HomeMy WebLinkAboutA020 - Draft Irrevocable Standby Letter of Credit - $1,233,630.67 f
(ISSUED ON BANKERS TRUST LETTERHEAD)
BENEFICIARY: APPLICANT:
CITY OF AMES IOWA STATE UNIVERSITY RESEARCH PARK
CITY HALL, 515 CLARK AVENUE 1805 COLLABORATION PLACE, SUITE 1250
AMES, IA 50010 AMES, IA 50010
IRREVOCABLE STANDBY LETTER OF CREDIT
OUR REFERENCE: 20000xxx-00
AMOUNT: USD $1,233, 630.67
ISSUE DATE: JULY --, 2018
EXPIRY DATE: DECEMBER 31, 2021
EXPIRY PLACE: OUR COUNTERS
BY ORDER OF OUR CLIENT, IOWA STATE UNIVERSITY RESEARCH PARK ("APPLICANT") ;
WE HEREBY ISSUE OUR IRREVOCABLE STANDBY LETTER OF CREDIT
NO. 20000xxx-00 ("LETTER OF CREDIT") IN FAVOR OF CITY OF AMES
("BENEFICIARY") IN THE AMOUNT OF ONE MILLION TWO HUNDRED THIRTY THREE
THOUSAND SIX HUNDRED THIRTY AND 67/100 U.S. DOLLARS (USD1,233, 630.67)
EXPIRING AT OUR COUNTERS ON DECEMBER 31, 2021.
FUNDS ARE AVAILABLE UNDER THIS LETTER OF CREDIT UPON PRESENTATION OF
YOUR SIGHT DRAFT DRAWN ON US, ACCOMPANIED BY THE ORIGINAL OF THIS
LETTER OF CREDIT AND AMENDMENTS, IF ANY, AND A BENEFICIARY'S SIGNED
STATEMENT, PURPORTEDLY SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE
BENEFICIARY, STATING:
"WE HEREBY CERTIFY IOWA STATE UNIVERSITY RESEARCH PARK HAS FAILED TO
COMPLETE BY NOVEMBER 30, 2021 CERTAIN IMPROVEMENTS AND UTILITIES IN
CONNECTION WITH THE AGREEMENT FOR PUBLIC IMPROVEMENTS, WITHIN THE REAL
ESTATE KNOWN AS IOWA STATE UNIVERSITY RESEARCH PARK PHASE III, THIRD
ADDITION, AMES, STORY COUNTY, IOWA, LOT 1�AND/OR HAS FAILED TO PAY
REASONABLE ENGINEERING AND INSPECTIO E L AS PART OF THE PLATTING
PROCEDURE OF CITY OF AMES."
WE HEREBY AGREE TO HONOR ALL DRAWINGS MADE HEREUNDER IN COMPLIANCE WITH
THIS LETTER OF CREDIT BY TRANSFERRING IN IMMEDIATELY AVAILABLE FUNDS
THE AMOUNT SPECIFIED IN THE DRAFT TO THE ACCOUNT SPECIFIED BY
BENEFICIARY.
WE HEREBY UNDERTAKE THAT WE WILL NOT MODIFY, REVOKE OR TERMINATE THIS
LETTER OF CREDIT WITHOUT YOUR WRITTEN CONSENT. A PAYMENT OF DRAFT(S)
DRAWN UNDER THIS LETTER OF CREDIT IS NOT CONTINGENT UPON OUR RIGHT TO
REIMBURSEMENT FROM APPLICANT.
DRAWING(S) HEREUNDER MUST BE ACCOMPANIED BY THE ORIGINAL OF THIS CREDIT
•
AND AMENDMENTS THERETO. ALL DRAFTS MUST BE MARKED "DRAWN UNDER
IRREVOCABLE LETTER OF CREDIT NO.20000xxx-00 OF BANKERS TRUST COMPANY,
DES MOINES, IOWA DATED JULY --, 2018."
THIS LETTER OF CREDIT IS SUBJECT TO THE RULES OF THE INTERNATIONAL
STANDBY PRACTICES ("ISP98") PUBLISHED BY THE INTERNATIONAL CHAMBER OF
COMMERCE, WHICH ARE IN EFFECT AT THE TIME OF ISSUANCE OF THIS LETTER OF
CREDIT, AS FROM TIME TO TIME AMENDED, AND THE UNIFORM COMMERCIAL CODE
OF IOWA, AS FROM TIME TO TIME AMENDED.
WE HEREBY ENGAGE WITH YOU THAT DRAFTS DRAWN HEREUNDER IN COMPLIANCE
WITH THE TERMS AND CONDITIONS OF THIS CREDIT WILL BE DULY HONORED IF
PRESENTED TO BANKERS TRUST COMPANY, 1ST FLOOR, GLOBAL BANKING, 453 7TH
STREET, DES MOINES, IA 50309, DURING REGULAR BANKING HOURS, ON OR
BEFORE THE EXPIRATION DATE.
(TO BE SIGNED BY AUTHORIZED SIGNORS OF BANKERS TRUST)