IRREVOCABLE STANDBY LETTER OF CREDIT
Montreal, le ________________________
No. : ________________________
A:
HYDRO-QUÉBEC
75, Rene-Levesque Blvd. West, 15th floor
Montreal (Quebec)
H2Z 1A4
Att.: Direction principale – Analyse et gestion des risques
At the request of _________________________ (hereafter the "Applicant"), for the
account of
(hereafter the "Client"), whose head
office is located at ________________________________ we, ___________________
(Name and Address of financial institution) are establishing for your benefit our
irrevocable standby letter of credit (hereafter the “Letter of Credit”) for an
amount not exceeding $ __________________ CAN (___________________
Canadian dollars) (the “Guaranteed Amount”) as security for payment of any
amount owed to you from time to time by the Client and as security for its
performance pursuant to the terms of the __________________ executed on
_________________ for the interconnection of the ________________.
Funds will be made available to you under the Letter of Credit on presentation of
the following documents:
1. Your written request for payment signed by a duly authorized
representative indicating the amount of the drawing requested, which
may not exceed the Guaranteed Amount.
2. The original or a copy of the Letter of Credit.
We will honour any request for payment made in accordance with the Letter of
Credit without inquiring as to your right to make such request, notwithstanding
any objection by the Applicant or the Client.
Partial drawings are authorized under the Letter of Credit.
Any correspondence and/or request for payment must be presented at or
transmitted to our address indicated above and must refer to the Letter of Credit.
We will execute your request for payment no later than the business day
following receipt of such written request for payment, provided it is presented
no later than 3:00 p.m., Montréal time. If a request for payment is received after
3:00 p.m., Montréal time, we will execute such request no later than two (2)
business days following receipt thereof. Your request for payment may be
presented in person, sent by registered mail.
All costs pertaining to the Letter of Credit will be borne by the Applicant or the
Client.
The Letter of Credit is non-transferable.
The Letter of Credit will remain in force until ________, 3:00 p.m., Montreal local
time. The Letter of Credit will be automatically extended from year to year from
its expiry date, unless we inform you in writing with acknowledgement of
receipt, at least 90 days before said expiry date that we choose not to renew the
Letter of Credit. If we so notify you, the Letter of Credit will continue to be
available for presentation of a request for payment up to (and including) the date
of its expiry then in force.
The Letter of Credit is governed by the Uniform Customs and Practice for
Documentary Credits, Revision 2007, published by the International Chamber of
Commerce (Publication No. 600) and any matter not covered by said customs
and practices will be subject to the laws in force in Québec. We acknowledge the
exclusive jurisdiction of the courts of Quebec to hear any legal proceeding arising
from the Letter of Credit.
(Name of issuing bank)
By:
_____________________________
(Name)
(Title)