In view of the issuance by National Australia Bank Limited of its irrevocable “Standby Credit” (the “Credit”) by National Australia Bank Limited, New York Branch (the “Bank”), which granted its standby credit (the “Credit”) without appeal for the most part in the form of Investment A in favour of the referred beneficiary (as defined in the Credit, the “Beneficiary”), XL Capital Ltd, a company founded in accordance with the laws of the Cayman Islands, X.L. America, Inc., a Delaware corporation, XL Insurance (Bermuda) Ltd, a limited liability company in Bermuda, XL Europe Ltd, a corporation incorporated under the laws of Ireland, and XL Re Ltd, a limited liability company, jointly and severally (jointly the “Applicants”), agree with the Bank as follows: The beneficiary of a pending credit can be sure that he is operating with a natural person or a company, which is able to pay the bill. or to complete the project. There are two main types of standby accreditors: the Applicant requests that Wells Fargo Bank, National Association (“Wells Fargo”), itself or through any of wells Fargo`s branches or related businesses that Wells Fargo selects at its own discretion, one or more standby credits (including existing acquisition credit) in accordance with the requests for the issuance of such credits and the terms and conditions of sale in this Agreement. Each credit is issued at the request of the applicant and on his invoice. The Applicant agrees that the terms set out in this Agreement shall apply to any application and credit issued in accordance with each Application, as well as to transactions carried out under each Application, Credit and this Agreement. Subject to compliance with the terms of this Agreement and notwithstanding any provisions to the contrary in this Agreement, Wells Fargo is required to issue the credits requested under this Agreement for a total unused amount not exceeding twenty million The procedure for obtaining a SLOC is similar to a loan application. The bank only issues them after termless the applicant`s credit quality. . . .