§900.ILLUSTRATION B. Irrevocable Standby Letter of Credit

IRREVOCABLE STANDBY LETTER OF CREDIT

 

Director

Illinois Department of Agriculture

P.O. Box 19281

Springfield, IL  62794-9281

 

Dear Sir or Madam:

 

We have authority to issue letters of credit.  Our letter-of-credit operations are regulated by the Illinois Commissioner of Banks and Real Estate or our deposits are insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation.  (Omit language that does not apply.)

 

We hereby establish our Irrevocable Standby Letter of Credit No. ____ in your favor, at the request and for the account of __________ up to the aggregate amount of __________U.S. dollars ($___________), available upon presentation of:
	1.	your sight draft, bearing reference to this letter of credit No. ________; and
	2.	your signed statement reading as follows:  "I certify that the amount of the draft is payable pursuant to regulations issued under authority of the Livestock Management Facilities Act [510 ILCS 77] and 35 Ill. Adm. Code 900.7-6(a) or (c)."
This letter of credit is effective as of __________________ and shall expire on __________________.

 

Whenever this letter of credit is drawn on, under and in compliance with the terms of this credit, we shall duly honor such draft upon presentation to us, and we shall deposit the amount of draft directly into a designated account in accordance with your instructions.

 

This letter of credit is governed by the Uniform Commercial Code [810 ILCS 5].

 

Signature
Typed Name
Title
Date
Name and address of issuing institution
This credit is subject to