Common use of Authority to Issuing Bank to pay Clause in Contracts

Authority to Issuing Bank to pay. The Issuing Bank is hereby authorised, without any further reference to or further authority from the Account Party, to pay or accept for the account of the Account Party all drafts, demands or other instruments whatsoever (each a “draft”) drawn or made or purporting to be drawn or made under any Letter of Credit, provided that such authorisation shall be without prejudice to the obligation of the Issuing Bank to perform its duties under the International Standby Practices, International Chamber of Commerce Publication No 590, 1998 (or to any subsequent revision to which a Letter of Credit may be expressed to be subject) and to the conditions of the relevant Letter of Credit, subject to Clause 4.6.

Authority to Issuing Bank to pay. The Issuing Bank is hereby authorised, without any further reference to or further authority from the Account Party, to pay or accept for the account of the Account Party all drafts, demands or other instruments whatsoever (each a “draft”) drawn or made or purporting to be drawn or made under any Letter of Credit, provided that such authorisation shall be without prejudice to the obligation of the Issuing Bank to perform its duties under the International Standby Practices, International Chamber of Commerce Publication No 590, 1998 (or to any subsequent revision to which a Letter of Credit may be expressed to be subject) and to the conditions of the relevant Letter of Credit, subject to Clause 4.6ý4.6.