Sample Irrevocable Letter Of Credit
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Phone: (804) 225-2600
James Monroe Building
Fax:
(804) 225-2604
101 North Fourteenth Street
TDD: (804) 371-8017
Richmond, Virginia 23219
Web:
Sample Irrevocable Letter of Credit
The letter of credit can be placed on a bank letterhead and MUST include the information below.
Institution Name:
Date:
Beneficiary:
STATE COUNCIL OF HIGHER EDUCATION FOR VIRGINIA
TH
JAMES MONROE BUILDING, 9
FLOOR
City:
RICHMOND
State:
VA
ZIP Code:
23219
Applicant:
City:
State:
ZIP Code:
OUR REFERENCE:
$
CLEAN IRREVOCABLE LETTER OF CREDIT
STANDBY LETTER OF CREDIT NO:
CURRENCY/AMOUNT:
USD
NOT EXCEEDING USD
$
ISSUE DATE:
EXPIRY DATE:
EXPIRY PLACE:
GENTLEMEN:
WE HEREBY ESTABLISH OUR IRREVOCABLE LETTER OF CREDIT NO.
IN YOUR FAVOR FOR THE ACCOUNT
OF
D/B/A
UP TO THE AGGREGATE AMOUNT OF $
,
AVAILABLE FOR PAYMENT AT OUR COUNTER AT
, AGAINST PRESENTATION OF A STATEMENT
PURPORTEDLY SIGNED BY AN AUTHORIZED REPRESENTATIVE/ OFFICER OF STATE COUNCIL OF HIGHER
EDUCATION FOR VIRGINIA AS FOLLOWS:
"I
(State Name and Title), HEREBY CERTIFY THAT I AM A REPRESENTATIVE OF THE STATE COUNCIL OF
HIGHER EDUCATION FOR VIRGINIA, AUTHORIZED TO EXECUTE THIS STATEMENT AND HEREBY DEMAND
PAYMENT OF $
UNDER LETTER OF CREDIT NO.
. FURTHER CERTIFY THAT THIS DRAWING IS IN
ACCORDANCE WITH TITLE 23, CHAPTER 21.1 OF THE CODE OF VIRGINIA TO INDEMNIFY STUDENTS OF
THE
FOR LOSS OF TUITION AND FEES AND APPLICANT'S FAILURE TO HONOR ITS PUBLISHED POLICY
GOVERNING REFUNDS OF TUITION AND FEES.”
THIS LETTER OF CREDIT EXPIRES AT THIS OFFICE ON:
.
IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT WILL AUTOMATICALLY BE EXTENDED, WITHOUT
AMENDMENT FOR AN ADDITIONAL PERIOD OF ONE (1) YEAR FROM THE PRESENT OR ANY FUTURE EXPIRATION
DATE UNLESS WE NOTIFY YOU IN WRITING BY REGISTERED MAIL, OR ANY OTHER FORM OF DELIVERY FOR
WHICH RECEIPT IS ACKNOWLEDGED, SENT TO YOU AT THE ABOVE ADDRESS AT LEAST SIXTY (60) DAYS PRIOR
TO THE THEN PRESENT EXPIRATION DATE, NOTIFYING YOU THAT WE ELECT NOT TO EXTEND THIS LETTER OF
Institutional Certification
1of 2
Irrevocable Letter of Credit
3/2014
Revised:
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Parent category: Letters