Form Gas-1262 - Motor Fuels Application - North Carolina Department Of Revenue - 2008 Page 23
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23Page 2
Gas-1220
Web-Fill
5-09
Irrevocable Letter of Credit for any tax, penalty, or interest accrued by the Principal after the effective date and prior to
the expiration date or any extended expiration date, and with respect to any such tax, penalty, or interest, this
Irrevocable Letter of Credit shall remain fully in effect. If for any reason this Irrevocable Letter of Credit is not renewed,
North Carolina Department of Revenue, Motor Fuels Tax Division, Post Office Box 25000, Raleigh, North Carolina
27640, will have the right to draw for the outstanding balance of the Irrevocable Letter of Credit prior to its expiration.
We shall be released from this Irrevocable Letter of Credit three (3) years after the expiration date or
extended expiration date stated above, hereinafter referred to as the release date, or after a final audit of the
Principal’s records has been cleared, whichever first occurs.
We hereby engage with the drawers of drafts drawn under and in compliance with the terms of this credit
that such drafts will be duly honored upon presentation of drafts and documents to us on or before the release
date of the Irrevocable Letter of Credit.
We shall accept demand by you in compliance with the terms of this Irrevocable Letter of Credit on its
face, and we shall have no duty, responsibility, or liability to the Principal with respect to the underlying validity of
said demand.
T
his __________ day of _______________________, 20_____.
(SEAL)
(Financial Institution)
By:
(Institution’s Officer)
(Title)
Attest:
____________________________________
(Title)
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