DRAFT LETTER OF CREDIT FORM
(ON BANK STATIONARY)
Date:
BENEFICIARY: APPLICANT:
NEW YORK CITY DEPARTMENT OF
BUILDINGS
280 BROADWAY
NEW YORK, NY 10007
ACCOUNT OF:
AVAILABLE WITH: OURSELVES
BY
PAYMENT OF DRAFTS AT SIGHT
DRAWN
ON ______________________.
NEW
YORK, NEW YORK
AS INDICATED BELOW
TO THE EXTENT OF: US$_____________________________
EXPIRATION DATE: _________________, SUBJECT TO RENEWAL AS
PROVIDED HEREIN
PLACE OF EXPIRY: OUR
COUNTERS
TO WHOM IT MAY CONCERN:
BY ORDER AND FOR THE ACCOUNT
OF _______________________, WE HEREBY OPEN IN YOUR FAVOR OUR IRREVOCABLE LETTER
OF CREDIT NUMBER ________ (THIS “LETTER OF CREDIT”) FOR AN AMOUNT NOT TO EXCEED
IN THE AGGREGATE U.S. $____________ (UNITED STATES DOLLARS _____________________________
AND 00/100), EFFECTIVE _______ ___, 20__
AND EXPIRING, SUBJECT TO RENEWAL AS PROVIDED HEREIN, AT OUR OFFICE AT
___________________ NEW YORK, NEW YORK __________, AT THE CLOSE OF BUSINESS ON
_______ ___, 20__.
FUNDS ARE AVAILABLE TO YOU
AGAINST YOUR PRESENTATION TO US, AT OUR ABOVE MENTIONED ADDRESS, OF YOUR SIGNED
SIGHT DRAFT DRAWN ON US MENTIONING THEREON OUR LETTER OF CREDIT NUMBER
_________ ACCOMPANIED BY:
A
STATEMENT PURPORTEDLY SIGNED BY THE COMMISSIONER OF THE NEW YORK CITY DEPARTMENT
OF BUILDINGS OR THE GENERAL COUNSEL OF THE NEW YORK CITY DEPARTMENT OF
BUILDINGS STATING AS FOLLOWS:
“PURSUANT
TO THE NEW YORK CITY ADMINISTRATIVE CODE §28-502.2.2 , THE RULES OF THE CITY OF
NEW YORK §49-14 AND A CERTAIN LETTER AGREEMENT BETWEEN _______________ AND THE
CITY OF NEW YORK DEPARTMENT OF BUILDINGS, THE NEW YORK CITY DEPARTMENT OF
BUILDINGS IS ENTITLED TO DRAW THE AMOUNT OF U.S. $____________ (UNITED STATES
DOLLARS __________________AND 00/100) UNDER LETTER OF CREDIT NUMBER ______
ISSUED BY ________________ IN CONNECTION WITH _____________________________’S
OUTDOOR ADVERTISING COMPANY AND SIGN INVENTORY REGISTRATION.”
PARTIAL AND MULTIPLE
DRAWINGS ARE PERMITTED HEREUNDER.
IT IS A CONDITION OF THIS
LETTER OF CREDIT THAT IT SHALL BE AUTOMATICALLY RENEWED, WITHOUT AMENDMENT, FOR
ADDITIONAL PERIODS OF ONE YEAR EACH (EACH EXPIRING ON ___________) FROM THE
PRESENT OR ANY FUTURE EXPIRATION DATE, UNLESS AT LEAST 90 CALENDAR DAYS PRIOR
TO THE EFFECTIVE EXPIRATION DATE WE NOTIFY YOU IN WRITING DELIVERED BY
CERTIFIED MAIL, RETURN RECEIPT REQUESTED TO YOUR ADDRESS SET FORTH ABOVE,
ATTENTION: GENERAL COUNSEL, THAT WE
ELECT NOT TO RENEW THIS LETTER OF CREDIT FOR ANY FURTHER ADDITIONAL
PERIOD. IN SUCH EVENT, YOU MAY DRAW UP
TO THE AVAILABLE AMOUNT HEREOF AS PROVIDED ABOVE.
THIS LETTER OF CREDIT IS NOT
TRANSFERABLE.
EXCEPT AS OTHERWISE SPECIFIED
HEREIN, THIS LETTER OF CREDIT IS SUBJECT TO THE INTERNATIONAL STANDBY PRACTICES,
INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION 590 (THE “ISP”) AND IT SHALL BE
DEEMED TO BE A CONTRACT MADE UNDER, AND AS TO MATTERS NOT GOVERNED BY THE ISP,
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK AND APPLICABLE U.S. FEDERAL LAW.
THIS LETTER OF CREDIT SETS
FORTH IN FULL THE TERMS OF OUR UNDERTAKING, AND SUCH UNDERTAKING SHALL NOT IN
ANY WAY BE AMENDED, MODIFIED, OR AMPLIFIED BY REFERENCE TO ANY DOCUMENT,
INSTRUMENT OR AGREEMENT REFERRED TO HEREIN 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 SUCH DOCUMENT,
INSTRUMENT, OR AGREEMENT.
IF WE RECEIVE YOUR DRAFT AND
STATEMENT, AS MENTIONED ABOVE, IN STRICT COMPLIANCE WITH THE TERMS AND
CONDITIONS OF THIS LETTER OF CREDIT AT OUR OFFICE LOCATED AT
_______________________, NEW YORK, NEW YORK ________, ATTENTION: THE MANAGER,
STANDBY LETTER OF CREDIT DEPARTMENT, ON OR PRIOR TO OUR CLOSE OF BUSINESS ON
___________, 20____, OR ANY SUBSEQUENT DATE TO WHICH THIS LETTER OF CREDIT
SHALL HAVE BEEN RENEWED IN ACCORDANCE HEREWITH, WE WILL DULY HONOR SAID DRAFT.
SHOULD YOU HAVE OCCASION TO
COMMUNICATE WITH US REGARDING THIS LETTER OF CREDIT, PLEASE DIRECT YOUR
CORRESPONDENCE TO US AT OUR OFFICE LOCATED AT ___________________, NEW YORK,
NEW YORK ________, ATTENTION: THE MANAGER, STANDBY LETTER OF CREDIT DEPARTMENT,
MAKING SPECIFIC REFERENCE TO THE NUMBER OF THIS LETTER OF CREDIT INDICATED
ABOVE.
YOURS VERY TRULY,
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