04-07-2009, 07:25 PM
SAMPLE IRREVOCABLE LETTER OF CREDIT
LETTER OF CREDIT NO.:__________ Date:__________________________
DATE OF EXPIRY:________________
City of Concord
41 Green Street
Concord, New Hampshire 03301
Attn: Legal Department
Dear Sir or Madam:
1. At the request and for the account of ____________________________, we hereby establish in your favor our Irrevocable Letter of Credit No. _________________________, and we hereby authorize you to draw on us a sum not exceeding an aggregate amount of ________________________________ Dollars (U.S. $______________________) and in any event only as determined pursuant to the terms set out below, available to drawings hereunder made during normal business hours on any banking day in New Hampshire from and after __________________________, 20_____, to the close of business on _______________________________(“Expiry Date”), or if that is not a day upon which our Commercial Loan Department is open for business, then presented on the next day thereafter upon which our Commercial Loan Department is open for business, against the following documents presented by you at our Commercial Loan Department at ________________________, to the attention of _______________________________:
a. A sight draft in the form attached as Exhibit A, (1) drawn by you on us and payable to you, (2) bearing the number of the Letter of Cre**** (3) dated the date of the Drawing Certificate (as hereinafter defined), and (4) having inserted therein in the amount stated in the Drawing Certificate, which amount shall not exceed the maximum which can be drawn under this Letter of Credit;
b. A signed original of a certificate (“Drawing Certificate”) signed by either the City Solicitor or Finance Director in the form of Exhibit B hereto; and
c. This Letter of Credit.
2. The foregoing documents may be presented one or more times, until the aggregate amount authorized herein has been drawn. We shall note partial draws on this Letter of Cre**** which shall be returned by us to you.
3. This Letter of Credit sets forth in full the terms of our undertaking, and such undertaking shall not be in any way modified or interpreted by reference to other documents except for any amendment hereto agreed to by you and by us.
4. This Letter of Credit shall be governed by and construed in accordance with the laws of the State of New Hampshire, and to the extent not inconsistent therewith the terms of the Uniform Customs and Practice for Documentary Credits (1993 Revision), International Chamber of Commerce Publication No. 500, and any subsequent revisions thereof approved by the International Chamber of Commerce.
5. We unconditionally and irrevocably agree to honor and pay the amount of a draft if drawn and presented with a Drawing Certificate, and otherwise in compliance with the terms of this Letter of Credit on or before to the Expiry Date.
6. This Letter of Credit is not transferable or assignable.
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