Common use of Restrictions on participation in Bank Guarantees Clause in Contracts

Restrictions on participation in Bank Guarantees. If at any time prior to the issue of a Bank Guarantee any Lender is prohibited by law or pursuant to any request from or requirement of any central bank or other fiscal, monetary or other authority from having any right or obligation under this Agreement in respect of a Bank Guarantee, that Lender shall notify the Agent on or before the Business Day prior to the proposed Utilisation Date and: (a) the maximum actual and contingent liabilities of the relevant Fronting Bank under that Bank Guarantee shall be reduced by an amount equal to an amount which would have been the amount of that Lender's Guarantee Proportion of that Bank Guarantee if the prohibition had not occurred; (b) the Guarantee Proportion of that Lender in relation to that Bank Guarantee shall be nil; and (c) that Lender's Available Commitment in respect of the relevant Revolving Facility shall be reduced by an amount equal to an amount which would have been the amount of that Lender's Guarantee Proportion of the Bank Guarantee if the prohibition had not occurred.

Restrictions on participation in Bank Guarantees. If at any time prior to the issue of a Bank Guarantee any Lender is prohibited by law or pursuant to any request from or requirement of any central bank or other fiscal, monetary or other authority from having any right or obligation under this Agreement in respect of a Bank Guarantee, that Lender shall notify the Agent on or before the Business Day prior to the proposed Utilisation Date and: (a) the maximum actual and contingent liabilities of the relevant Fronting Bank under that Bank Guarantee shall be reduced by an amount equal to an amount which would have been the amount of that Lender's Guarantee Proportion of that Bank Guarantee if the prohibition had not occurred; (b) the Guarantee Proportion of that Lender in relation to that Bank Guarantee shall be nil; and (c) and that Lender's relevant Available Commitment in respect of the relevant Revolving Facility shall be reduced by an amount equal to an amount which would have been the amount of that Lender's Guarantee Proportion of the Bank Guarantee if the prohibition had not occurred.

Restrictions on participation in Bank Guarantees. If at any time prior to the issue of a Bank Guarantee any Lender is prohibited by law or pursuant to any request from or requirement of any central bank or other fiscal, monetary or other authority from having any right or obligation under this Agreement in respect of a Bank Guarantee, that Lender shall notify the Agent on or before the Business Day prior to the proposed Utilisation Date and: (a) the maximum actual and contingent liabilities of the relevant Fronting Bank under that Bank Guarantee shall be reduced by an amount equal to an amount which would have been the amount of that Lender's Bank Guarantee Proportion of that Bank Guarantee if the prohibition had not occurred; (b) the Bank Guarantee Proportion of that Lender in relation to that Bank Guarantee shall be nil; and (c) that Lender's Available Commitment in respect of the relevant Revolving Facility shall be reduced by an amount equal to an amount which would have been the amount of that Lender's Bank Guarantee Proportion of the Bank Guarantee if the prohibition had not occurred.

Restrictions on participation in Bank Guarantees. If at any time prior to the issue of a Bank Guarantee any Lender is prohibited by law or pursuant to any request from or requirement of any central bank or other fiscal, monetary or other authority from having any right or obligation under this Agreement in respect of a Bank Guarantee, that Lender shall notify the Agent on or before the Business Day prior to the proposed Utilisation Date and: (a) the maximum actual and contingent liabilities of the relevant a Fronting Bank under that Bank Guarantee shall be reduced by an amount equal to an amount which would have been the amount of that Lender's Bank Guarantee Proportion of that Bank Guarantee if the prohibition had not occurred; (b) the Bank Guarantee Proportion of that Lender in relation to that Bank Guarantee shall be nil; and (c) that Lender's Available Commitment in respect of the relevant Revolving Facility to that Bank Guarantee only, shall be reduced by an amount equal to an amount which would have been the amount of that Lender's Bank Guarantee Proportion of the that Bank Guarantee only if the prohibition had not occurred.