[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-1-en-105":3,"doc-seo-277706-105":53,"doc-detail-277706-en":126},{"code":4,"msg":5,"data":6},0,"success",[7,14,19,24,29,34,39,44,49],{"id":8,"doc_module":9,"doc_module_name":10,"category_name":11,"show_sort_weight":12,"slug":13},11,1,"Template","Presentations",90,"presentations",{"id":15,"doc_module":9,"doc_module_name":10,"category_name":16,"show_sort_weight":17,"slug":18},12,"Resumes",80,"resumes",{"id":20,"doc_module":9,"doc_module_name":10,"category_name":21,"show_sort_weight":22,"slug":23},14,"Invoices",70,"invoices",{"id":25,"doc_module":9,"doc_module_name":10,"category_name":26,"show_sort_weight":27,"slug":28},15,"Posters",60,"posters",{"id":30,"doc_module":9,"doc_module_name":10,"category_name":31,"show_sort_weight":32,"slug":33},16,"Social Media",50,"social-media",{"id":35,"doc_module":9,"doc_module_name":10,"category_name":36,"show_sort_weight":37,"slug":38},17,"Forms",40,"forms",{"id":40,"doc_module":9,"doc_module_name":10,"category_name":41,"show_sort_weight":42,"slug":43},18,"Letters",30,"letters",{"id":45,"doc_module":9,"doc_module_name":10,"category_name":46,"show_sort_weight":47,"slug":48},21,"Paper Templates",5,"papers-templates",{"id":50,"doc_module":9,"doc_module_name":10,"category_name":51,"show_sort_weight":4,"slug":52},158,"General","general-158",{"code":4,"msg":54,"data":55},"ok",{"site_id":56,"language":57,"slug":58,"title":59,"keywords":60,"description":61,"schema_data":62,"social_meta":119,"head_meta":121,"extra_data":123,"updated_unix":125},105,"en","irrevocable-standby-letter-of-credit-issuance-terms-and-draw-requirements","Irrevocable Standby Letter of Credit - Issuance Terms and Draw Requirements","","An irrevocable standby letter of credit template sets out issuance details between a bank (issuer) and a municipal beneficiary in support of a specific property-related project. It defines the credit amount, documents required to draw (including a sight draft signed by the public works director or designee), and the wire transfer payment mechanism. The template specifies automatic yearly extension unless notice is given, permits partial and multiple drawings, allocates issuer charges to the applicant, and includes exhibits for drawing documents and certificates.",{"@graph":63,"@context":118},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":41,"@type":70,"position":76},"https://docshare.wps.com/template/letters/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/irrevocable-standby-letter-of-credit-issuance-terms-and-draw-requirements/277706/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/irrevocable-standby-letter-of-credit-issuance-terms-and-draw-requirements/277706.png","ImageObject",442,249,{"name":88,"@type":89},"Kyle","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-10-30","2026-09-15",true,{"@type":98,"interactionType":99,"userInteractionCount":15},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114],{"name":105,"@type":106,"acceptedAnswer":107},"Who are the parties involved in this standby letter of credit?","Question",{"text":108,"@type":109},"The issuer is the bank, and the beneficiary is the City of Cedar Park, Texas. The applicant is the account party providing support for the project and is responsible for issuer charges.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"What documents are required to draw funds under the letter of credit?",{"text":113,"@type":109},"Funds are payable upon the beneficiary presenting a sight draft (Exhibit A) signed by the public works director or designee and the original letter of credit, including any subsequent amendments.",{"name":115,"@type":106,"acceptedAnswer":116},"How does the letter of credit handle expiration and extensions?",{"text":117,"@type":109},"The letter is initially effective until the stated date, and it is automatically extended by the issuer for successive one-year periods. The issuer can prevent an extension by notifying the beneficiary at least sixty days before the relevant expiration date.","https://schema.org",{"og:url":78,"og:type":120,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":122,"canonical":78},"index,follow",{"doc_id":124,"site_id":56},277706,1790234494,{"code":4,"msg":5,"data":127},{"doc_id":124,"user_id":128,"nickname":88,"user_avatar":129,"doc_module":9,"category_id":40,"category_name":41,"doc_title":59,"doc_description":61,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":15,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":47,"language":135,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":136,"faqs":137,"seo_title":138,"seo_description":61,"update_tm":139,"read_time":73},3985741905716,"https://ap-avatar.wpscdn.com/davatar_994ba38a5ba835b3df7d355c54d3ed8d","[DOCUMENT NUMBER – assigned by bank]  \n[BANK LEGAL ENTITY NAME]  \n[BANK MAILING ADDRESS]  \n[BANK’S LICENSING  \n/REGISTRATION NUMBER]  \nIRREVOCABLE STANDBY LETTER OF CREDIT  \n[DATE]  \nBENEFICIARY:  \nCITY OF CEDAR PARK, TEXAS  \n450 CYPRESS CREEK ROAD, BLDG. 1 CEDAR PARK, TX 78613  \nFOR THE ACCOUNT OF:  \n[PROPERTY OWNER/APPLICANT LEGAL ENTITY NAME][MAILING ADDRESS]  \nPROJECT NAME: SD-17-00043, 430 N. Bell Blvd.  \nLEGAL DESCRIPTION: [LEGAL DESCRIPTION OF SUBJECT PROPERTY]  \n[BANK LEGAL ENTITY NAME](\"ISSUER\") HEREBY ISSUES THIS IRREVOCABLE, UNCONDITIONAL STANDBY LETTER OF CREDIT NUMBER   (“LETTER OF CREDIT”) IN FAVOR OF CITY OF CEDAR PARK, TEXAS (“BENEFICIARY”) FOR THE ACCOUNT OF [APPLICANT LEGAL ENTITY NAME] (“APPLICANT”), IN THE AMOUNT OF [110% OF SUBDIVISION IMPROVEMENT COST ESTIMATE IN WORDS] U. S. DOLLARS ($[110% OF SUBDIVISION IMPROVEMENT COST ESTIMATE IN NUMERALS]) BY SIGHT DRAFT DRAWN ON [BANK LEGAL ENTITY NAME] .  \nFUNDS HEREUNDER ARE PAYABLE UPON BENEFICIARY’S PRESENTATION OF SIGHT DRAFT (EXHIBIT A) SIGNED BY THE PUBLIC WORKS DIRECTOR OR HIS DESIGNEE AND THE ORIGINAL OF THIS LETTER OF CREDIT, INCLUDING ANY SUBSEQUENT AMENDMENTS.  \nAPPLICANT SHALL HAVE NO OWNERSHIP RIGHTS IN THIS LETTER OF CREDIT, AND AT ALL TIMES THIS LETTER OF CREDIT SHALL BE FREE FROM ALL PLEDGES, SECURITY INTERESTS, LIENS, AND ENCUMBRANCES.  \nPAYMENT HEREUNDER SHALL BE MADE BY WIRE TRANSFER OF FEDERAL RESERVE BANK FUNDS TO BENEFICIARY'S ACCOUNT IN A BANK ON THE FEDERAL RESERVE WIRE SYSTEM SPECIFIED IN BENEFICIARY'S DEMAND FOR PAYMENT OR BY DEPOSIT WITHIN ONE (1) BUSINESS DAY OF THE DATE OF PRESENTATION.  \nTHIS LETTER OF CREDIT SHALL INITIALLY BE EFFECTIVE UNTIL   PROVIDED, HOWEVER, THAT THIS LETTER OF CREDIT SHALL BE DEEMED AUTOMATICALLY EXTENDED BY ISSUER WITHOUT AMENDMENT FOR SUCCESSIVE ONE (1) YEAR PERIODS THEREAFTER, BEGINNING WITH THE INITIAL EXPIRY DATE HEREOF, UNLESS AT LEAST SIXTY (60) DAYS PRIOR TO THE RELEVANT EXPIRATION DATE ISSUER NOTIFIES BENEFICIARY BY OVERNIGHT MAIL OR BY COURIER THAT ISSUER HAS ELECTED NOT TO EXTEND THE TERM OF THIS LETTER OF CREDIT FOR AN ADDITIONAL ONE YEAR PERIOD. UPON RECEIPT BY BENEFICIARY OF SUCH NOTICE OF NO ADDITIONAL EXTENSIONS, BENEFICIARY MAY DRAW UPON THIS LETTER OF CREDIT FOR ALL AMOUNTS THEN AVAILABLE HEREUNDER AS PER EXHIBIT B. THE ADDRESS FOR SUCH NOTICE SHOULD BE 450 CYPRESS CREEK RD., BLDG 1, CEDAR PARK, TX 78613 TO THE ATTENTION OF THE CITY ATTORNEY, CITY MANAGER AND PUBLIC WORKS DIRECTOR.  \nPARTIAL DRAWINGS AND MULTIPLE DRAWINGS ARE PERMITTED.  \nTHE BENEFICIARY IS NOT REQUIRED TO STATE ANY REASON ON ANY DOCUMENT FOR DRAWING ON THIS STANDBY LETTER OF CREDIT.  \nTHIS LETTER OF CREDIT IS ISSUED BY [BANK LEGAL ENTITY NAME] IN THE STATE OF TEXAS AND ALL DEMANDS, NOTICES, AND DOCUMENTS MAY BE SUBMITTED TO ISSUER IN WRITING TO THE FOLLOWING ADDRESS:  \n[BANK MAILING ADDRESS]  \nATTENTION: [BANK REPRESENTATIVE NAME & TITLE] STANDBY LETTER OF CREDIT DEPT.  \nDRAWINGS MAY ALSO BE PRESENTED BY E-MAIL TO E-MAIL  \nADDRESS [EMAIL ADDRESS], UNDER TELEPHONE PRE-ADVICE TO [PHONE NUMBER], PROVIDED THAT SUCH E-MAIL PRESENTATION IS RECEIVED ON OR BEFORE THE EXPIRY DATE OF THIS LETTER OF CREDIT, IT BEING UNDERSTOOD THAT ANY SUCH E-MAIL PRESENTATION SHALL BE CONSIDERED THE SOLE OPERATIVE INSTRUMENT OF DRAWING. IN THE EVENT OF PRESENTATION BY E-MAIL, THE ORIGINAL DOCUMENTS SHOULD NOT ALSO BE PRESENTED.  \nALL ISSUER CHARGES ARE FOR THE ACCOUNT OF APPLICANT.  \nISSUER HEREBY ENGAGES WITH BENEFICIARY THAT DOCUMENTS DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS OF THIS LETTER OF CREDIT WILL BE DULY HONORED UPON PRESENTATION AS SPECIFIED IF PRESENTED ON OR BEFORE THE APPLICABLE EXPIRY DATE.  \nBY MY SIGNATURE BELOW, I HEREBY AFFIRM THAT I AM AN AUTHORIZED REPRESENTATIVE TO BIND ISSUER.  \n[BANK LEGAL ENTITY NAME]  \nBY:    \nAUTHORIZED SIGNATURE  \nNAME:    \nTITLE:  \n_______________________________  \nPHONE:    \nEMAIL:    \nAPPROVED AS EXHIBIT “A” TO LETTER OF  \nCREDIT NO.:    \nISSUED BY:    \n  , 20   \nAT SIGHT  \nPAY TO THE CITY OF CEDAR PA","cbCaihbbNIgZV5ny","https://ap.wps.com/l/cbCaihbbNIgZV5ny","pdf",148696,"English","# Irrevocable Standby Letter of Credit\n## Parties and Project Information\n## Amount, Drawing Documents, and Payment Process\n## Automatic Extension, Notices, and Permitted Drawings\n## Exhibits, Charges, and Signatures","[{\"question\":\"Who are the parties involved in this standby letter of credit?\",\"answer\":\"The issuer is the bank, and the beneficiary is the City of Cedar Park, Texas. The applicant is the account party providing support for the project and is responsible for issuer charges.\"},{\"question\":\"What documents are required to draw funds under the letter of credit?\",\"answer\":\"Funds are payable upon the beneficiary presenting a sight draft (Exhibit A) signed by the public works director or designee and the original letter of credit, including any subsequent amendments.\"},{\"question\":\"How does the letter of credit handle expiration and extensions?\",\"answer\":\"The letter is initially effective until the stated date, and it is automatically extended by the issuer for successive one-year periods. The issuer can prevent an extension by notifying the beneficiary at least sixty days before the relevant expiration date.\"}]","Irrevocable Standby Letter of Credit - Issuance Terms and Draw Requirements | PDF",1789503209]