Common use of Utilisation Conditions for the Facility Clause in Contracts

Utilisation Conditions for the Facility. Save as otherwise provided herein, a Letter of Credit will be issued at the request of a Borrower if: 3.1.1 no less than three Business Days before the proposed Utilisation Date, the Agent has received a completed Utilisation Request from such Borrower; 3.1.2 the proposed Utilisation Date is a Business Day falling within the Availability Period; 3.1.3 the first day of the Term of the Letter of Credit is a Business Day falling within the Availability Period; 3.1.4 the proposed Expiry Date of the Letter of Credit shall be: (a) in the case of any Letter of Credit providing Funds at Lloyd’s for the 2012 and prior open underwriting years of account of the Managed Syndicate only, 31 December 2015; and (b) in the case of any Letter of Credit providing Funds at Lloyd’s for the 2013 and prior open underwriting years of account of the Managed Syndicate only, 31 December 2016; 3.1.5 the Letter of Credit is substantially in the form set out in Schedule 6 (Form of Letter of Credit); 3.1.6 the beneficiary of such Letter of Credit is Lloyd’s; and 3.1.7 the conditions set out in Clause 3.2 (Currency and amount) are satisfied, provided that no Letter of Credit shall be issued for the account of the Account Party at any time when the Outstandings exceed (or would after the issuance of such Letter of Credit exceed) the Borrowing Base of the Account Party at such time.

Appears in 1 contract

Sources: Amendment and Restatement Agreement (Validus Holdings LTD)

Utilisation Conditions for the Facility. Save as otherwise provided herein, a Letter of Credit will be issued at the request of a the Borrower if: 3.1.1 no less than three Business Days before the proposed Utilisation Date, the Agent has received a completed Utilisation Request from such Borrower; 3.1.2 the proposed Utilisation Date is a Business Day falling within the Availability Period; 3.1.3 the first day of the Term of the Letter of Credit is a Business Day falling within the Availability Period; 3.1.4 the proposed Expiry Date of the Letter of Credit shall be: (a) in the case of any Letter of Credit providing Funds at Lloyd’s for the 2012 2010 and prior open underwriting years of account of the Managed Syndicate only, 31 December 20152013; and (b) in the case of any Letter of Credit providing Funds at Lloyd’s for the 2013 2011 and prior open underwriting years of account of the Managed Syndicate only, 31 December 20162014; 3.1.5 the Letter of Credit is substantially in the form set out in Schedule 6 (Form of Letter of Credit); 3.1.6 the beneficiary of such Letter of Credit is Lloyd’s; and 3.1.7 the conditions set out in Clause 3.2 (Currency and amount) are satisfied, provided that no Letter of Credit shall be issued for the account of the Account Party at any time when the Outstandings exceed (or would after the issuance of such Letter of Credit exceed) the Borrowing Base of the Account Party at such time.

Appears in 1 contract

Sources: Amendment and Restatement Agreement (Validus Holdings LTD)