On the letterhead of Bank or other financial institution
Address of financial institution
To: Canadian Wheat Board
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