Common use of Reduction of a Letter of Credit Clause in Contracts

Reduction of a Letter of Credit. (a) If, on the proposed Utilisation Date of a Letter of Credit, any Revolving Facility Lender is a Non-Acceptable L/C Lender and: (i) that Lender has failed to provide cash collateral to the Issuing Bank in accordance with Clause 7.4 (Cash collateral by Non-Acceptable L/C Lender and Borrower’s option to provide cash cover); and (ii) the Borrower of that proposed Letter of Credit has not exercised its right to provide cash cover to the Issuing Bank in accordance with paragraph (j) of Clause 7.4 (Cash collateral by Non-Acceptable L/C Lender and Borrower’s option to provide cash cover), the Issuing Bank may reduce the amount of that Letter of Credit by an amount equal to the amount of the participation of that Non-Acceptable L/C Lender in respect of that Letter of Credit and that Non-Acceptable L/C Lender shall be deemed not have any participation (or obligation to indemnify the Issuing Bank) in respect of that Letter of Credit for the purposes of the Finance Documents. (b) The Issuing Bank shall notify the Facility Agent and the Company of each reduction made pursuant to this Clause 6.7 (Reduction of a Letter of Credit). (c) This Clause 6.7 (Reduction of a Letter of Credit) shall not affect the participation of each other Revolving Facility Lender in that Letter of Credit.

Reduction of a Letter of Credit. (a) If, on the proposed Utilisation Date of a Letter of Credit, any of the Lenders under the Revolving Facility Lender is a Non-Acceptable L/C Lender and: (i) that Lender has failed to provide cash collateral to the Issuing Bank in accordance with Clause 7.4 (Cash collateral by Non-Acceptable L/C Lender and Borrower’s option to provide cash coverLender); and (ii) either: (A) the Borrower of that proposed Letter of Credit Issuing Bank has not exercised its right required the relevant Borrower to provide cash cover pursuant to Clause 7.5 (Cash cover by Borrower); or (B) the relevant Borrower has failed to provide cash cover to the Issuing Bank in accordance with paragraph (j) of Clause 7.4 7.5 (Cash collateral cover by Non-Acceptable L/C Lender and Borrower’s option to provide cash cover), the Issuing Bank may reduce the amount of that Letter of Credit by an amount equal to the amount of the participation of that Non-Acceptable L/C Lender in respect of that Letter of Credit and that Non-Acceptable L/C Lender shall be deemed not to have any participation (or obligation to indemnify the Issuing Bank) in respect of that Letter of Credit for the purposes of the Finance Documents. (b) The Issuing Bank shall notify the Facility Agent and the Company of each reduction made pursuant to this Clause 6.7 (Reduction of a Letter of Credit)6.7. (c) This Clause 6.7 (Reduction of a Letter of Credit) shall not affect the participation of each other Revolving Facility Lender in that Letter of Credit.

Reduction of a Letter of Credit. (a) If, on the proposed Utilisation Utilization Date of a Letter of Credit, any of the Lenders under the Revolving Facility Lender is a Non-–Acceptable L/C Lender and: (i) that Lender has failed to provide cash collateral to the Issuing Bank in accordance with Clause 7.4 Section 2.47 (Cash collateral Collateral by Non-–Acceptable L/C Lender and Borrower’s option to provide cash coverLender); and (ii) either: (A) the Borrower of that proposed Letter of Credit Issuing Bank has not exercised its right required the relevant Borrower to provide cash cover pursuant to Section 2.24 (Cash Cover by Borrower); or (B) the relevant Borrower has failed to provide cash cover to the Issuing Bank in accordance with paragraph (j) of Clause 7.4 Section 2.24 (Cash collateral Cover by Non-Acceptable L/C Lender and Borrower’s option to provide cash cover), the Issuing Bank may reduce the amount of that Letter of Credit by an amount equal to the amount of the participation of that Non-–Acceptable L/C Lender in respect of that Letter of Credit and that Non-–Acceptable L/C Lender shall be deemed not to have any participation (or obligation to indemnify the Issuing Bank) in respect of that Letter of Credit for the purposes of the Finance Loan Documents. (b) The Issuing Bank shall notify the Facility Administrative Agent and the Company of each reduction made pursuant to this Clause 6.7 (Reduction of a Letter of Credit)Section 2.42. (c) This Clause 6.7 (Reduction of a Letter of Credit) Section 2.42 shall not affect the participation of each other Revolving Facility Lender in that Letter of Credit.

Reduction of a Letter of Credit. (a) If, on the proposed Utilisation Date of a Letter of Credit, any of the Lenders under the Revolving Facility Lender is a Non-Acceptable L/C Lender and: (i) that Lender or its Affiliate has failed to provide cash collateral to the Issuing Bank in accordance with Clause 7.4 (Cash collateral by Non-Acceptable L/C Lender and Borrower’s option to provide cash coverLender); and (ii) either: (A) the Borrower of that proposed Letter of Credit Issuing Bank has not exercised its right required the relevant Borrower to provide cash cover pursuant to Clause 7.5 (Cash cover by Borrower); or (B) the relevant Borrower has failed to provide cash cover to the Issuing Bank in accordance with paragraph (j) of Clause 7.4 7.5 (Cash collateral cover by Non-Acceptable L/C Lender and Borrower’s option to provide cash cover), the Issuing Bank may reduce the amount of that Letter of Credit by an amount equal to the amount of the participation of that Non-Acceptable L/C Lender in respect of that Letter of Credit and that Non-Acceptable L/C Lender shall be deemed not to have any participation (or obligation to indemnify the Issuing Bank) in respect of that Letter of Credit for the purposes of the Finance Documents. (b) The Issuing Bank shall notify the Facility Agent and the Company of each reduction made pursuant to this Clause 6.7 (Reduction of a Letter of Credit)6.7. (c) This Clause 6.7 (Reduction of a Letter of Credit) shall not affect the participation of each other Revolving Facility Lender in that Letter of Credit.

Reduction of a Letter of Credit. (a) If, on the proposed Utilisation Date of a Letter of Credit, any Revolving Facility Lender of the Lenders is a Non-Acceptable L/C Lender and: (i) that Lender has failed to provide cash collateral to the Issuing Bank in accordance with Clause 7.4 (Cash collateral by Non-Acceptable L/C Lender and Borrower’s option to provide cash cover)Lender) following a request by the Issuing Bank; and (ii) either: (A) the Borrower of that proposed Letter of Credit Issuing Bank has not exercised its right required the relevant Borrower to provide cash cover pursuant to Clause 7.5 (Cash cover by Borrower); or (B) the relevant Borrower has failed to provide cash cover to the Issuing Bank in accordance with paragraph (j) of Clause 7.4 7.5 (Cash collateral cover by Non-Acceptable L/C Lender and Borrower’s option to provide cash cover), the Issuing Bank may reduce the amount of that Letter of Credit by an amount equal to the amount of the participation of that Non-Acceptable L/C Lender in respect of that Letter of Credit and that Non-Acceptable L/C Lender shall be deemed not to have any participation (or obligation to indemnify the Issuing Bank) in respect of that Letter of Credit for the purposes of the Finance Documents. (b) The Issuing Bank shall notify the Facility Agent and the Company of each reduction made pursuant to this Clause 6.7 (Reduction of a Letter of Credit)6.7. (c) This Clause 6.7 (Reduction of a Letter of Credit) shall not affect the participation of each other Revolving Facility Lender in that Letter of Credit.

Reduction of a Letter of Credit. (a) If, on the proposed Utilisation Date of a Letter of Credit, any Revolving Facility Lender of the Lenders is a Non-Acceptable L/C Lender and: (i) that Lender has failed to provide cash collateral to the Issuing Bank in accordance with Clause 7.4 8.4 (Cash collateral by Non-Acceptable L/C Lender and Borrower’s option to provide cash coverLender); and (ii) either: (A) the Borrower of that proposed Letter of Credit Issuing Bank has not exercised its right required the relevant Borrower to provide cash cover pursuant to Clause 8.5 (Cash cover by Borrower); or (B) the relevant Borrower has failed to provide cash cover to the Issuing Bank in accordance with paragraph (j) of Clause 7.4 8.5 (Cash collateral cover by Non-Acceptable L/C Lender and Borrower’s option to provide cash cover), the Issuing Bank may reduce the amount of that Letter of Credit by an amount equal to the amount of the participation of that Non-Acceptable L/C Lender in respect of that Letter of Credit and that Non-Acceptable L/C Lender shall be deemed not to have any participation (or obligation to indemnify the Issuing Bank) in respect of that Letter of Credit for the purposes of the Finance Documents. (b) The Issuing Bank shall notify the Facility Agent and the Company of each reduction made pursuant to this Clause 6.7 (Reduction of a Letter of Credit)6.7. (c) This Clause 6.7 (Reduction of a Letter of Credit) shall not affect the participation of each other Revolving Facility Lender in that Letter of Credit.

Reduction of a Letter of Credit. (a) If, on the proposed Utilisation Date of a Letter of Credit, any Revolving Facility Lender of the Lenders is a Non-Acceptable L/C Lender and: (i) that Lender has failed to provide cash collateral to the Issuing Bank in accordance with Clause 7.4 ‎8.5 (Cash collateral by Non-Acceptable L/C Lender and Borrower’s option to provide cash coverLender); and (ii) either: (A) the Borrower of that proposed Letter of Credit Issuing Bank has not exercised its right required the relevant Borrower to provide cash cover pursuant to Clause ‎8.6 (Cash cover by Borrower); or (B) the relevant Borrower has failed to provide cash cover to the Issuing Bank in accordance with paragraph (j) of Clause 7.4 ‎8.6 (Cash collateral cover by Non-Acceptable L/C Lender and Borrower’s option to provide cash cover), the Issuing Bank may reduce the amount of that Letter of Credit by an amount equal to the amount of the participation of that is or may be payable by that Non-Acceptable L/C Lender in respect of that Letter of Credit and that Non-Acceptable L/C Lender shall be deemed not to have any participation (or obligation to indemnify the Issuing Bank) in respect of that Letter of Credit for the purposes of the Finance Documents. (b) The Issuing Bank shall notify the Facility Agent and the Company of each reduction made pursuant to this Clause 6.7 (Reduction of a Letter of Credit)‎7.8. (c) This Clause 6.7 (Reduction of a Letter of Credit) ‎7.8 shall not affect the participation of each other Revolving Facility Lender in that Letter of Credit.

Reduction of a Letter of Credit. (a) If, on the proposed Utilisation Date of a Letter of Credit, any of the Lenders under the Revolving Facility Lender is a Non-Acceptable L/C Lender and: (i) that Lender has failed to provide cash collateral to the Issuing Bank in accordance with Clause 7.4 7.6 (Cash collateral by Non-Acceptable L/C Lender and Borrower’s option to provide cash coverLender); and (ii) the relevant Borrower of that proposed Letter of Credit has not exercised its right failed to provide cash cover to the Issuing Bank in accordance with paragraph (j) of Clause 7.4 7.7 (Cash collateral cover by Non-Acceptable L/C Lender and Borrower’s option to provide cash cover), the Issuing Bank may reduce the amount of that Letter of Credit by an amount equal to the amount of the participation of that Non-Acceptable L/C Lender in respect of that Letter of Credit and that Non-Acceptable L/C Lender shall be deemed not to have any participation (or obligation to indemnify the Issuing Bank) in respect of that Letter of Credit for the purposes of the Finance Documents. (b) The Issuing Bank shall notify the Facility Agent and the Company of each reduction made pursuant to this Clause 6.7 (Reduction of a Letter of Credit)6.8. (c) This Clause 6.7 (Reduction of a Letter of Credit) 6.8 shall not affect the participation of each other Revolving Facility Lender in that Letter of Credit.

Reduction of a Letter of Credit. (a) If, on or before the proposed Utilisation Date of a Letter of Credit, any of the Lenders under the Revolving Facility Lender is a Non-Acceptable L/C Lender and: (i) that Lender has failed to provide cash collateral to the Issuing Bank in accordance with Clause 7.4 (Cash collateral by Non-Acceptable L/C Lender and Borrower’s option to provide cash coverLender); and (ii) either: (A) the Borrower of that proposed Letter of Credit Issuing Bank has not exercised its right required the relevant Borrower to provide cash cover pursuant to Clause 7.5 (Cash cover by Borrower); or (B) the relevant Borrower has failed to provide cash cover to the Issuing Bank in accordance with paragraph (j) of Clause 7.4 7.5 (Cash collateral cover by Non-Acceptable L/C Lender and Borrower’s option to provide cash cover), the relevant Issuing Bank may reduce the amount of that Letter of Credit by an amount equal to the amount of the participation of that Non-Acceptable L/C Lender in respect of that Letter of Credit and that Non-Acceptable L/C Lender shall be deemed not to have any participation (or obligation to indemnify the Issuing Bank) in respect of that Letter of Credit for the purposes of the Finance Documents. (b) The Issuing Bank shall notify the Facility Agent and the Company Parent of each reduction made pursuant to this Clause 6.7 (Reduction of a Letter of Credit)6.7. (c) This Clause 6.7 (Reduction of a Letter of Credit) shall not affect the participation of each other Revolving Facility Lender in that Letter of Credit.

Reduction of a Letter of Credit. (a) If, on the proposed Utilisation Date of a Letter of Credit, any Lender under the Revolving Facility Lender is a Non-Acceptable L/C Lender and: (i) that Lender has failed to provide cash collateral to the Issuing Bank in accordance with Clause 7.4 (Cash collateral by Non-Acceptable L/C Lender and Borrower’s option to provide cash cover); and (ii) the Borrower of that proposed Letter of Credit has not exercised its right to provide cash cover to the Issuing Bank in accordance with paragraph (jg) of Clause 7.4 (Cash collateral by Non-Acceptable L/C Lender and Borrower’s option to provide cash cover), the Issuing Bank may reduce the amount of that Letter of Credit by an amount equal to the amount of the participation of that Non-Acceptable L/C Lender in respect of that Letter of Credit and that Non-Acceptable L/C Lender shall be deemed not to have any participation (or obligation to indemnify the Issuing Bank) in respect of that Letter of Credit for the purposes of the Finance Documents. (b) The Issuing Bank shall notify the Facility Agent and the Company Borrower of each reduction made pursuant to this Clause 6.7 (Reduction of a Letter of Credit)6.7. (c) This Clause 6.7 (Reduction of a Letter of Credit) shall not affect the participation of each other Revolving Facility Lender in that Letter of Credit.

Reduction of a Letter of Credit. (a) If, on the proposed Utilisation Date of a Letter of Credit, any of the Lenders under the Original Revolving Facility Lender is a Non-Acceptable L/C Lender and: (i) that Lender has failed to provide cash collateral to the Issuing Bank in accordance with Clause 7.4 (Cash collateral by Non-Acceptable L/C Lender and Borrower’s 's option to provide cash cover); and (ii) the Borrower of that proposed Letter of Credit has not exercised its right to provide cash cover to the Issuing Bank in accordance with paragraph (jg) of Clause 7.4 (Cash collateral by Non-Acceptable L/C Lender and Borrower’s 's option to provide cash cover), the Issuing Bank may reduce the amount of that Letter of Credit by an amount equal to the amount of the participation of that Non-Acceptable L/C Lender in respect of that Letter of Credit and that Non-Acceptable L/C Lender shall be deemed not to have any participation (or obligation to indemnify the Issuing Bank) in respect of that Letter of Credit for the purposes of the Finance Documents. (b) The Issuing Bank shall notify the Facility Agent and the Company Obligors’ Agent of each reduction made pursuant to this Clause 6.7 (Reduction of a Letter of Credit)6.7. (c) This Clause 6.7 (Reduction of a Letter of Credit) shall not affect the participation of each other Revolving Facility Lender in that Letter of Credit.