Sample Irrevocable Letter Of Credit Template printable pdf download

SAMPLE IRREVOCABLE LETTER OF CREDIT

(On Bank/Issuer Letterhead)

BENEFICIARY:

Village of Romeoville

APPLICANT: __________________

1050 W. Romeo Road

__________________

Romeoville, Illinois 60446

__________________

DATE:

___________

NUMBER:

__________________

EXPIRATION:

[Not less than two years

from date first above named]

PRINCIPAL AMOUNT: _________

Ladies and Gentlemen:

We hereby issue this Irrevocable Letter of Credit (the “Credit”) in your favor up to the

aggregate amount of U.S. [insert dollar amount equal to one hundred and twenty-five percent

(125%) of the costs of completing all public improvements required of the developer or

subdivider together with the costs of performing all other obligations for which financial security

is required under this Chapter, or under the terms of any relevant annexation agreement or

performance guarantee agreement].

This Credit is issued to secure the completion and installation of [list all public

improvements required of the developer or subdivider, either specifically, by reference to any

relevant annexation agreement or performance guarantee agreement, or by citation to pertinent

sections of this Chapter] and the performance of [list all other obligations of the developer or

subdivider for which financial security is required under this Chapter, or under the terms of any

relevant annexation agreement or performance guarantee agreement], all on or before [insert a

date which is at least ninety (90) days before the expiration date of the Credit].

We engage with you that we will fully honor any draft drawn at sight under this Credit

provided that:

Such draft is presented at our counters on or before [the above-stated expiration

date], or before such other extended expiration date as may result from any

automatic renewal of this Credit as hereinafter set forth;

Such draft is accompanied by this original Credit;

Such draft is marked “Drawn under [Issuer’s] Irrevocable Letter of Credit No.

___

dated [insert date first above named];

Such draft is accompanied by either (a) a statement signed by the Village

Sample Irrevocable Letter Of Credit Template