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 Borrower of the Letter of Credit; (c) it identifies the Issuing Bank which has agreed to issue the Letter of Credit; (d) the proposed Utilisation Date is a Business Day within the Availability Period; (e) the proposed Expiry Date is a Business Day falling prior to the Termination Date or if the proposed Expiry Date is not a Business Day falling prior to the Termination Date, then a date to which the Issuing Bank has given its prior consent; (f) the currency and amount of the Letter of Credit comply with Clause 6.5 (Currency and amount); (g) the form of Letter of Credit is attached; (h) the delivery instructions for the Letter of Credit are specified; and (i) the beneficiary identified is approved by the Issuing Bank (acting reasonably).