The issuance of any Letter of Credit given effect in tne calculation of the Total Utilization of Commitments and shall require the satisfaction of each condition set Each Letter of Credit may provide that the Issuing Bank may (but shall not be required to) pay the beneficiary thereof upon the occurrence of an Event of Default hereunder and the acceleration of the maturity of the Loans or, if payment is not then due to the beneficiary, provide for the deposit of funds in an account to secure payment to the beneficiary and that any funds so deposited shall be either (i) paid to the beneficiary of the Letter of Credit if conditions to such payment are satisfied or (ii) returned to "gambling" the Issuing Bank for distribution to the Banks (or, if all obligations hereunder to the Banks shall have been indefeasibly paid in full, to the Borrower) to the extent any such funds remain after the final date available for drawings under the Letter of Credit has passed:
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