10-Exhibit E.1 Required Irrevocable Letter of Credit.pdf
PDF 259 KB Posted
- Attached to
- EMPORIA SERVICE STATION CONCESSIONAIRE
- Solicitation number
- 140-251205
- Issued by
- Leavenworth County, Kansas
About this file
This is a Sample Irrevocable Standby Letter of Credit document issued in conjunction with the Kansas Turnpike Authority's Emporia Service Area Concession Lease and Operation Agreement. The letter of credit establishes a required financial instrument with a face value of $125,000 to secure performance under the concession agreement. The credit is available by sight draft against the issuing bank upon presentation of documentation, including a certified statement from an authorized Kansas Turnpike Authority representative confirming the concessionaire's failure to comply with the terms and conditions of the lease and operation agreement. The letter of credit includes automatic renewal provisions, renewing for successive two-year periods unless the issuing bank provides written notice by certified mail at least 365 days prior to the expiration date of its election not to renew.
The letter of credit operates under the Uniform Customs and Practice for Documentary Credits (2007 Revision, ICC Publication 600) and permits partial drawings. This financial requirement supports the Kansas Turnpike Authority's Emporia Service Station Concession opportunity, which involves a ten-year initial term for operating a combined restaurant and fuel facility at milepost 132. The concessionaire will be selected based on qualifications and responsiveness through a request for proposals process, with evaluation factors including operating experience, restaurant concepts, pricing, and willingness to contribute to construction costs and ongoing lease rent. The requirement for this letter of credit protects the Kansas Turnpike Authority's interests and ensures performance compliance throughout the concession agreement term.
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Text version
SAMPLE
Irrevocable Standby Letter Of Credit Number:
Date of Issue:
Expiry Date/ Place:
Applicant:
Beneficiary: Kansas Turnpike Authority PO Box 780007 Wichita, KS 67278-0007
Amount: $125,000 (One-hundred twenty-five thousand and 00/100 dollars)
Credit Available with Issuing Bank:
By: Payment Tenor: Sight
Against the documents detailed herein and Beneficiary's draft(s) drawn on: Issuing Bank
Documents:
1. A statement purportedly signed by an authorized representative of the Kansas Turnpike Authority as follows: “I, the undersigned, as authorized representative of the Kansas Turnpike Authority do hereby certify that has failed to comply with the terms and conditions of the Emporia Service Area Concession Lease and Operation Agreement with the Kansas Turnpike Authority.”
2. This original Letter of Credit.
Special Conditions:
It is a condition of this Letter of Credit that it be considered automatically renewed without amendment for an additional two-year period from the current or any future expiration date unless we notify you in writing by certified mail to the above address at least 365 days prior to the current or any future expiration date that we elect not to renew this credit.
We hereby issue this Irrevocable Letter of Credit in your favor and agree with the drawers, endorsers, and bona fide holders that all drafts drawn under and in compliance with the terms of this Letter of Credit will be duly honored upon presentation. Partial drawings are permitted. This credit is subject, so far as applicable to the Uniform Customs and Practice for Documentary Credits (2007 Revision, International Chamber of Commerce, Paris, France, Publication 600). The number and the date of the Credit and the name of our bank must be quoted on all drafts required.
Authorized Signature:
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