Form Of Irrevocable Letter Of Credit - Commonwealth Of Puerto Rico Office Of The Commissioner Of Insurance

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“SAMPLE”
COMMONWEALTH OF PUERTO RICO
OFFICE OF THE COMMISSIONER OF INSURANCE
INTERNATIONAL INSURER
FORM OF IRREVOCABLE LETTER OF CREDIT
Letter of Credit No. [
]
Date: __________________
OFFICE OF THE COMMISSIONER OF INSURANCE
GOVERNMENT OF PUERTO RICO
B5 TABONUCO STREET, SUITE 216 PMB 356
GUAYNABO, PR 00968-3029
COMMISSIONER:
1.
We hereby establish this clean, irrevocable and unconditional LETTER
OF CREDIT for the account of ____________________ in the amount of
$_________, available by the draft(s) of ______________________
drawn on us, at sight, bearing the number of this LETTER OF CREDIT
NO. [
]. This LETTER OF CREDIT shall expire at our Letter of
Credit Department, (Bank address), at our close of business (date),
unless hereinafter extended.
2.
This LETTER OF CREDIT shall be automatically extended, without
amendment, for additional periods, each of one year, unless at least
thirty (30) calendar days prior to the relevant expiration date we have
advised ____________________ in writing, by certified mail, that we
elect not to extend. In that event, _________________ may draw
hereunder on or prior to the then relevant expiration date, up to the
full amount then available hereunder, against a sight draft(s) on us,
bearing the number of this LETTER OF CREDIT.
1
2
Office of the Commissioner of Insurance
FORM CIS 004
Page
of
Commonwealth of Puerto Rico
B5 Tabonuco Street, Suite 216 PMB 356
Guaynabo, PR 00968-3029

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Parent category: Letters
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