Issuing Bank Name:
Issuing Bank Address:
Date:
IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER XXXXX:
BENEFICIARY:
Tampa Electric Company
702 North Franklin StreetP-7
Tampa, Florida 33602
Attn: Bob Kenison
Telephone No.: 813.228.4228
Telecopy No.: 813.228.4621
Dear Beneficiary:
At the request of and for the account of (Account Party name and address), (the “Account Party”) we, (Issuing bank), hereby establish in your favor this irrevocable standby letter of credit no. xxxxx (the “letter Letter of creditCredit”) in the amount of United States Dollars xxxxx and 00/100 **US$xxxxx (hereinafter, as reduced from time to time in accordance with the provisions hereof, the “stated Stated amountAmount”), effective immediately.
This Letter of Credit shall expire on (insert month) **, 200*, and it may be extended as provided in the next sentence, (the “Expiration Date”). Notwithstanding the stated expiration date contained herein, it is a condition of this Letter of Credit that it shall be automatically extended without amendment on our part for one year from the expiry date hereof, or any future expiration date, unless we notify you by registered mail or overnight courier that we elect not to renew this Letter of Credit. Such notification must be received by you prior toat least sixty (60) days prior to the expiration date in effect at the time of such notification. Upon your receipt of said notice, you may draw the full amount of this Letter of Credit hereunder upon presentation of your drawing certificate form referencing this Letter of Credit No. XXXXX
Funds under this Letter of Credit will be made available to you by payment against presentation of your completed, dated and signed drawing certificate reading as follows:
QUOTE:
Date:
To: Issuing Bank
Issuing Bank Address
Re: Your Letter of Credit No. xxxxx
“I, an Authorized Officerauthorized representative of xxxxx, the beneficiary Beneficiary of (Issuing Bank) (the “Bank”) Letter of Credit number xxxxx (the “Letter of Credit”) hereby certify with respect to the Letter of Credit that:
A) An Event of Default or Termination Event as defined in the xxxxx agreement dated xxxxx between Account Party and the beneficiary Beneficiary (as the same may be amended, the "Agreement") has occurred and is continuing (beyond the time allowed for any related notice or grace periods or both under said "Agreement"), or
B) The “Bank” has notified the Beneficiary at least sixty days prior to the expiration date of the Letter of Credit that it has elected not to renew the Letter of Credit and any replacement security required under the terms of the Agreement has not been provided to beneficiary at least thirty (30) days prior to the expiration date of this Letter of Credit.
Wherefore, the amount of this drawing isis US$({amount to be inserted}), which represents an amount which is due and payable. We are drawing under Letter of Credit No. xxxx. Please wire proceeds to us: ______.
In witness whereof, the Beneficiary has executed and delivered this certificate.
Beneficiary Name
By:______
Name: ______
Title: ______
END QUOTE
All drawing certificates under this Letter of credit Credit must be presented at our counters located at (Issuing Bank address).
If a drawing certificate is presented by you hereunder at or prior to 10:00 AM New York City time on a business day (as defined below), and provided that such drawing certificate conforms to the terms and conditions hereof, payment shall be made to you, in the amount specified in the drawing certificate, in immediately available funds, not later than 3:00 PM New York City time, on the second business day following the date of presentation. If a drawing certificate is presented by you hereunder after 10:00 AM New York City time, on a business day, and provided that such drawing certificate conforms to the terms and conditions hereof, payment shall be made to you, in the amount specified in the drawing certificate, in immediately available funds, not later than 3:00 PM New York City time, on the third business day following the date of presentation.
If a drawing certificate presented by you hereunder does not in any instance conform to the terms and conditions of this Letter of Credit, we shall give you due notice that the demand for payment was not effected in accordance with the terms and conditions of this Letter of Credit, stating the reasons therefor and that we will, upon your instructions, hold any document(s) at your disposal, or return the same to you. Upon being notified that the drawing certificate was not in conformity with this Letter of Credit, you may attempt to correct any such non-conformity to the extent that you may attempt to correct any such non-conformity to the extent that you are entitled to do so.
Partial or multiple drawings are permitted hereunder. If a partial drawing is presented and paid, the original Letter of Credit will be endorsed and returned to you. If your drawing exhausts the Stated Amount, we will retain the Letter of Credit.
Communications with respect to this Letter of Credit shall be in writing and shall be addressed to (Issuing Bank name and address) specifically referring to Letter of credit Credit no. xxxxx, therein.
As used herein “Business Day” shall mean any day other than Saturday, Sunday, or any other day on which banking instructions in New York, New York are authorized or required by law or executive order to be closed.
This Letter of credit Credit sets forth in full our undertaking and such undertaking shall not in any way be modified, amended, amplified, or limited by reference to any document, instrument, or agreement referred to herein, and any such reference shall not be deemed to incorporate herein by reference any document, instrument, or agreement.
Except as expressly stated herein, this standby Letter of Credit is issued subject to the international International standby Standby practicesPractices, international International chamber Chamber commerce Commerce publication Publication no. 590 (The "ISP98”) which is incorporated into the text of this Letter of Credit by reference. As to matters not covered by the ISP 98,this Letter of Credit shall be governed by and construed in accordance with the law of the State of New York, including Article 5 of the Uniform Commercial Code as in effect in that state.
Issuing Bank
______
xxxxxxxxxx
Authorized SignatureAuthorized Signature