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 (except where otherwise provided for in this Agreement) and will not be regarded as having been duly completed unless: (A) the proposed Utilisation Date is a Business Day within the Availability Period; (B) the term of the Letter of Credit requested is not more than five years; (C) the currency and amount of the Letter of Credit requested complies with clauses 6.4 (Amount), 6.6 (Issue of Letters of Credit) and 6.7 (Conditions relating to Optional Currencies) respectively; (D) the form of the Letter of Credit is in the form set out in paragraph (A) or (B) of the definition of “Letter of Credit” in clause 1.1 (Definitions), or is approved by the LC Issuing Bank pursuant to clause 6.2 (Delivery of a Utilisation Request for Letters of Credit); and (E) the delivery instructions for the Letter of Credit are specified; and (F) it is accompanied by extracts of those underlying documents related to the Letter of Credit which are reasonably required and requested by the LC Issuing Bank to facilitate the negotiation and issuance of the Letter of Credit.