Form K-1 - Proposal Letter Of Credit printable pdf download

FORM K-1

PROPOSAL LETTER OF CREDIT

IRREVOCABLE STANDBY LETTER OF CREDIT

ISSUER

[•] [Name and address of banking institution with offices in the City of New

York, New York or the City of Richmond, Virginia]

PLACE FOR

[Name and Address of Bank/Branch—Must be in the City of New York, New

PRESENTATION

York or the City of Richmond, Virginia unless otherwise approved by the

OF DRAFT

Department]

APPLICANT

[•]

BENEFICIARY

VIRGINIA DEPARTMENT OF TRANSPORTATION

1401 EAST BROAD STREET

RICHMOND, VA 23219

ATTN: [•]

LETTER OF

[•]

CREDIT

NUMBER

PLACE AND

[•]

DATE OF ISSUE

AMOUNT

Ten Million U.S. Dollars ($10,000,000) [The amount of a single Proposal

letter of credit may be less on the condition that the Proposer submits more

than one Proposal letter of credit and the sum of such Proposal letters of

credit together is $10,000,000.]

EXPIRATION

[•] [Insert date that is 180 days after the Technical Proposal Due Date]

DATE

Issuer hereby issues this Irrevocable Standby Letter of Credit (this “Letter of Credit”) in favor of

Beneficiary in the amount of [Ten Million] United States Dollars (US$[10,000,000]) (such

amount, the “Stated Amount”). Funds under this Letter of Credit are available to Beneficiary

upon Beneficiary’s presentation to Issuer of one or more sight drafts drawn on Issuer for a sum

sums in an aggregate amount not exceeding the Stated Amount. Any sight draft under this Letter

of Credit will identify this Letter of Credit by the name of Issuer and the Letter of Credit number,

amount, and place and date of issue. Such sight draft will be signed by [an officer of

Beneficiary] or his designee and will contain a statement that Beneficiary is entitled to make

such draw or will be accompanied by a signed statement of [an officer of Beneficiary] to the

same effect. Partial drawings and multiple drawings under this Letter of Credit are permitted.

This Letter of Credit will be honored by Issuer if the above-referenced sight draft is presented to

[•] at [NEW YORK, NEW YORK or RICHMOND, VIRGINIA Bank/Branch—Name &

Address] on or before [Insert date that is 180 days after the Financial Proposal Due Date] (the

“Expiration Date”). If a drawing in compliance with the terms and conditions of this Letter of

Credit is presented at or prior to [•], Eastern time, on any Banking Day, Issuer will honor the

Virginia Department of Transportation

- 1 -

Volume 1 to Request for Proposals

Transform 66 P3 Project

Instructions to Proposers

[•], 2016

Form K-1 - Proposal Letter Of Credit

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