Completion of a Bond Utilisation Request Clause Samples
Completion of a Bond Utilisation Request. Each Bond Utilisation Request is irrevocable and will not be regarded as having been duly completed unless:
(a) it specifies the Account Party and the relevant Tranche D Lender is not prevented by reason of legal or regulatory restrictions imposed upon it from issuing a Bond to the request of such Account Party;
(b) it specifies the Tranche D Lender;
(c) it specifies the amount of the Bond the Tranche D Lender is to issue;
(d) it specifies the identity of the beneficiary of the Bond and the relevant Tranche D Lender is not prevented by reason of legal or regulatory restrictions imposed upon it from issuing a Bond in favour of that beneficiary;
(e) the proposed Utilisation Date is a Business Day within the Availability Period;
(f) the currency and amount of the Bond comply with Clause 6.5 (Currency and amount);
(g) the form of each Bond is attached and it complies with Clause 6.6 (Form and Type of Bond);
(h) the Expiry Date of the Bond falls on or before the Termination Date; and
(i) the delivery instructions for the Bond are specified.
Completion of a Bond Utilisation Request. Each Bond Utilisation Request is irrevocable and will not be regarded as having been duly completed unless:
(a) it specifies the Account Party;
(b) it specifies the Fronting Bank;
(c) it specifies the identity of the beneficiary of the Bond and the relevant Fronting Bank is not prevented by reason of legal or regulatory restrictions imposed upon it from issuing a Bond in favour of that beneficiary;
(d) the proposed Utilisation Date is a Business Day within the Availability Period;
(e) the currency and amount of the Bond comply with Clause 6.5 (Currency and amount);
(f) the form of the Bond is attached and it complies with Clause 6.6 (Form and Type of Bond);
(g) the Expiry Date of the Bond falls on or before the Termination Date; and
(h) the delivery instructions for the Bond are specified.