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Irrevocable Standby Letter of Credit

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letter of credit 

Irrevocable Standby Letter of Credit

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Summary: The irrevocable letter of credit may not be revoked or amended without the agreement of the issuing bank, the confirming bank, and the beneficiary. An irrevocable letter of credit from the issuing bank insures the beneficiary that if the required documents are presented and the terms and conditions are complied with, payment will be made pursuant to the letter of credit. This document a professional standby letter of credit. 

 

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IRREVOCABLE STANDBY

LETTER OF CREDIT

Date: _________________________

Irrevocable Standby Letter of Credit No.: ________________

Lender Name

Lender Address

Lender City, State, Zip

Dear Sir or Madam:

We hereby establish our Irrevocable Standby Letter of Credit No. [insert number] in favor of (Company Name), at the request and for the account of [insert owner's or operator's name and address] up to the aggregate amount of $ [insert dollar amount], [insert spell out dollar amount] in United States dollars, available upon presentation of:

1.

Your sight draft[s] on us bearing reference to this Irrevocable Standby Letter of Credit No. [insert number], and

2.

Your signed and dated statement reading as follows: 

"We certify that the amount of our draft drawn under [insert name of issuing institution] Irrevocable Standby Letter of Credit No. [insert number] is payable upon demand.

Each draft must be marked "Drawn under [insert name of issuing institution] Irrevocable Standby Letter of Credit No. [insert number] dated [insert date]". Each draft must also be accompanied by the original of this Irrevocable Standby Letter of Credit upon which

we may endorse our payment. This Irrevocable Standby Letter of Credit is effective as of [insert date] and shall expire on [insert date at least one year from effective date], but such expiration date shall be automatically extended for a period of at least [insert at least one year] on [insert date] and on each successive expiration date, unless at least 120 days before the current expiration date, we notify both you and [insert owner or operator name] by certified mail that we have decided not to extend this Irrevocable Standby Letter of Credit beyond the current expiration date. In the event you are so notified, any unused portion of the credit shall be available upon presentation of your sight draft

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