Common use of Financial Services and Markets Xxx 0000 Clause in Contracts

Financial Services and Markets Xxx 0000. (a) A failure by Lloyd’s (or, where appropriate, the members of Lloyd’s taken together) to satisfy the solvency requirements to which it is or they are subject by virtue of Part XIX of the Financial Services and Markets Xxx 0000, FCA Handbook or PRA Handbook, as applicable, or any statutory provision enacted hereafter and a failure to comply with any binding requirement to rectify the position within the time period permitted for such rectification; or (b) the authorisation or permission granted to Lloyd’s to carry on a regulated activity pursuant to the Financial Markets and Services Act 2000 is withdrawn, removed, revoked or cancelled by the Financial Services Authority, which, in either such case, in the reasonable opinion of the Agent is likely materially and adversely to affect the ability of the Borrower to perform or comply with its material obligations under the Finance Documents.

Financial Services and Markets Xxx 0000. (a) A failure by Lloyd’s (or, where appropriate, the members of Lloyd’s taken together) to satisfy the solvency requirements to which it is or they are subject by virtue of Part XIX of the Financial Services and Markets Xxx 0000, FCA the FSA Handbook or PRA Handbook, as applicable, or any statutory provision enacted hereafter and a failure to comply with any binding requirement to rectify the position within the time period permitted for such rectification; or (b) the authorisation or permission granted to Lloyd’s to carry on a regulated activity pursuant to the Financial Markets and Services Act 2000 is withdrawn, removed, revoked or cancelled by the Financial Services Authority, which, in either such case, in the reasonable opinion of the Agent is likely materially and adversely to affect the ability of the Borrower to perform or comply with its material obligations under the Finance Documents.

Financial Services and Markets Xxx 0000. (a) 17.19.1 A failure by Lloyd’s (or, where appropriate, the members of Lloyd’s taken together) to satisfy the solvency requirements to which it is or they are subject by virtue of Part XIX of the Financial Services and Markets Xxx 0000, FCA the FSA Handbook or PRA Handbook, as applicable, or any statutory provision enacted hereafter and a failure to comply with any binding requirement to rectify the position within the time period permitted for such rectification; or (b) 17.19.2 the authorisation or permission granted to Lloyd’s to carry on a regulated activity pursuant to the Financial Markets and Services Act 2000 is withdrawn, removed, revoked or cancelled by the Financial Services Authority, which, in either such case, in the reasonable opinion of the Agent is likely materially and adversely to affect the ability of the Borrower to perform or comply with its material obligations under the Finance Documents.

Financial Services and Markets Xxx 0000. (a) 16.19.1 A failure by Lloyd’s (or, where appropriate, the members of Lloyd’s taken together) to satisfy the solvency requirements to which it is or they are subject by virtue of Part XIX of the Financial Services and Markets Xxx 0000, FCA the FSA Handbook or PRA Handbook, as applicable, or any statutory provision enacted hereafter and a failure to comply with any binding requirement to rectify the position within the time period permitted for such rectification; or (b) 16.19.2 the authorisation or permission granted to Lloyd’s to carry on a regulated activity pursuant to the Financial Markets and Services Act 2000 is withdrawn, removed, revoked or cancelled by the Financial Services Authority, which, in either such case, in the reasonable opinion of the Agent is likely materially and adversely to affect the ability of the Borrower to perform or comply with its material obligations under the Finance Documents.

Financial Services and Markets Xxx 0000. (a) 16.18.1 A failure by Lloyd’s (or, where appropriate, the members of Lloyd’s taken together) to satisfy the solvency requirements to which it is or they are subject by virtue of Part XIX of the Financial Services and Markets Xxx 0000, FCA the FSA Handbook or PRA Handbook, as applicable, or any statutory provision enacted hereafter and a failure to comply with any binding requirement to rectify the position within the time period permitted for such rectification; or (b) 16.18.2 the authorisation or permission granted to Lloyd’s to carry on a regulated activity pursuant to the Financial Markets and Services Act 2000 is withdrawn, removed, revoked or cancelled by the Financial Services Authority, which, in either such case, in the reasonable opinion of the Agent is likely materially and adversely to affect the ability of the Borrower to perform or comply with its material obligations under the Finance Documents.