Common use of Utilisation of the Facility Clause in Contracts

Utilisation of the Facility. 3.1 Utilisation Conditions for the Facility Save as otherwise provided herein, a Letter of Credit will be issued at the request of the Account Party on behalf of an Applicant if: 3.1.1 no later than 10.00 a.m. two Business Days before the proposed Utilisation Date, the Agent has received a duly completed Utilisation Request from the Account Party; 3.1.2 the proposed Utilisation Date is a Business Day falling within the Availability Period; 3.1.3 the proposed Original Sterling Amount of such Letter of Credit is less than or equal to the Available Facility; 3.1.4 the proposed Term of the Letter of Credit is a period ending on or before the Termination Date; 3.1.5 the Letter of Credit is substantially in the form set out in Schedule 6 (Form of Letter of Credit) or in such other form requested by the Account Party which is approved by the Banks (such approval not to be unreasonably withheld or delayed); 3.1.6 the beneficiary of such Letter of Credit is Lloyd's; 3.1.7 on and as of the proposed Utilisation Date (a) no Event of Default or Potential Event of Default has occurred and is continuing and (b) the Representations are true in all material respects; and 3.1.8 (if the Charge Agreement is required to be executed and delivered by the Account Party pursuant to sub-clause 17.1.2 of Clause 17.1 (Letter of Credit Commission)), the Agent has received evidence acceptable to it that the Charged Portfolio has been delivered to the Custodian and the amount of the Charged Portfolio is at least equal to the Required Value.

Utilisation of the Facility. 3.1 Utilisation Conditions for the Facility Save as otherwise provided herein, a Letter of Credit will be issued at the request of the Account Party on behalf of an Applicant if: 3.1.1 no later than 10.00 a.m. two Business Days before the proposed Utilisation Date, the Agent has received a duly completed Utilisation Request from the Account Party; 3.1.2 the proposed Utilisation Date is a Business Day falling within the Availability Period; 3.1.3 the proposed Original Sterling Amount of such Letter of Credit is less than or equal to the Available Facility; 3.1.4 the proposed Term of the Letter of Credit is a period ending on or before the Termination Date; 3.1.5 the Letter of Credit is substantially in the form set out in Schedule 6 (Form of Letter of Credit) or in such other form requested by the Account Party which is approved by the Banks (such approval not to be unreasonably withheld or delayed); 3.1.6 the beneficiary of such Letter of Credit is Lloyd's; 3.1.7 on and as of the proposed Utilisation Date Date: (a) no Event of Default or Potential Event of Default has occurred and is continuing and continuing; and (b) the Representations are true in all material respects; and 3.1.8 (if the Charge Agreement is required to be executed and delivered by the Account Party pursuant to sub-clause 17.1.2 of Clause 17.1 (Letter of Credit Commission)), the Agent has received evidence acceptable to it that the Charged Portfolio has been delivered to the Custodian and the amount of the Charged Portfolio is at least equal to the Required Value. 3.2 Request for Letters of Credit A single Utilisation Request may be issued in respect of more than one Letter of Credit.

Utilisation of the Facility. 3.1 Utilisation Conditions for the Facility Save as otherwise provided herein, a Letter of Credit will be issued at the request of the Account Party on behalf of an Applicant if: 3.1.1 no later than 10.00 a.m. two Business Days before the proposed Utilisation Date, the Agent has received a duly completed Utilisation Request from the Account Party; 3.1.2 the proposed Utilisation Date is a Business Day falling within the Availability Period; 3.1.3 the proposed Original Sterling Amount of such Letter of Credit is less than or equal to the Available Facility; 3.1.4 the proposed Term of the Letter of Credit is a period ending on or before the Termination Date; 3.1.5 the Letter of Credit is substantially in the form set out in Schedule 6 (Form of Letter of Credit) or in such other form requested by the Account Party which is approved by the Banks (such approval not to be unreasonably withheld or delayed); 3.1.6 the beneficiary of such Letter of Credit is Lloyd's; 3.1.7 on and as of the proposed Utilisation Date (a) no Event of Default or Potential Event of Default has occurred and is continuing and (b) the Representations are true in all material respects; and 3.1.8 (if the Charge Agreement is required to be executed and delivered by the Account Party pursuant to sub-clause 17.1.2 of Clause 17.1 (Letter of Credit Commission)), the Agent has received evidence acceptable to it that the Charged Portfolio has been delivered to the Custodian and the amount of the Charged Portfolio is at least equal to the Required Value. 3.2 Request for Letters of Credit A single Utilisation Request may be issued in respect of more than one Letter of Credit.