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Irrevocable Standby Letter Of Credit No. - California
| Irrevocable Standby Letter Of Credit No. Form. This is a California form and can be used in Board Of Pharmacy Statewide . |
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California State Board of Pharmacy 1625 N. Market Blvd, Suite N219, Sacramento, CA 95834 Phone (916) 574-7900 Fax (916) 574-8618 STATE AND CONSUMER SERVICES AGENCY DEPARTMENT OF CONSUMER AFFAIRS ARNOLD SCHWARZENEGGER, GOVERNOR Name of Financial Institution:______________________________ Address:_______________________________________________ City, State Zip:__________________________________________ Name of Applicant/Licensee:_______________________________ Address:_______________________________________________ City, State Zip:__________________________________________ IRREVOCABLE STANDBY LETTER OF CREDIT NO. _________ To Beneficiary: California State Board of Pharmacy 1625 N. Market Blvd, Suite N219 Sacramento, CA 95834 Attention: Executive Officer 1. At the request and on the instructions of ____________________________________ (Applicant/Licensee), we __________________________ (Financial Institution) hereby establish in favor of the Beneficiary, the California State Board of Pharmacy (Board), this Irrevocable Standby Letter of Credit (Credit) in the principal sum of $______________. 2. This Credit is and has been established for the sole benefit of the Board pursuant to the terms of Business and Professions Code sections 4162 and/or 4162.5, pertaining to the initial or renewal application filed by the Applicant/Licensee. 3. This credit is intended by the parties to serve as a security device for the performance by Applicant/Licensee of its obligations under Chapter 9, Division 2, commencing with section 4000 of the Business and Professions Code. 4. Upon the occurrence of any default by Applicant/Licensee as determined by the Board in its sole discretion under this agreement, the Board shall be entitled to draw upon this credit by presentation of a duly executed CERTIFICATE FOR DRAWING in substantially the same form as Attachment A, attached hereto, at our office located at ______________________________________ (Address of financial institution). 5. The CERTIFICATE shall be completed and signed by an "Authorized Representative" as defined in paragraph 12. Presentation by the Board of a completed CERTIFICATE may be made in person or by registered mail, return receipt requested. 6. Upon presentation of a duly executed CERTIFICATE as above provided, payment shall be made to the Board, or to an account designated by the Board, in immediately available funds, at such time and place as the Board shall specify. DATED: ______________ American LegalNet, Inc. www.FormsWorkflow.com 7. Funds may be drawn in one or more drawings not to exceed the principal sum. 8. If demand for payment does not conform to the terms of this CREDIT, we shall give the Board prompt notice that the demand for payment was not effected in accordance with the terms of this CREDIT, state the reasons therefore, and await further instructions. 9. Upon being notified that the demand for payment was not effected in conformity with the CREDIT, the Board may correct any such non-conforming demand for payment. 10. All drawings under this CREDIT shall be paid with our funds. Each drawing honored by us hereunder shall reduce, pro tanto, the principal sum. By paying to the Board an amount demanded in accordance herewith, we make no representations as to the correctness of the amount demanded. 11. This CREDIT will be cancelled in whole or in part upon receipt by us of a CERTIFICATE OF CANCELLATION, which (i) shall be in the form of Attachment B attached hereto, and (ii) shall be completed and signed by any person purporting to be an Authorized Representative, as defined in the next paragraph. 12. An "Authorized Representative" shall mean the following person: Executive Officer of the California State Board of Pharmacy 13. Communications with respect to this CREDIT shall be in writing and addressed to us at ___________________________________________________________(Address of Financial Institution) specifically referring upon such writing to this CREDIT by number. 14. This CREDIT may not be transferred or assigned, either in whole or in part. 15. This CREDIT shall be deemed a contract made under the laws of the State of California. 16. This CREDIT shall, if not cancelled as provided herein, expire no later than _____________________ the date of its execution. THEREFORE, _______________________________________________ (Financial Institution) has executed and delivered this IRREVOCABLE STANDBY LETTER OF CREDIT to the Board as of the ___day of ______, 20__. American LegalNet, Inc. www.FormsWorkflow.com
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