(Name of the Bank)
(City - State)
IRREVOCABLE LETTER OF CREDIT
Letter of Credit No.
Stewart Title Guaranty Company
We hereby establish our Irrevocable Letter of Credit in your favor of ________________________________ , available by your drafts drawn at sight on _____________________________________________________________ for any sum or sums not exceeding a total of ______________________________________________
($ ______________ ), and accompanied by:
NO DOCUMENTATION REQUIRED.
Except as otherwise stated herein, this credit is subject to the Uniform Customs and Practice for Documentary Credits ( _____ Revision), International Chamber of Commerce, Brochure No. __________________ ).
The amount of each draft negotiated, with the date of negotiation, must be endorsed hereon by the negotiating bank, and any draft presented to us shall constitute a warranty of the negotiating bank that such endorsement was effected.
All drafts drawn under this credit should bear the clause "Drawn under ______________________________________________________ Irrevocable Letter of Credit No. ______________________ dated ____________________________ ."
We hereby agree with you that all drafts drawn under and is honored upon presentation to ____________________________________________ together with this letter of credit on or before __________________________________________ .
(Permissible Special Instructions)
It is a condition of this Letter of Credit that it shall be deemed automatically extended (without amendment) for one year from the present or any future expiration date hereof without limitation on the number of extensions, unless sixty (60) days prior to any such date, we shall notify you in writing that we elect not to consider this letter of credit renewed for any such additional period. Upon receipt by you of such notice, you may draw hereunder without having incurred liability by reason of having issued your policies of title insurance by means of your drafts on us at sight accompanied by your written certification that the aforesaid policies of title insurance are still outstanding and that the proceeds of your draft will be retained and used by you to meet any payments which you may thereafter be required to make under your policies of title insurance and, further, that in the event your liability under your policies of title insurance is satisfied, you will refund to us the amount paid, less any amounts which may have been paid by you in the meantime, under your policies of title insurance and any unpaid premiums due you on said policies of title insurance.
No guidelines are available for this form at this time.