                                 CODE OF VIRGINIA

ISSUANCE, AMENDMENT, CANCELLATION, AND DURATION (§ 8.5A-106)

a. A letter of credit is issued and becomes enforceable according to its terms
against the issuer when the issuer sends or otherwise transmits it to the person
requested to advise or to the beneficiary. A letter of credit is revocable only
if it so provides.

b. After a letter of credit is issued, rights and obligations of a beneficiary,
applicant, confirmer, and issuer are not affected by an amendment or
cancellation to which that person has not consented except to the extent the
letter of credit provides that it is revocable or that the issuer may amend or
cancel the letter of credit without that consent.

c. If there is no stated expiration date or other provision that determines its
duration, a letter of credit expires one year after its stated date of issuance
or, if none is stated, after the date on which it is issued.

d. A letter of credit that states that it is perpetual expires five years after
its stated date of issuance, or if none is stated, after the date on which it is
issued.

HISTORY: 1997, c. 343.