Irrevocable Letter Of Credit (Page 3 of 4) in pdf

The exercise by the Union of its right to withdraw employees represented

by the Union from <EMPLOYER>’s employment while <EMPLOYER>

is in default or is delinquent under the terms of its CBA and other

contracts with the Union, or with regard to the suspension of benefits by

the Funds due to non-payment, shall neither limit or prevent any recovery

by the Funds under this Letter of Credit, nor relieve either <EMPLOYER>

or <BANK> of any obligation.

10.

The failure of the Funds to notify <EMPLOYER> or <BANK> of the

delinquencies shall not relieve <BANK> or <EMPLOYER> of any

obligation under this Letter of Credit or limit or prevent any recovery

hereunder.

The Beneficiary’s certification that it is entitled to draw under this Letter

11.

of Credit shall be conclusive upon the Bank, as well as the Account Party,

and shall be sufficient to cause the Bank to honor, forthwith, any sight

drafts presented by the Beneficiary.

The Bank shall make payment

without any independent investigation or a determination of conditions or

facts pertaining to the obligations of the Account Party, or to the

authenticity of the official signing on behalf of the Beneficiary.

12.

This Letter of Credit is irrevocable without the consent of both the

Account Party and Beneficiary. This Letter of Credit shall continue until

the earlier of (a) mutual consent of the Account Party and the Beneficiary

to cancel this Letter of Credit and notice of such consent to the Bank or (b)

<TERMINATION DATE>.

13.

The Account Party may reduce the amount of the Letter of Credit at any

time with the consent of the Beneficiary. Partial and multiple draws are

permitted under this Letter of Credit as long as the draws in the aggregate

do not exceed the value of this Letter of Credit (either the stated amount or

the reduced amount, as the case may be).

Charges for opening,

maintenance, operation of the Letter of Credit, and charges for handling

and negotiation of documents are to be borne by the Account Party. Any

Beneficiary’s banker’s or other charges are to be borne by the Beneficiary.

14.

Upon payment of the amount specified in a sight draft drawn hereunder,

the Bank shall be fully discharged of its obligation under this Letter of

Credit with respect to such sight draft and the amount of this Letter of

Credit shall be reduced by the amount of such payment.

15.

This Letter of Credit shall be governed by and construed in accordance

with the New Jersey’s State laws. All parties to this Letter of Credit

consent to the exclusive jurisdiction of the New Jersey Superior Court

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Irrevocable Letter Of Credit Page 3

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