Suggested Format For Letter Of Credit printable pdf download

Suggested Format For Letter Of Credit

Suggested Format for Letter of Credit

(Name of Bank and Address)

Date:

L/C #:

Amount:

Expiry:

At Our Counters

BENEFICIARY:

USDA, Food and Nutrition Services

3101 Park Center Drive, room 510

Alexandria, Virginia 22302-1500

APPLICANT:

(Name and Address of Applicant)

We have established this clean, irrevocable, and unconditional Letter of Credit in your

favor as beneficiary for drawings up to U.S. $_______________ effective immediately.

This Letter of Credit is issued, presentable and payable at our office at (issuing bank

address) and expires with our close of business on June 30, (year). Except when the

amount of this Letter of Credit is increased, this Credit cannot be modified or revoked

without your consent.

The term “Beneficiary” includes any successor by operation of law of the named

Beneficiary. If a court of law appoints a successor in interest to the named beneficiary,

then the named beneficiary includes and is limited to the court appointed domiciliary

receiver (including conservator, rehabilitator or liquidator).

We hereby undertake to promptly honor your sight draft(s) drawn on us, indicating our

Credit No. _______________, for all or any part of this Credit upon presentation of your

draft drawn on us at our office specified in paragraph one on or before the expiration date

hereof or any automatically extended expiry date.

Except as expressly stated herein, our undertaking is not subject to any agreement,

requirement or qualification. The obligation of (issuing bank) under this Credit is the

individual obligation of (issuing bank) and is in no way contingent upon reimbursement

with respect thereto, or upon our ability to perfect any lien, security interest or any other

reimbursement.

Suggested Format For Letter Of Credit