Common use of Issue of Bonds Clause in Contracts

Issue of Bonds. 5.4.1 If the conditions set out in this Agreement have been met the relevant Issuing Bank shall issue the relevant Bond on the Utilisation Date. 5.4.2 The amount of each Bank’s participation in each Bond will be equal to the proportion borne by its Available Commitment to the Available Facility immediately prior to the issue of the Bond. 5.4.3 The Agent shall determine the Base Currency Amount of each Bond which is to be issued in an Optional Currency and shall notify (a) the Company of the Base Currency Amount of such Bond and (b) the relevant Issuing Bank and each Bank of the details of the requested Bond and the amount of its participation in that Bond, in each case by the Specified Time. 5.4.4 A renewal or extension of a Bond shall be treated in the same manner as if the issue of a new Bond were being requested save that Clauses 5.2.1(b), (c) or (f) shall not apply. 5.4.5 An Issuing Bank and all the Banks may agree, in their sole discretion, to issue a Bond on behalf of a member of the Group which is not an Indemnifying Company.