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) the proposed Utilisation Date is a Business Day within the Availability Period; (c) the currency and amount of the Letter of Credit comply with Clause 5A.5 (Currency and amount); (d) the form of Letter of Credit is attached (which form shall be substantially as set out in Schedule 8 (Form of Letter of Credit); (e) the Expiry Date of the Letter of Credit falls on or before the earlier of (i) a date which is no later than 12 months after the date of issue of the Letter of Credit and (ii) the Letter of Credit Final Repayment Date; (f) the delivery instructions for the Letter of Credit are specified; and (g) the identity of the beneficiary of the Letter of Credit is the Beneficiary or Beneficiaries (as that term is defined in Schedule 8 (Form of Letter of Credit) or any other beneficiary approved by the Majority Lenders).

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 Letter of Credit; (b) the proposed Utilisation Date is a Business Day within the Availability Period; (c) the currency and amount of the Letter of Credit comply with Clause 5A.5 (Currency and amount); (d) the form of Letter of Credit is attached (which form shall be substantially as set out in Schedule 8 (Form of Letter of Credit); (e) the Expiry Date of the Letter of Credit falls on or before the earlier of (i) a date which is no later than 12 months after the date of issue of the Letter of Credit and (ii) the Letter of Credit Final Repayment Date; (f) the delivery instructions for the Letter of Credit are specified; and (g) the identity of the beneficiary of the Letter of Credit is the Beneficiary or Beneficiaries (as that term is defined in Schedule 8 (Form of Letter of Credit) or any other beneficiary approved by the Majority Lenders).