Bills Procedure Sample Clauses

Bills Procedure. 7.1 Holding and completion of Bills (a) Subject to sub-clause 7.1(c) below, the Borrower shall ensure that the Agent receives, by no later than the Prescribed Time, Bills which shall: (i) be drawn by the Borrower in its own favour and endorsed by it in blank; (ii) be undated; (iii) have the Maturity Date, the drawee and the face amount left blank; and (iv) be claused as specified in the Request (which must be in a manner which complies with the Bank of England's requirements for Eligible Bills at that time). (b) Subject to the terms of this Agreement, the Agent shall: (i) date each ▇▇▇▇ with its Utilisation Date; (ii) insert in each ▇▇▇▇ the name of the Bank on which it is drawn, its face amount and its Maturity Date; and (iii) deliver the requisite number of completed Bills to the Banks for acceptance in accordance with this Agreement. (c) Each Borrower hereby appoints the Agent as its attorney to draw, endorse and deliver Bills complying with the requirements of sub-clause 7.1(a) and (b) on behalf of such Borrower to implement the relevant drawing in satisfaction of that Borrower's obligations thereunder.