Service
All drafts and documents called for under the Credit are to be delivered by the
negotiating or paying bank to Butterfield Bank (Cayman) Limited, Cayman Islands
by airmail in a single mailing.
GREENLIGHT REINSURANCE, LTD.
By:
Name:
Title:
________________
Date
By:
Name: Tim Courtis
Title: CFO
_______________
Date
EXHIBIT B
Form of Letter of Credit
LETTER OF CREDIT
IRREVOCABLE STANDBY LETTER CREDIT NUMBER:
[ASSIGNED BY ISSUER/CORRESPONDENT
BANK]
APPLICANT:
COMPANY NAME
STREET ADDRESS
CITY, STATE, ZIP
BENEFICIARY:
COMPANY NAME
STREET ADDRESS
CITY, STATE, ZIP
CONTACT NAME/ATTN PARTY
PHONE NUMBER
IRREVOCABLE LETTER OF CREDIT NUMBER (BUTTERFIELD LC NUMBER)
WE HAVE ESTABLISHED THIS CLEAN, IRREVOCABLE, AND UNCONDITIONAL LETTER OF CREDIT
IN YOUR FAVOR FOR USDX.XX (AMOUNT IN WORDS) EFFECTIVE AS OF (DATE).
WE UNDERTAKE THAT THE DRAWINGS UNDER THIS LETTER OF CREDIT WILL BE HONORED UPON
PRESENTATION OF YOUR DRAFT TO (CORRESPONDENT BANK) AT (ADDRESS) PRIOR TO THE
EXPIRATION DATE HEREOF.
IF YOU CHOOSE, YOU WILL BE ABLE TO DRAW ON THIS LETTER
OF CREDIT MORE THAN ONCE, WITHOUT AMENDMENT, PROVIDED THAT THE SUM OF THE
AMOUNTS THAT YOU HAVE DRAWN DOES NOT EXCEED THE AMOUNT OF THIS LETTER OF CREDIT.
THIS LETTER OF CREDIT, IS PRESENTABLE AND PAYABLE AT THE OFFICE OF
(CORRESPONDENT BANK) WITH THE NOTATION NUMBER (BUTTERFIELD LC NUMBER) ISSUED BY
BUTTERFIELD BANK (CAYMAN) LIMITED, AND EXPIRES AT THE COUNTERS OF (CORRESPONDENT
BANK) ON (EXPIRY DATE). THIS CREDIT CANNOT BE REDUCED, MODIFIED OR REVOKED
WITHOUT YOUR CONSENT, EXCEPT WHEN THE AMOUNT OF THIS LETTER OF CREDIT IS
INCREASED.
THE TERM 'BENEFICIARY' INCLUDES ANY SUCCESSOR BY OPERATION OF LAW OF THE NAMED
BENEFICIARY INCLUDING, WITHOUT LIMITATION, ANY LIQUIDATOR, REHABILITATOR,
RECEIVER OR CONSERVATOR.
WE HEREBY UNDERTAKE TO PROMPTLY HONOR YOUR SIGHT DRAFT(S) DRAWN ON
(CORRESPONDENT BANK), INDICATING OUR CREDIT NUMBER (BUTTERFIELD LC NUMBER) AND
(CORRESPONDENT BANK)'S REFERENCE NUMBER NO. SXXXXXXXX FOR ALL OR ANY PART OF
THIS LETTER OF CREDIT UPON PRESENTATION OF YOUR DRAFT(S) DRAWN ON (CORRESPONDENT
BANK), AT THE OFFICE SPECIFIED IN PARAGRAPH ONE, ON OR BEFORE THE CLOSE OF
BUSINESS ON THE EXPIRATION DATE HEREOF OR ANY AUTOMATICALLY EXTENDED EXPIRY
DATE. OTHER THAN YOUR SIGHT DRAFT, NO OTHER DOCUMENT NEED BE PRESENTED.
EXCEPT
AS EXPRESSLY STATED HEREIN, THIS UNDERTAKING IS NOT SUBJECT TO ANY AGREEMENT,
CONDITION OR QUALIFICATION. THE OBLIGATION OF BUTTERFIELD BANK (CAYMAN) LIMITED
UNDER THIS LETTER OF CREDIT SHALL BE THE INDIVIDUAL OBLIGATION OF BUTTERFIELD
BANK (CAYMAN) LIMITED AND IS NO WAY CONTINGENT UPON REIMBURSEMENT WITH RESPECT
THERETO.
IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE DEEMED AUTOMATICALLY
EXTENDED WITHOUT AMENDMENT FOR ONE YEAR FROM THE EXPIRATION DATE HEREOF, OR ANY
FUTURE EXPIRATION DATE, UNLESS AT LEAST SIXTY (60) DAYS PRIOR TO ANY EXPIRATION
DATE, WE NOTIFY YOU THROUGH (CORRESPONDENT BANK), BY OVERNIGHT COURIER THAT WE
ELECT NOT TO RENEW THIS LETTER OF CREDIT.
EXCEPT AS OTHERWISE EXPRESSLY STATED HEREIN, THIS LETTER OF CREDIT IS SUBJECT TO
THE UNIFORM CUSTOMS AND PRACTICES FOR DOCUMENTARY CREDITS (2007 REVISION),
INTERNATIONAL CHAMBER OF COMMERCE, PUBLICATION NO. 600.
IF THIS LETTER OF CREDIT