Application Form For Parties Wishing To Offer, Render, Furnish, Or Supply Electricity Or Electric Generation Services To The Public In The Commonwealth Of Pennsylvania Page 24
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31Appendix E
Example Letter of Credit
ISSUING BANK:
IRREVOCABLE
NUMBER
XYZ Bank
STANDBY
address
LETTER OF CREDIT
PLACE AND DATE OF ISSUE:
PLACE AND DATE OF EXPIRY:
Location
Expiration Date
Date
AT OUR COUNTERS
APPLICANT:
BENEFICIARY:
PENNSYLVANIA PUBLIC UTILITY COMMISSION
P.O. BOX 3265.
HARRISBURG, PA 17105-3265
AMOUNT: USD $_________
UP TO AN AGGREGATE THEREOF
CREDIT AVAILABLE WITH:
PARTIAL DRAWINGS PERMITTED
XYZ Bank
Division
Address
BY: PAYMENT
AGAINST PRESENTATION OF DOCUMENTS
DETAILED HEREIN AND DRAFTS AT SIGHT
DRAWN ON:
XYZ Bank
Location
LADIES/GENTLEMEN,
WE HEREBY ISSUE OUR IRREVOCABLE LETTER OF CREDIT NO. ____ IN YOUR FAVOR FOR THE ACCOUNT
________________________________ FOR AN AGGREGATE AMOUNT UP TO USD __________________
(_______________________ US DOLLARS). THIS LETTER OF CREDIT WILL EXPIRE ON _____________.
THIS LETTER OF CREDIT IS WRITTEN IN ACCORDANCE WITH SECTION 2809 (C)(1)(I) OF THE PUBLIC UTILITY
CODE, 66 PA. C.S. SECTION 2809 (C)(1)(I), AND WE ARE ADVISED THAT IT WILL ASSURE COMPLIANCE WITH
THE APPLICABLE PROVISIONS OF THE PUBLIC UTILITY CODE, 66 PA. C.S. SECTION 101, ET SEQ, AND THE
RULES AND REGULATIONS OF THE PENNSYLVANIA PUBLIC UTILITY COMMISSION BY ___________. AS A
LICENSED ELECTRIC GENERATION SUPPLIER; TO ENSURE THE PAYMENT OF GROSS RECEIPTS TAX AS
REQUIRED BY SECTION 2810 OF THE PUBLIC UTILITY CODE, 66 PA. C.S. SECTION 2810 AND TO ENSURE
THE SUPPLY OF ELECTRICITY AT RETAIL IN ACCORDANCE WITH CONTRACTS, AGREEMENTS OR
ARRANGEMENTS.
WE ARE ADVISED THAT; 1. PAYMENTS MADE PURSUANT TO THIS LETTER OF CREDIT SHALL ENSURE
FIRST TO THE BENEFIT OF THE COMMONWEALTH, AND SECOND, TO ANY AND ALL RETAIL ELECTRIC
GENERATION CUSTOMERS TO WHOM ________ MAY BE HELD LEGALLY LIABLE FOR FAILURE TO SUPPLY
ELECTRIC GENERATION PURSUANT TO CONTRACT, AGREEMENTS OR ARRANGEMENTS. 2. ANY CLAIMS
MADE BY THE COMMONWEALTH SHALL HAVE PRIORITY OVER CLAIMS MADE BY PRIVATE INDIVIDUALS. 3.
PROCEEDS OF THE LETTER OF CREDIT MAY NOT BE USED TO PAY PENALITIES OR FINES LEVIED AGAINST
_________ FOR VIOLATIONS OF THE LAW, OR FOR PAYMENT OF ANY OTHER OBLIGATIONS OWED TO THE
COMMONWEALTH.
21
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