Common use of Issue of Documentary Credits Clause in Contracts

Issue of Documentary Credits. (a) Each L/C Bank shall issue Documentary Credits pursuant to Clause 5 (Utilisation) by: (i) completing the issue date and the proposed Expiry Date of any Documentary Credit to be issued by it; and (ii) executing and delivering such Documentary Credit to the relevant Beneficiary on the relevant Utilisation Date. (b) Each Lender having a Commitment in relation to a Revolving Facility (an “L/C Lender”) will participate by way of indemnity in each Documentary Credit issued under that Revolving Facility in an amount equal to its L/C Proportion. (c) The Facility Agent shall notify each L/C Lender and the relevant L/C Bank of the details of any requested Documentary Credit (including the relevant currency in which it will be denominated, the euro equivalent and the amount of it) and its participation in that Documentary Credit.

Issue of Documentary Credits. (a) Each L/C Bank shall issue Documentary Credits pursuant to Clause 5 4.1 (Conditions to Utilisation) by: (i) completing the issue date and the proposed Expiry Date of any Documentary Credit to be issued by it; and (ii) executing and delivering such Documentary Credit to the relevant Beneficiary on the relevant Utilisation Date. (b) Each Lender having a Commitment in relation to a Revolving Facility Commitment (an “L/C Indemnifying Lender”) will participate by way of indemnity in each Documentary Credit issued under that Revolving Facility in an amount equal to its L/C Proportion. (c) The Facility Agent shall notify each L/C Lender and the relevant L/C Bank and each Indemnifying Lender of the details of any requested Documentary Credit (including the relevant currency Euro Amount of it, and, if such Documentary Credit is not to be denominated in euro, the Optional Currency in which it will be denominated, the euro equivalent denominated and the amount of it) and its participation in that Documentary Credit.