On the letterhead of Bank or other financial institution
Address of financial institution
To: Canadian Wheat Board
R3B 1B3
Attention: Treasurer
Dear Sir/Madam,
Re: Irrevocable Standby letter of credit No……..
We hereby authorize you to draw on ( Name and address of bank) , for the
account ( Customers Name and address) , up to an aggregate amount of $ ….. available
on demand.
Pursuant to the request of ( Name of Customer) , we ( Name of Bank) ,
herby establish and give to you an irrevocable Standby Letter of credit in your
favour in total amount of $......., which may be drawn on by you at any time
and from time to time upon written demand for payment made upon us by you which
demand we shall honour without inquiring whether you have a right as between
yourself and our said customer to make such demand, and without recognizing any
claim of our said customer.
Provided , however , that you are to deliver to us at such time as
written demand for payment is made upon us, a certificate confirming that
movies drawn pursuant to this Irrevocable Standby letter of credit are to be retained
and used by you to satisfy the obligation of ( Name of Customer) to pay the Green Development
Charge Discount to you with respect to building that (Name of Customer) has
constructed on lot….., Construction …. …… or Registered Plan ……., being …….address …..
in the town of Manitoba , regional Municipality of Yalle
The amount of this Irrevocable Standby letter of credit that it shall be
deemed to be automatically extended for one year from the present or any future expiration
date hereof, unless thirty days prior to any such date we shall notify you in
writing by Registered Mail that we elect not to consider this Irrevocable
Standby letter of credit renewed for any such additional period.
Upon receipt by you of such notice , you may draw hereunder by means of
demand accompanied by your written certification that the amounts drawn will be
retained and used by you to satisfy the above obligation; further, that you
will release any amount not required by you to (Name of Customer)
Partial drawings are permitted.
The drawings under this Irrevocable Standby letter of credit are stat on
their face that they are drawn under (
Name and Address of Bank) , Irrevocable
Standby letter of credit No. ______ dated
We hereby agree that drawings under this Irrevocable Standby letter of
credit will be duly honoured upon presentation provided that all terms and
conditions of the credit have been complied with
Name of Bank or Financial institution
Per:
Per:
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