Common use of Letters of Credit and Guarantees Clause in Contracts

Letters of Credit and Guarantees. Subject to the terms of this Agreement, if the Agent agrees with a Borrower (acting on the instructions of the Issuer), the Issuer shall, at that Borrower's request (contained in a Utilisation Notice) issue one or more documentary letters of credit (each a "LETTER OF CREDIT") or Guarantees (each a "GUARANTEE"), in each case denominated in sterling or any Foreign Currency as the Issuer may agree, for that Borrower's account. The Issuer will not issue any Letter of Credit or Guarantee: 6.4.1 if the Original Sterling Amount of the maximum face amount of the requested Letter of Credit or of the maximum contingent liability under the requested Guarantee, in each case plus all commissions, fees and charges due from the relevant Borrower in connection with its issue, would cause its Available Commitment or the Available Revolving Facility Amount to be exceeded at such time; 6.4.2 if the expiry date of the Letter of Credit or Guarantee would be later than 30 days prior to the Termination Date or a date falling more than 12 months from its date of issue; 6.4.3 if the Original Sterling Amount of the maximum face amount of the requested Letter of Credit or of the maximum contingent liability under the requested Guarantee, when aggregated with the Original Sterling Amount of the maximum face value of all Letters of Credit and of the maximum contingent liability under all Guarantees, in each case then in issue, would exceed L5,000,000, unless the Issuer has specifically agreed with that Borrower that it is prepared to do so.

Letters of Credit and Guarantees. Subject to the terms of this Agreement, if the Agent agrees with a Borrower (acting on the instructions of the Issuer), the Issuer shall, at that Borrower's request (contained in a Utilisation Notice) issue one or more documentary letters of credit (each a "LETTER OF CREDIT") or Guarantees (each a "GUARANTEE"), in each case denominated in sterling or any Foreign Currency as the Issuer may agree, for that Borrower's account. The Issuer will not issue any Letter of Credit or Guarantee: 6.4.1 if the Original Sterling Amount of the maximum face amount of the requested Letter of Credit or of the maximum contingent liability under the requested Guarantee, in each case plus all commissions, fees and charges due from the relevant Borrower in connection with its issue, would cause its Available Commitment or the Available Revolving Facility Amount to be exceeded at such time; 6.4.2 if the expiry date of the Letter of Credit or Guarantee would be later than 30 days prior to the Termination Date or a date falling more than 12 months from its date of issue; 6.4.3 if the Original Sterling Amount of the maximum face amount of the requested Letter of Credit or of the maximum contingent liability under the requested Guarantee, when aggregated with the Original Sterling Amount of the maximum face value of all Letters of Credit and of the maximum contingent liability under all Guarantees, in each case then in issue, would exceed L5,000,000L1,000,000, unless the Issuer has specifically agreed with that Borrower that it is prepared to do so.

Letters of Credit and Guarantees. Subject to the terms of this Agreement, if the Agent agrees with a Borrower (acting on the instructions of the Issuer), the Issuer shall, at that Borrower's request (contained in a Utilisation Notice) issue one or more documentary letters of credit (each a "LETTER OF CREDIT") or Guarantees (each a "GUARANTEE"), in each case denominated in sterling or any Foreign Currency as the Issuer may agree, for that Borrower's account. The Issuer will not issue any Letter of Credit or Guarantee: 6.4.1 if the Original Sterling Amount of the maximum face amount of the requested Letter of Credit or of the maximum contingent liability under the requested Guarantee, in each case plus all commissions, fees and charges due from the relevant Borrower in connection with its issue, would cause its Available Commitment or the Available Revolving Facility Amount to be exceeded at such time; 6.4.2 if the expiry date of the Letter of Credit or Guarantee would be later than 30 days prior to the Termination Date or a date falling more than 12 months from its date of issue; 6.4.3 if the Original Sterling Amount of the maximum face amount of the requested Letter of Credit or of the maximum contingent liability under the requested Guarantee, when aggregated with the Original Sterling Amount of the maximum face value of all Letters of Credit and of the maximum contingent liability under all Guarantees, in each case then in issue, would exceed L5,000,000(pound)1,000,000, unless the Issuer has specifically agreed with that Borrower that it is prepared to do so.