Grading Letter Of Credit Template - Maryland Office Of Finance printable pdf download

A Letter of Credit must be executed on the letterhead of the financial institution

and it must be worded as provided in the attached form Letter of Credit. The issuing

institution must be a bank or financial institution that has the authority to issue Letters of

Credit and whose Letter of Credit operations are regulated and examined by a federal of

state agency.

ANNE ARUNDEL COUNTY, MARYLAND

C/O Controller, Office of Finance

Arundel Center

Annapolis, Maryland 21401

Re:

Irrevocable Letter of Credit NO._____________

______________________________, Applicant

Amount: _______________________________

Expiration Date: _________________________

Beneficiary: Anne Arundel County, Maryland

Anne Arundel County, Maryland:

We hereby issue our irrevocable Letter of Credit # ______ in your favor on behalf

of (applicant name), referred to in this Letter of Credit as the Applicant, for a sum of

$________ (___________ and ___________/100 Dollars), available by your drafts at

sight drawn on our institution, (name of institution), marked “Drawn under (name of

institution) Letter of Credit # __________ dated (effective date.”

We are a bank or financial institution that has the authority to issue Letters of

Credit. Our Letter of Credit operations are regulated and examined by (name of federal or

state agency).

This letter of Credit is issued to provide financial assurance to Anne Arundel

County, Maryland for grading permit (number) for (name of applicant) dated

__________, 20_______.

This Letter of Credit shall expire on (date at least one year beyond effective

date.), but the expiration date shall be automatically extended without notification for

successive periods of one year, unless, not less than 120 days before the expiration date,

we notify both you and the Applicant by certified mail of our decision not to extend the

current expiration date. We agree that the 120-day period shall begin to run on the date

when both you and the Applicant have received the notice, as evidenced by the return

receipts.

You may draw on this Letter of Credit upon written certification by the Controller

of Anne Arundel County, Maryland stating that the Applicant has failed to properly

execute its responsibilities under the Grading Permit (permit number). You also may

draw on this Letter of Credit if the Applicant has fails to provide you with an extension of

this Letter of Credit, an acceptable replacement Letter of Credit, or another type of

Grading Letter Of Credit Template - Maryland Office Of Finance