Irrevocable Standby Letter Of Credit No. Form. This is a California form and can be use in Board Of Pharmacy Statewide.
Tags: Irrevocable Standby Letter Of Credit No., California Statewide, Board Of Pharmacy
California State Board of Pharmacy Fax (916) 574-8618 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 Attention: Executive Officer DEPARTMENT OF CONSUMER AFFAIRS DATED: 1.At the request and on the instructions of (Applicant/Licensee), we (Financial Institution) hereby establishin favor of the Beneficiary, the California State Board of Pharmacy (Board), this IrrevocableStandby 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 ofBusiness and Professions Code sections 4162 and/or 4162.5, pertaining to the initial or renewalapplication filed by the Applicant/Licensee.3.This credit is intended by the parties to serve as a security device for the performance byApplicant/Licensee of its obligations under Chapter 9, Division 2, commencing with section 4000of the Business and Professions Code.4.Upon the occurrence of any default by Applicant/Licensee as determined by the Board in its solediscretion under this agreement, the Board shall be entitled to draw upon this credit bypresentation of a duly executed CERTIFICATE FOR DRAWING in substantially the same form asAttachment A, attached hereto, at our office located at (Address of financial institution).5.The CERTIFICATE shall be completed and signed by an 223Authorized Representative224 as defined inparagraph 12. Presentation by the Board of a completed CERTIFICATE may be made in personor by registered mail, return receipt requested.6.Upon presentation of a duly executed CERTIFICATE as above provided, payment shall be madeto the Board, or to an account designated by the Board, in immediately available funds, at suchtime and place as the Board shall specify. 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 223Authorized Representative224 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