Own FAL definition

Own FAL means, in relation to the Account Party, such part of its Funds at Lloyd's as is provided by the Account Party or any other member of the Group by way of Cash and/or investments and/or covenant and charge or otherwise as permitted by Lloyd's from time to time (which shall be valued by Lloyd's in accordance with Lloyd's usual practice).

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Own FAL means in relation to any Account Party, such part of its Funds at Lloyd's (if any) as is provided by such Account Party or any of its Affiliates by way of cash and/or investments and/or covenant and charge or otherwise as permitted by ▇▇▇▇▇'▇ from time to time (which shall be valued by ▇▇▇▇▇'▇ in accordance with its usual practice).

Own FAL means, in relation to any Chaucer Name, such part of its Funds at Lloyd’s as is provided by the Account Party or by that Chaucer Name by way of cash and/or investments and/or covenant and charge or otherwise as permitted by Lloyd’s from time, to time excluding the Reinsurance FAL;

Examples of Own FAL in a sentence

The Borrower shall use its commercially reasonable efforts to, and procure that the Account Parties shall, ensure that all relevant Funds at ▇▇▇▇▇'▇ of the Account Parties (including Own FAL but excluding Letters of Credit) (collectively, "Subordinated Funds at ▇▇▇▇▇'▇") are applied before any Letter of Credit issued to support the Subject Business of any Account Party is drawn.
If the Funds at Lloyd's in respect of any Account Party constitute of Funds at Lloyd's from a source other than such Account Party's Own FAL or a Letter of Credit issued under this Agreement, the Borrower shall deliver the relevant FAL Providers' Deed to the Administrative Agent as promptly as practicable and in any event within 30 days thereafter (or such later date as may be agreed by the Required Lenders).
The Borrowers shall use all reasonable endeavours to ensure that the Own FAL at Lloyd’s of the Account Party are applied to the fullest extent possible before any payment is made under a Letter of Credit in respect of the Account Party (including, without limitation, using all reasonable endeavours to obtain a Letter of Comfort with respect to the order of application of Funds at Lloyd’s).
The Original Borrower shall, as soon as reasonably practicable but in any event within 5 Business Days from the date on which it becomes available, deliver to the Agent a copy of the next monthly valuation report produced by Lloyd’s following the date of the Amendment Agreement, evidencing that the value of the Own FAL of the Account Party is no less than $300,000,000.
The Borrower shall, as soon as reasonably practicable but in any event within 5 Business Days from the date on which it becomes available, deliver to the Agent a copy of the next monthly valuation report produced by Lloyd’s following the date of the Amendment Agreement, evidencing that the value of the Own FAL of the Account Party is no less than $300,000,000.
The Borrower shall not permit the Own FAL of the Corporate Member to be less than (i) on the Amendment No. 1 Effective Date, 30% of Total FAL, (ii) on the Amendment No. 2 Effective Date, 50% of Total FAL, and (iii) thereafter, the applicable requirements of Lloyd's from time to time.
From and after the Completion Date, the Borrower shall not permit the Own FAL of the Corporate Member to be less than (i) on the Completion Date, 10% of Total FAL, and (ii) thereafter, the applicable requirements of Lloyd's from time to time.
The Borrower shall use all reasonable endeavours to ensure that the Own FAL at Lloyd’s of the Account Party are applied to the fullest extent possible before any payment is made under a Letter of Credit in respect the Account Party (including, without limitation, using all reasonable endeavours to obtain a Letter of Comfort with respect to the order of application of Funds at Lloyd’s).
The Original Borrower shall, as soon as reasonably practicable but in any event within 5 Business Days from the date on which it becomes available, deliver to the Agent a copy of the next monthly valuation report produced by Lloyd's following the date of the Amendment Agreement, evidencing that the value of the Own FAL of the Account Party is no less than $300,000,000.
The Borrower shall use all reasonable endeavours to ensure that the Own FAL at Lloyd's of the Account Party are applied to the fullest extent possible before any payment is made under a Letter of Credit in respect the Account Party (including, without limitation, using all reasonable endeavours to obtain a Letter of Comfort with respect to the order of application of Funds at Lloyd's).

More Definitions of Own FAL

Own FAL means, in relation to an Applicant such part of its Funds at Lloyds as is provided or otherwise supported by that Applicant or any other member of the Group by way of cash and/or investments and/or covenant and charge or otherwise as permitted by Lloyd’s from time to time (which shall be valued by Lloyd’s in accordance with Lloyd’s usual practice) including, but not limited to, any FIS;

Own FAL means in relation to any Account Party, such part of its Funds at Lloyd's (if any) as is provided by such Account Party or any of its Affiliates by way of cash and/or investments and/or covenant and charge or otherwise as permitted by Lloyd's from time to time (which shall be valued by Lloyd's in accordance with its usual practice).

Own FAL means, in relation to the Borrower, such part of its Funds at Lloyd's (including any solvency surplus) as is provided or otherwise supported by the Borrower, any other member of the Group or the LB2 Cell, or by way of cash and/or investments and/or covenant and charge or otherwise as permitted by L▇▇▇▇'▇ from time to time (which shall be valued by Lloyd's in accordance with L▇▇▇▇'▇ usual practice), excluding any Letter of Credit;

Own FAL means such part of the CC2/Flectat FAL as is provided from time to time by or for CC2 or Flectat, either from its own assets by way of cash and/or investments, by another member of the Canopius Group by way of a third party deposit of cash and/or investments or by way of letters of credit or bank guarantees (other than (i) any letters of credit or bank guarantees which may from time to time constitute all or part of the [CBL] FAL and (ii) any cash, investments, letters of credit or bank guarantees which may from time to time constitute all or part of the OSIL FAL), the other members of the Canopius Group which provide [at the date of this Deed] part of the CC2/Flectat FAL (not including the [CBL] FAL or the OSIL FAL) being those referred to in recital (N); Parties: the parties to this Deed; Paying FAL Provider: in relation to an Incorrect Drawdown, a FAL Provider whose FAL would have been drawn down (in whole or in part) if that Drawdown had been effected in the Correct Manner;