Common use of Completion of a Utilisation Request for Letters of Credit Clause in Contracts

Completion of a Utilisation Request for Letters of Credit. Each Utilisation Request for a Letter of Credit is irrevocable and will not be regarded as having been duly completed unless: (a) it specifies that it is for a Letter of Credit; (b) it identifies the Issuing Person which is to issue the Letter of Credit; (c) the proposed Utilisation Date is a Business Day within the Availability Period applicable to Facility C; (d) the currency and amount of the Letter of Credit comply with Clause 6.4 (Currency and amount); (e) the form of Letter of Credit is attached and is substantially in the form set out in Schedule 11 (Form of Letter of Credit) or another form that has been agreed in writing by the Issuing Person; (f) the delivery instructions for the Letter of Credit are specified; (g) the identity of the beneficiary of the Letter of Credit is the government of New South Wales or any other beneficiary approved by the Issuing Person and the Majority Lenders; and (h) in the case of bank guarantees, the underlying contract or agreement in respect of which the Letter of Credit is issued is specified.