O_-_Letter_of_Credit_Form.pdf
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- Solicitation number
- RCS 26-0040
- Issued by
- Maricopa County, Phoenix City, Arizona
About this file
Letter of Credit Form for Phoenix Sky Harbor International Airport Concession Agreements
This document is a Letter of Credit Form issued by the City of Phoenix Aviation Department for use in concession lease agreements at Phoenix Sky Harbor International Airport. The form establishes an irrevocable standby letter of credit requirement that tenants or licensees must provide as security for performance obligations under their respective concession leases. The letter of credit is payable to the City of Phoenix Aviation Department, Business & Properties Division, and serves as a financial guarantee mechanism. The form permits the City to draw funds under specific circumstances: when a tenant fails to perform obligations or comply with lease terms; when a tenant fails to provide a replacement letter of credit at least sixty days before expiration; or when the issuing bank notifies the City that it will not extend the credit. The City may submit drawing requests via mail, courier service, hand delivery, facsimile, or email, with multiple and partial drawings permitted under the instrument.
The letter of credit automatically renews annually unless the issuing bank provides written notice of non-renewal at least sixty days before the expiration date or any anniversary thereof, with notification sent to both the City and the tenant by certified or registered mail or overnight courier service. The instrument is governed by International Standby Practices (ISP98) as endorsed by the International Chamber of Commerce Publication No. 590, with any matters not addressed by ISP98 subject to Arizona state law. The form contains blank fields for completion with the specific bank name, letter of credit number, applicant name, dollar amount, expiration date, bank office address, fax number, email address, and telephone number, allowing customization for individual concession agreements across the three food and beverage packages available in Terminal 3 North 2 Concourse.
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Text version
Exhibit “ ”, Page 1
ATTACHMENT O
__________ [name of the bank]
IRREVOCABLE STANDBY LETTER OF CREDIT
NO. _____
To: City of Phoenix – Beneficiary Aviation Department Business & Properties Division 2485 East Buckeye Road Phoenix, Arizona 85034-4301 Attn: Deputy Aviation Director
Applicant: __________ [Insert name of the tenant or licensee]
Amount: $_________ [Insert dollar amount]
Expiration Date: __________ [Insert date]
__________ [name of the bank] (Bank) hereby establishes its Irrevocable Standby Letter of Credit No. __________ (Letter of Credit) in favor of the City of Phoenix, Beneficiary under this Letter of Credit. The City of Phoenix may draw on this Letter of Credit at the Bank’s office located at __________ [insert address of the Phoenix office(s)], accompanied by the following documents:
1. A certificate signed by the Director of the City of Phoenix Aviation Department, or his designee, stating one or more of the following:
A. The City of Phoenix is drawing against this Letter of Credit because __________ [insert name of tenant or licensee] has failed to perform its obligations under or failed to comply with its __________ [insert name and number of the lease or license], or any amendment thereto, or any replacement agreement, and the City of Phoenix requires payment under the Letter of Credit in the amount of $__________.
B. The City of Phoenix is drawing against this Letter of Credit because __________ [insert name of tenant or licensee] has failed to provide a replacement irrevocable standby letter of credit prior to sixty (60) days before the expiration date of this Letter of Credit as required by its __________ [insert name of the lease or license], or any amendments thereto, or any replacement agreement, and the City of Phoenix requires payment under this Letter of Credit in the amount of $__________.
C. The City of Phoenix is drawing against this Letter of Credit because the City has received notice from __________ [insert name of the bank] that this Letter of Credit will not be extended and the City requires payment under this Letter of Credit in the amount of $__________.
2. This original Letter of Credit.
Exhibit “ ”, Page 2
The Director’s Certificate and the original Letter of Credit may be sent to the Bank by first-class mail through the United States Postal Service, prepaid delivery by a commercial air courier or express delivery service, or by hand-delivery to our office listed above. Alternatively, copies of the Director’s Certificate and the original Letter of Credit may be sent by facsimile transmittal (FAX) to __________ [insert fax number] or by email to __________ [insert email address]. The City of Phoenix may confirm the Bank’s receipt of a FAX or email drawing by calling the Bank at __________ [insert the bank’s telephone number].
If the City of Phoenix presents an improper drawing, the Bank will notify the City in writing sent by a commercial overnight courier service or by FAX to 602-273-4083 that the drawing was not made according to the terms and conditions of this Letter of Credit.
The notice shall state the reason(s) why the Bank believes the drawing is improper and that the Bank is awaiting a corrected drawing.
Partial drawings and multiple drawings are permitted under this Letter of Credit.
This Letter of Credit will automatically be renewed for a one (1) year from the Expiration Date set forth above and upon each anniversary of the Expiration Date, unless, at least sixty (60) days prior to the Expiration Date or prior to any anniversary thereof, the Bank notifies the City of Phoenix and __________ [insert name of tenant or licensee] in writing by certified or registered mail or delivery by a commercial overnight courier service that the Bank elects not to renew this Letter of Credit.
The Bank hereby agrees that this Letter of Credit shall be duly honored upon receipt of the Director’s Certificate and original Letter of Credit as provided above.
This Letter of Credit is subject to the International Standby Practices (ISP98) endorsed by the International Chamber of Commerce Publication No. 590. Matters not governed by ISP98 shall be governed by and construed in accordance with the laws of the State of Arizona.
__________ [name of the bank] __________ [address of the bank]
By:__________ [signature of authorized agent] __________ [type name of authorized agent]
Date:____________________
2460989 Revised 9/25/2024
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