Application Required. (a) If the Account Party wishes the Issuing Bank (on behalf of the Banks) to issue a Letter of Credit on behalf of one or more of the Corporate Members, it must make its Application and give it to the Agent not later than 10:00 a.m. London time two Banking Days before the proposed Issuance Date (or, in respect of the first Application only, not later than 12:00 p.m. London time on the Banking Day before the proposed Issuance Date). Each Application shall be effective on receipt by the Agent. (b) Each Application shall be irrevocable and will not be regarded as having been duly completed unless: (i) it specifies that it is for a Letter of Credit; (ii) the proposed Issuance Date is a Banking Day within the Commitment Period; (iii) the currency and amount of the Letter of Credit applied for are in compliance with Clause 3.3; (iv) the form of Letter of Credit is attached; and (v) the delivery instructions for the Letter of Credit are specified.
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Sources: Credit Facility Agreement (Amtrust Financial Services, Inc.), Facility Agreement (Amtrust Financial Services, Inc.)