Irrevocable Letter of Credit - Mutual Bank of Behalf of Cleveland Woods Development Co., LLC

Home Browse Search

Each draft must bear on its face the clause, "Drawn under Letter of Credit No. 2544726682 dated January 31, 2018 of MutualBank". In the event that you receive, prior to the expiration date herein set forth, any payment (from a source other than drafts drawn under this Letter of Credit) for invoices issued by your various factored clients to Cleveland Woods Development Co., LLC which have been assigned to you, and within ninty (90) days after receipt of said payment (i) a petition is filed by or against Cleveland Woods Development Co., LLC with United States Bankruptcy Court; (ii) Cleveland Woods Development Co., LLC is the subject of any other proceeding, voluntary or involuntary, which under applicable State or Federal law could result in the return of such payment, then the expiration date hereof shall automatically be extended to a date that is on hundred twenty (120) days after the date of such filing, assignment or proceeding and, if this letter of credit has previously expired, our obligations hereunder shall be reinstated up to the amount of such payment only, but in no event more than $61,870.00 in the aggregate. This Letter of Credit shall cover invoices issued or dated prior to, on or after the date hereof. Except so far as otherwise expressly stated herein, this Letter of Credit is subject to the "Uniform Customs and Practice of Documentary Credits (2007 Revision), International Chamber of Commerce Publication No. 600," This Irrevocable Letter of Credit expires at the address above with our close of business on January 31, 2019, It is a condition of this Letter of Credit that the expiration date shall automatically extend for an additional one year from the present expiration date, unless thirty (30) days prior to such maturity date we shall notify you in writing that we elect not to renew this Letter of Credit for such additional period. We hereby agree with you that drafts draw under and in compliance with the terms of this Letter of Credit will be duly honored if presented to MutualBank on or before January 31, 2019 (or as such expiration date may be extended pursuant to the provisions hereof). Sincerely, Shelley Pulaski Assistant Vice President Commercial Banking MutualBank