Common use of BENEFIT OF CONDITIONS PRECEDENT Clause in Contracts

BENEFIT OF CONDITIONS PRECEDENT. A condition in this clause 2 is for the benefit only of the Lender and only the Lender may waive it. The parties agree that on and from Financial Close: (a) each Drawing (as defined in the Existing Multi-Option Facility Agreement) which is outstanding under the Existing Multi-Option Facility Agreement immediately prior to Financial Close: (1) under the ‘AUD Overdraft Facility’ (as described in the appendix headed ‘AUD Overdraft Facility Appendix’ in the Existing Multi-Option Facility Agreement) is deemed to be a Funding Portion under the Overdraft Facility; and (2) under the ‘Foreign Currency Facility’ (as described in the appendix headed ‘Foreign Currency Facility Appendix’ in the Existing Multi-Option Facility Agreement) is deemed to be a Funding Portion under the Cash Advance Facility, in the same currency and for the same principal amount as the relevant Drawing and, where applicable, with a Funding Period equivalent to the Interest Period (as defined in the Existing Multi-Option Facility Agreement) for the Drawing. Where the relevant Drawing was denominated in a Foreign Currency, the Dollar Equivalent of the Funding Portion shall be deemed to be equal to the AUD Equivalent (as defined in the Existing Multi-Option Facility Agreement) of the principal amount of the Drawing immediately prior to Financial Close; (b) each outstanding standby letter of credit or bank guarantee issued on behalf of a ▇▇▇▇ Group company under the Existing Multi-Option Facility Agreement prior to Financial Close is deemed to be a Funding Portion provided under the Credit Support Facility; (c) each outstanding documentary letter of credit issued on behalf of a ▇▇▇▇ Group company under the Existing Multi-Option Facility Agreement prior to Financial Close is deemed to be a Funding Portion provided under the Trade Finance Facility; (d) without limiting clauses 3(b) and 3(c), each Drawing (as defined in the Existing Multi-Option Facility Agreement) described in columns 1 to 3 of Schedule 7 which is outstanding under the Existing Multi-Option Facility Agreement immediately prior to Financial Close is deemed to be a Funding Portion under the relevant Facility specified in column 4 of Schedule 7 for that Drawing in the same currency, with a Face Value Amount equal to the principal amount specified in Schedule 7 and, where the Drawing was denominated in a Foreign Currency, the Dollar Equivalent of the Face Value Amount shall be deemed to be equal to the AUD Equivalent (as defined in the Existing Multi-Option Facility Agreement) of the face value amount of the Drawing immediately prior to Financial Close; (e) any amount drawn by an Overdraft Borrower under the USD denominated bank account held with the Lender with account number 100601904USD115601 is deemed to be a Funding Portion under the Overdraft Facility; (f) all other amounts payable by a Borrower or a Guarantor (each as defined in the Existing Multi-Option Facility Agreement) to the Lender under or in connection with the Existing Multi-Option Facility Agreement, the Negative Pledge or the Group Guarantee that have accrued but not been paid up to the date of Financial Close are deemed to be payable under and in accordance with the terms of this agreement; (g) each of the Existing Multi-Option Facility Agreement, the Negative Pledge Agreement and the Group Guarantee is terminated and discharged in accordance with its terms; (h) the Borrowers and the Guarantors remain bound by any liabilities under the Existing Multi-Option Facility Agreement or Group Guarantee which have accrued but have not been performed up to the date of Financial Close, except as expressly contemplated by this deed; and (i) the Lender’s commitment to provide financial accommodation under the Existing Multi-Option Facility Agreement is cancelled. 4 Commitment, purpose and availability of Facility