Common use of Immediately upon the Facility Agent serving Clause in Contracts

Immediately upon the Facility Agent serving. a Default Notice, each Borrower shall in respect of each Bank Guarantee issued on its behalf: (a) use its reasonable endeavours to procure the release of the Issuing Bank from that Bank Guarantee; and (b) without prejudice to sub-clause 13.2.2(a), pay to the credit of such account as the Issuing Bank shall stipulate an amount equal to the Guaranteed Amount of that Bank Guarantee and charge such account in favour of the Issuing Bank, in such manner and on such terms as the Issuing Bank may stipulate.