Common use of Utilisation Conditions Clause in Contracts

Utilisation Conditions. Save as otherwise provided herein, a Letter of Credit will be issued or amended by increasing the amount thereof at the request of the Borrower during the Availability Period if: 3.2.1 not less than five Business Days (or such lesser number of Business Days as the Agent and the Lenders may agree) before the proposed Utilisation Date, the Agent has received a duly completed Utilisation Request from the Borrower; 3.2.2 the proposed Utilisation Date is a Business Day falling within the Availability Period; 3.2.3 its amount is less than or equal to the Available Facility; 3.2.4 the proposed amount of the Letter of Credit or the proposed increase in the amount thereof is not less than $5,000,000 or (ii) (where the Available Facility is less than $5,000,000) equal to the Available Facility; 3.2.5 the proposed initial Term of the Letter of Credit is (subject to the terms thereof) at least four years and its Expiry Date is no later than the Final Maturity Date; 3.2.6 the delivery instructions for the Letter of Credit are specified; 3.2.7 as a result of the proposed Letter of Credit being issued, Outstandings will not exceed the Total Commitments; and 3.2.8 as a result of the proposed Letter of Credit being issued, participation in the Letter of Credit by any Lender will not cause its Commitment to be exceeded; and 3.2.9 the beneficiary of the Letter of Credit is Lloyd’s.

Utilisation Conditions. Save as otherwise provided herein, a Letter of Credit will be issued or amended by increasing the amount thereof at the request of the Borrower during the Availability Period if: 3.2.1 (a) not less than five Business Days (or such lesser number of Business Days as the Agent and the Lenders may agree) before the proposed Utilisation Date, the Agent has received a duly completed Utilisation Request from the Borrower; 3.2.2 (b) the proposed Utilisation Date is a Business Day falling within the Availability Period; 3.2.3 (c) its amount is less than or equal to the Available Facility; 3.2.4 (d) the proposed amount of the Letter of Credit or the proposed increase in the amount thereof is not less than $5,000,000 or (ii) (where the Available Facility is less than $5,000,000) equal to the Available Facility; 3.2.5 (e) the proposed initial Term of the Letter of Credit is (subject to the terms thereof) at least four years and its Expiry Date is no later than the Final Maturity Date; 3.2.6 (f) the delivery instructions for the Letter of Credit are specified; 3.2.7 (g) as a result of the proposed Letter of Credit being issued, Outstandings will not exceed the Total Commitments; and 3.2.8 (h) as a result of the proposed Letter of Credit being issued, participation in the Letter of Credit by any Lender will not cause its Commitment to be exceeded; and 3.2.9 (i) the beneficiary of the Letter of Credit is Lloyd’s.

Utilisation Conditions. Save as otherwise provided herein, a Letter of Credit will be issued or amended by increasing the amount thereof at the request of the Borrower during the Availability Period if: 3.2.1 not less than five Business Days (or such lesser number of Business Days as the Agent and the Lenders may agree) before the proposed Utilisation Date, the Agent has received a duly completed Utilisation Request from the Borrower; 3.2.2 the proposed Utilisation Date is a Business Day falling within the Availability Period; 3.2.3 its amount is less than or equal to the Available Facility; 3.2.4 the proposed amount of the Letter of Credit or the proposed increase in the amount thereof is: (a) if the currency selected is the Base Currency (i) not less than $5,000,000 or (ii) (where the Available Facility is less than $5,000,000) equal to the Available Facility; and (b) if the currency selected is an Optional Currency, the minimum amount specified by the Agent pursuant to paragraph 2.7.2(b) above of Clause 2.7 (Conditions relating to Optional Currencies) or, if less, the Available Facility; and; 3.2.5 (c) in any event such that its Base Currency Amount is less than or equal to the Available Facility; 3.2.4 the proposed initial Term of the Letter of Credit is (subject to the terms thereof) at least four years and its Expiry Date is no later than the Final Maturity Date31 December 2013; 3.2.6 3.2.5 the delivery instructions for the Letter of Credit are specified; 3.2.7 3.2.6 as a result of the proposed Letter of Credit being issued, Outstandings will not exceed the Total Commitments; and 3.2.8 3.2.7 as a result of the proposed Letter of Credit being issued, participation in the Letter of Credit by any Lender will not cause its Commitment to be exceeded; and 3.2.9 3.2.8 the beneficiary of the Letter of Credit is Lloyd’s.