Form Of Irrevocable Letter Of Credit - Commonwealth Of Puerto Rico Office Of The Commissioner Of Insurance Page 2

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The notification in writing hereby required shall also be made
concurrently to the Commissioner of Insurance for their reference and
corresponding action.
3.
The foregoing provision is not meant to limit _____________ ability to
draw hereunder, up to the full amount then available hereunder, in the
event of Court ordered Receivership or otherwise, at any time.
4.
Except as stated herein, this undertaking is not subject to any
requirement or qualification.
5.
Each sight draft so drawn and presented shall be promptly honored by
us if presented by ________________ or an authorized designee on or
prior to the above stated expiration date or any extension thereof as
above provided.
6.
This LETTER OF CREDIT sets forth in full the term of our
undertaking, and such undertaking shall not in any way be modified,
amended or amplified by reference to any note, document, instrument,
statute or regulation or agreement referred to herein or in which this
LETTER OF CREDIT is referred to or to which this LETTER OF
CREDIT relates and any such reference shall not be deemed to
incorporate herein by reference any note, document, instrument,
statute, regulation or agreement.
7.
OPTIONAL: This LETTER OF CREDIT is subject to the Uniform
Customs
and
Practice
Documentary
Credits
(2007
Revision)
International
Chamber
of
Commerce
Publication
No.
600.
Notwithstanding Article 36 of said Publication, in the event that one or
more of the occurrences specified in Article 36 occurs, then the bank
hereby specifically agrees that this LETTER OF CREDIT shall be
extended so as not to expire during such interruption of business and
shall extend for ten (10) days after such resumption of business.
(NAME OF BANK. The Bank must be listed in the National Association of
Insurance Commissioner’s Purpose and Procedures of the Securities Valuation
Office.)
_________________________
_________________________
AUTHORIZED SIGNATURE
2
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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