Common use of LONG DATED BONDS Clause in Contracts

LONG DATED BONDS. 6.1 If an Issuing Bank issues a Bond with an Expiry Date falling after the date falling 54 Months after the date of this Agreement which has not been repaid or prepaid in full on or prior to the date falling 54 Months after the date of this Agreement (each, a “Long Dated Bond”), the Applicant (or the relevant Indemnifying Company or the Company on its behalf) shall, no later than the date falling 54 Months after the date of this Agreement, repay that Long Dated Bond. To the extent that the Applicant (or the relevant Indemnifying Company or the Company on its behalf) wishes to repay such Long Dated Bonds by the provision of cash cover, it may, provided that it has given prior notice to the Security Trustee and the relevant Issuing Bank of that fact, request that the amount of any cash security provided pursuant to Clause 21 (Security Undertakings) standing to the credit of the Applicant in the Account (“Existing Cash Collateral”), be taken into account in calculating the amount of cash cover so to be provided and only such additional amount of cash cover shall have to be paid to the Security Trustee as is necessary (when added to the amount of the Existing Cash Collateral) to ensure that the amount to be repaid in respect of such Long Dated Bonds has been provided in full. 6.2 In addition to any other form of repayment permitted by the terms of this Agreement, but provided that the relevant Issuing Bank has given its prior consent to the same, the Applicant (or the relevant Indemnifying Company or the Company on its behalf) shall, for the purpose only of complying with its obligations under Clause 6.1 of this Clause 6 to repay any Long Dated Bond, also be entitled to procure the issuance of a letter of credit, indemnity or bank guarantee by an issuing institution acceptable to the relevant Issuing Bank and on terms and conditions acceptable to the relevant Issuing Bank in respect of the entire liability of that Issuing Bank under the relevant Long Dated Bond. In the event that the relevant Issuing Bank agrees to accept such a letter of credit, indemnity or bank guarantee and the same is duly issued to the relevant Issuing Bank, on the date falling 54 Months after the date of this Agreement each Bank shall, without the need for any further action by that Issuing Bank or any of the Banks, be released from the indemnity given to that Issuing Bank pursuant to sub-clause 7.3.2 of Clause 7.3 (Indemnities) of this Agreement and pursuant to any equivalent provision in the Interim Bonding Facility Agreement and the Existing Bonding Facility Agreement in respect of any claim thereafter paid by that Issuing Bank under the relevant Long Dated Bond.

LONG DATED BONDS. 6.1 7.1 If an Issuing Bank issues a Bond with an Expiry Date falling after the date falling 54 Months after last day of the date of this Agreement Availability Period or an undated Bond which has not been repaid or prepaid in full on or prior to the date falling 54 Months after last day of the date of this Agreement Availability Period (each, a “Long Dated Bond”"LONG DATED BOND"), the Applicant (or the relevant Indemnifying Company or the Company on its behalf) shall, no later than one month before the date falling 54 Months after last day of the date of this AgreementAvailability Period, repay that Long Dated Bond. To the extent that the Applicant (or the relevant Indemnifying Company or the Company on its behalf) wishes to repay such Long Dated Bonds by the provision of cash cover, it may, provided that it has given prior notice to the Security Trustee and the relevant Issuing Bank of that fact, request that the amount Base Currency Amount of any cash security provided pursuant to Clause 21 22 (Security Undertakings) standing to the credit of the Applicant in the Account Relevant Accounts and any other cash cover standing to the credit of the Applicant in an account with the Security Trustee for all the Banks which is in either case not required to collateralise any other obligation (“Existing Cash Collateral”whether actual or contingent) in respect of the Finance Documents or any other Bond ("EXISTING CASH COLLATERAL"), be taken into account in calculating the amount of cash cover so to be provided and only such additional amount of cash cover shall have to be paid to the Security Trustee as is necessary (when added to the amount of the Existing Cash Collateral) to ensure that the amount to be repaid in respect of such Long Dated Bonds has been provided in full. 6.2 In 7.2 in addition to any other form of repayment permitted by the terms of this Agreement, but provided that PROVIDED THAT the relevant Issuing Bank has given its prior consent to the same, the Applicant (or the relevant Indemnifying Company or the Company on its behalf) shall, for the purpose only of complying with its obligations under Clause 6.1 7.1 of this Clause 6 7 to repay any Long Dated Bond, also be entitled to procure the issuance of a letter of credit, indemnity or bank guarantee by an issuing institution acceptable to the relevant Issuing Bank and on terms and conditions acceptable to the relevant Issuing Bank in respect of the entire liability of that Issuing Bank under the relevant Long Dated Bond. In the event that the relevant Issuing Bank agrees to accept such a letter of credit, indemnity or bank guarantee and the same is duly issued to the relevant Issuing Bank, on the date falling 54 Months after last day of the date of this Agreement Availability Period each Bank shall, without the need for any further action by that Issuing Bank or any of the Banks, be released from the indemnity given to that Issuing Bank pursuant to sub-clause 7.3.2 8.3.2 of Clause 7.3 8.3 (Indemnities) of this Agreement and pursuant to any equivalent provision in the Interim Bonding Facility Agreement and the Existing Bonding Facility Agreement in respect of any claim thereafter paid by that Issuing Bank under the relevant Long Dated Bond.