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Res 2005-127
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Res 2005-127
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8/27/2007 8:25:27 AM
Creation date
8/27/2007 8:22:51 AM
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City Clerk
City Clerk - Document
Resolutions
City Clerk - Type
Contract
Number
2005-127
Date
9/20/2005
Volume Book
163
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<br />Reserve Wire Transfer of funds to your account in a bank on the Federal Reserve Wire Facility <br />or by deposit of same day funds into a designated account that you maintain with us. <br /> <br />7. The Stated Amount shall be reduced automatically by the amount of <br />each drawing hereunder. <br /> <br />8. This Letter of Credit is transferable in its entirety (but not in part) to your <br />successor which you certify to us has succeeded you as beneficiary and may be successively so <br />transferred. Transfer of this Letter of Credit to such transferee shall be effected upon the <br />presentation to us of this Letter of Credit accompanied by a certificate in the form of Annex B <br />attached hereto. <br /> <br />9. Only you (or a transferee as provided in paragraph 8 hereof) may make a <br />drawing under this Letter of Credit. Upon the payment to you or your account of the amount <br />specified in a sight draft drawn hereunder, we shall be fully discharged of our obligation under <br />this Letter of Credit with regard to that payment, and we shall not thereafter be obligated to <br />make further payments under this Letter of Credit with regard to that payment to you. <br /> <br />10. This Letter of Credit, except as otherwise stated herein, is subject to <br />International Standby Practices 1998, International Chamber of Commerce Publication 590 <br />1998 (the "ISP98") and shall be governed and construed in accordance with the laws of the <br />State of Texas and applicable U.S. federal law. <br /> <br />11. Communications with respect to this Letter of Credit shall be in writing <br />and shall be addressed to us at our address at [Bank Address] Attention: , specifically <br />referring to the number of this Letter of Credit. <br /> <br />12. This Letter of Credit sets forth in full our undertaking and such <br />undertaking shall not in any way be modified, amended, amplified or limited by reference to <br />any document, instrument or agreement referred to herein (including, without limitation, the <br />Service Contract), except only the certificates, sight drafts, and Letter of Credit referred to <br />herein and ISP98; and any such reference shall not be deemed to incorporate herein by <br />reference any document, instrument or agreement, except for ISP98, such certificate, sight <br />drafts and Letter of Credit. <br /> <br />Very truly yours, <br /> <br />[Name of Bank] <br /> <br />By: <br /> <br />Authorized Officer <br /> <br />A-2 <br />
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