Common use of European Monetary Union Clause in Contracts

European Monetary Union. (a) If, as a result of the implementation of European monetary union, (i) any European Currency ceases to be lawful currency of the nation issuing the same and is replaced by a European common currency (the "EURO"), or (ii) any European Currency and the Euro are at the same time recognized by any Governmental Authority of the nation issuing such European Currency as lawful currency of such nation and the Administrative Agent or the Majority Banks shall so request in a notice delivered to XL Capital, then any amount payable hereunder by any party hereto in such European Currency shall instead be payable in the Euro and the amount so payable shall be determined by translating the amount payable in such European Currency to the Euro at the exchange rate recognized by the European Central Bank for the purpose of implementing European monetary union. Prior to the occurrence of the event or events described in clause (i) or (ii) of the preceding sentence, each amount payable hereunder in any European Currency will, except as otherwise provided herein, continue to be payable only in that Currency.

European Monetary Union. (a) If, as a result of the implementation of the European monetary union, (i) any European Optional Currency ceases to be lawful currency of the nation issuing the same and is replaced by a European common currency (the "EURO"), Euro or (ii) any European Optional Currency and the Euro are at the same time recognized by any Governmental Authority governmental authority of the nation issuing such European Currency currency as lawful currency of such nation and the Administrative Agent or the Majority Banks Required Lenders shall so request in a notice delivered to XL Capitalthe Borrowers, then any amount payable hereunder by any party hereto in such European Optional Currency shall instead be payable in the Euro and the amount so payable shall be determined by translating the amount payable in such European Optional Currency to the Euro at the exchange rate recognized on the date of such request by the European Central Bank for the purpose of implementing European monetary union. Prior to the occurrence of the event or events described in clause (i) or (ii) of the preceding sentence, each amount payable hereunder in any European Optional Currency will, except as otherwise provided herein, continue to be payable only in that Optional Currency.

European Monetary Union. (a) If, as a result of the ----------------------- implementation of European monetary union, (i) any European Currency ceases to be lawful currency of the nation issuing the same and is replaced by a European common currency (the "EUROEuro"), or (ii) any European Currency and the Euro are at the same time recognized by any Governmental Authority of the nation issuing such European Currency as lawful currency of such nation and the Administrative Agent or the Majority Banks shall so request in a notice delivered to XL Capitalthe Company, then any amount payable hereunder by any party hereto in such European Currency shall instead be payable in the Euro and the amount so payable shall be determined by translating the amount payable in such European Currency to the Euro at the exchange rate recognized by the European Central Bank for the purpose of implementing European monetary union. Prior to the occurrence of the event or events described in clause (i) or (ii) of the preceding sentence, each amount payable hereunder in any European Currency will, except as otherwise provided herein, continue to be payable only in that Currency.

European Monetary Union. (a) If, as a result of the implementation of European monetary union, (i) any European Currency ceases to be lawful currency of the nation issuing the same and is replaced by a European common currency (the "EURO"), or (ii) any European Currency and the Euro are at the same time recognized by any Governmental Authority governmental authority of the nation issuing such European Currency as lawful currency of such nation and the Administrative Agent or the Majority Banks shall so request in a notice delivered to XL Capitalthe Company, then any amount payable hereunder by any party hereto in such European Currency shall instead be payable in the Euro and the amount so payable shall be determined by translating the amount payable in such European Currency to the Euro at the exchange rate recognized by the European Central Bank for the purpose of implementing European monetary union. Prior to the occurrence of the event or events described in clause (i) or (ii) of the preceding sentence, each amount payable hereunder in any European Currency will, except as otherwise provided herein, continue to be payable only in that Currency.

European Monetary Union. (a) If, as a result of the implementation of European monetary union, (i) any European National Currency ceases to be lawful currency of the nation issuing the same and is replaced by a European common currency (the "EURO")Euro, or (ii) any European National Currency and the Euro are at the same time recognized by any Governmental Authority governmental authority of the nation issuing such European National Currency as lawful currency of such nation and the Administrative Agent or the Majority Banks Lenders shall so request in a notice delivered to XL Capitalthe Company, then any amount payable hereunder by any party hereto in such European National Currency shall instead be payable in the Euro and the amount so payable shall be determined by translating the amount payable in such European National Currency to the Euro at the exchange rate recognized by the European Central Bank for the purpose of implementing European monetary union. Prior to the occurrence of the event or events described in clause (i) or (ii) of the preceding sentence, each amount payable hereunder in any European National Currency will, except as otherwise provided herein, continue to be payable only in that Currency.

European Monetary Union. (a) If, as a result of the implementation of European monetary union, (i) any European Foreign Currency ceases to be lawful currency of the nation issuing the same and is replaced by a European common currency (the "EURO")currency, or (ii) any European Foreign Currency and the Euro a European common currency are at the same time recognized by any Governmental Authority the central bank or comparable authority of the nation issuing such European Foreign Currency as lawful currency of such nation and the Administrative Agent or the Majority Banks shall so request in a notice delivered to XL Capitalthe Company, then any amount payable hereunder by any party hereto in such European Foreign Currency shall instead be payable in the Euro European common currency and the amount so payable shall be determined by translating the amount payable in such currency to such European Currency to the Euro common currency at the exchange rate recognized by the European Central Bank for the purpose purposes of implementing European monetary union. Prior to the occurrence of the event or events described in clause (i) or (ii) of the preceding sentencemaking any such request with respect to any currency, each amount payable hereunder in any European such Foreign Currency will, except as otherwise provided hereinunder the circumstances described in Section 2.15, continue to be payable only in that Foreign Currency.

European Monetary Union. (a) If, as a result of the ----------------------- implementation of European monetary union, (i) any European Currency ceases to be lawful currency of the nation issuing the same and is replaced by a European common currency (the "EUROEuro"), or (ii) any European Currency and the Euro are at ---- the same time recognized by any Governmental Authority of the nation issuing such European Currency as lawful currency of such nation and the Administrative Agent or the Majority Banks shall so request in a notice delivered to XL Capitalthe Company, then any amount payable hereunder by any party hereto in such European Currency shall instead be payable in the Euro and the amount so payable shall be determined by translating the amount payable in such European Currency to the Euro at the exchange rate recognized by the European Central Bank for the purpose of implementing European monetary union. Prior to the occurrence of the event or events described in clause (i) or (ii) of the preceding sentence, each amount payable hereunder in any European Currency will, except as otherwise provided herein, continue to be payable only in that Currency.

European Monetary Union. (ai) (A) If, as a result of the implementation of the European monetary union, (i) any European Optional Currency ceases to be lawful currency of the nation issuing the same and is replaced by a European common currency (the "EUROEuro"), ) or (iiB) any European Optional Currency and the Euro are at the same time recognized by any Governmental Authority governmental authority of the nation issuing such European Currency currency as lawful currency of such nation and the Administrative Agent or the Majority Banks Required Lenders shall so request in a notice delivered to XL Capitalthe Borrower, then any amount payable hereunder by any party hereto in such European Optional Currency shall instead be payable in the Euro and the amount so payable shall be determined by translating the amount payable in such European Optional Currency to the Euro at the exchange rate recognized by the European Central Bank for the purpose of implementing the European monetary union. Prior to the occurrence of the event or events described in clause (iA) or (iiB) of the preceding sentence, each amount payable hereunder in any European Optional Currency willshall, except as otherwise provided herein, continue to be payable only in that Optional Currency.

European Monetary Union. (a) If, as a result of the implementation of European monetary union, (i) any European Currency ceases to be lawful currency of the nation issuing the same and is replaced by a European common currency (the "EUROEuro"), or (ii) any European Currency and the Euro are at the same time recognized by any Governmental Authority of the nation issuing such European Currency as lawful currency of such nation and the Administrative Agent or the Majority Banks shall so request in a notice delivered to XL Capitalthe Company, then any amount payable hereunder by any party hereto in such European Currency shall instead be payable in the Euro and the amount so payable shall be determined by translating the amount payable in such European Currency to the Euro at the exchange rate recognized by the European Central Bank for the purpose of implementing Credit Agreement 74 - 70 - European monetary union. Prior to the occurrence of the event or events described in clause (i) or (ii) of the preceding sentence, each amount payable hereunder in any European Currency will, except as otherwise provided herein, continue to be payable only in that Currency.