Opinion ID: 1625318
Heading Depth: 1
Heading Rank: 5

Heading: Irrevocable Letter of Credit

Text: Combined Investments, Ltd., a Louisiana Limited Partnership 5551 Corporate Boulevard Suite 3-A Baton Rouge, Louisiana Dear Sirs: We hereby open our Irrevocable Letter of Credit in your favor for the account of (Name of Investor) (Address of Investor), for a sum or sums not exceeding in the aggregate the sum of Two Hundred Thousand and No/100 ($200,000.00) Dollars, available by your drafts drawn on (Bank), (Address of Bank), at sight to be accompanied by: An Affidavit signed by an officer of the holder of this Letter of Credit certifying that a default exists under (i) any loan of Combined Investments, Ltd., a Louisiana Limited Partnership, due such holder, or (ii) any indebtedness of (Name of Investor) due such holder, which this Letter of Credit may secure. Drafts must be drawn and negotiated on or before July 1, 1982, on which date this Letter of Credit expires. This Letter may be drafted against in full without being accompanied by the Affidavit referred to above from June 1, 1982 until July 1, 1982 if this Letter of Credit is not renewed by June 1, 1982 for a period of one year expiring July 1, 1983 in the face amount of $200,000 and in a form acceptable to the Beneficiary, its transferees or assigns. The right to draw under this Letter of Credit is, by the holder hereof, absolutely irrevocable and unconditional (except as set forth herein) and is transferable and/or assignable in whole or in part. Each draft must be marked `Drawn under (Bank) , (Address of Bank), Letter of Credit Number ______, Dated _______, 19____', and the amount of each draft so drawn endorsed by the negotiating bank. The final draft drawn under this Letter of Credit must be accompanied by this Letter of Credit. This credit is subject to the Uniform Customs and Practice for Documentary Credits, 1974 Revision, fixed by the International Chamber of Commerce Brochure No. 290. We hereby agree with Drawers, Endorsers and Bona Fide Holders of Drafts drawn under and in compliance with the Credit that the same shall be duly honored upon presentation to the Drawee Bank as specified above.