), any sum is paid under a Letter of Credit (an "Applied Letter of Credit") which is greater than any sum which would have been paid had Own FAL been applied to meet any demand prior to the Funds at Lloyd's provided pursuant to this Facility in accordance with Clause 2.4 (Application of Own FAL) (the difference between the sum paid under the Applied Letter of Credit and the sum which should have been paid being the "Overpayment"), the Borrower shall, to any extent necessary to facilitate the indemnification of the Lenders under Clause 7 (Borrower's Indemnity to the Lenders), use all reasonable endeavours to procure the release by Lloyd's of the Own FAL of the Account Party in an amount equal to the Overpayment and, upon the Lenders being indemnified in full thereunder (but subject to the Agent receiving confirmation in writing from the Borrower that no Default is continuing), either:

Applied Letters of Credit. If, notwithstanding the provisions of Clause 2.4 (Application ofOwn of Own FAL), any sum is paid under a Letter of Credit (an "“Applied Letter of Credit"”) which is greater than any sum which would have been paid had Own FAL been applied to meet any demand prior to the Funds at Lloyd's ’s provided pursuant to this Facility in accordance with Clause 2.4 (Application of Own FAL) (the difference between the sum paid under the Applied Letter of Credit and the sum which should have been paid being the "“Overpayment"”), the Borrower shall, to any extent necessary to facilitate the indemnification of the Lenders under Clause 7 (Borrower's ’s Indemnity to the Lenders), use all reasonable endeavours to procure the release by Lloyd's ’s of the Own FAL of the Account Party in an amount equal to the Overpayment and, upon the Lenders being indemnified in full thereunder (but subject to the Agent receiving confirmation in writing from the Borrower that no Default is continuing), either:

Applied Letters of Credit. If, notwithstanding the provisions of Clause 2.4 (Application ofOwn of Own FAL), any sum is paid under a Letter of Credit (an "“Applied Letter of Credit"”) which is greater than any sum which would have been paid had Own FAL been applied to meet any demand prior to the Funds at Lloyd's ’s provided pursuant to this Facility in accordance with Clause 2.4 (Application of Own FAL) (the difference between the sum paid under the Applied Letter of Credit and the sum which should have been paid being the "“Overpayment"”), the each Borrower shall, to any extent necessary to facilitate the indemnification of the Lenders under Clause 7 (Borrower's ’s Indemnity to the Lenders), use all reasonable endeavours to procure the release by Lloyd's ’s of the Own FAL of the Account Party in an amount equal to the Overpayment and, upon the Lenders being indemnified in full thereunder (but subject to the Agent receiving confirmation in writing from the Original Borrower that no Default is continuing), either:

Applied Letters of Credit. If, notwithstanding the provisions of Clause 2.4 (Application ofOwn of Own FAL), any sum is paid under a Letter of Credit (an "Applied Letter of Credit") which is greater than any sum which would have been paid had Own FAL been applied to meet any demand prior to the Funds at Lloyd's provided pursuant to this Facility in accordance with Clause 2.4 (Application of Own FAL) (the difference between the sum paid under the Applied Letter of Credit and the sum which should have been paid being the "Overpayment"), the each Borrower shall, to any extent necessary to facilitate the indemnification of the Lenders under Clause 7 (Borrower's Indemnity to the Lenders), use all reasonable endeavours to procure the release by Lloyd's of the Own FAL of the Account Party in an amount equal to the Overpayment and, upon the Lenders being indemnified in full thereunder (but subject to the Agent receiving confirmation in writing from the Original Borrower that no Default is continuing), either: