Common use of Completion of Letters of Credit Clause in Contracts

Completion of Letters of Credit. The Agent is authorised to arrange for the issue of any Letter of Credit pursuant to Clause 3.1 (Utilisation Conditions for the Facility) by: 3.3.1 completing the Effective Date and the proposed Expiry Date of such Letter of Credit; 3.3.2 completing the schedule to such Letter of Credit with the percentage participation of each Bank as allocated pursuant to the terms hereof; and 3.3.3 executing such Letter of Credit on behalf of each Bank and following such execution delivering such Letter of Credit to Lloyd's on the Utilisation Date, provided that the Agent shall not deliver any such Letter of Credit to Lloyd's unless the Agent is satisfied that (a) Lloyd's has cancelled (or will upon such delivery cancel) the Original Letters of Credit and (b) all amounts outstanding in respect of the Original Letters of Credit have been paid in full.

Completion of Letters of Credit. The Agent is authorised to arrange for the issue of any Letter of Credit pursuant to Clause 3.1 (Utilisation Conditions for the Facility) by: 3.3.1 completing the Effective Date and the proposed Expiry Date of such Letter of Credit; 3.3.2 completing the schedule to such Letter of Credit with the percentage participation of each Bank as allocated pursuant to the terms hereof; and 3.3.3 executing such Letter of Credit on behalf of each Bank and following such execution delivering such Letter of Credit to Lloyd's ’s on the Utilisation Date, provided that the Agent shall not deliver any such Letter of Credit to Lloyd's ’s unless the Agent is satisfied that that: (a) Lloyd's ’s has cancelled (or will upon such delivery cancel) the Original Letters of Credit and Credit; and (b) all amounts outstanding in respect of the Original Letters of Credit have been paid in full.

Completion of Letters of Credit. The Agent is authorised to arrange for the issue of any Letter of Credit pursuant to Clause 3.1 (Utilisation Conditions for the Facility) by: 3.3.1 completing the Effective Date and the proposed Expiry Date of such Letter of Credit; 3.3.2 completing the schedule to such Letter of Credit with the percentage participation of each Bank as allocated pursuant to the terms hereof; and 3.3.3 executing such Letter of Credit on behalf of each Bank and following such execution delivering such Letter of Credit to Lloyd's on the Utilisation Date, provided that the Agent shall not deliver any such Letter of Credit to Lloyd's unless the Agent is satisfied that that: (a) Lloyd's has cancelled (or will upon such delivery cancel) the Original Letters of Credit and Credit; and (b) all amounts outstanding in respect of the Original Letters of Credit have been paid in full.