DIY Legal Forms

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Traveler's Letter Of Credit


Reference No. [number]

1. Parties. [Name] of [address] (Bank) agrees to issue a Traveler's Letter of Credit to [name] of [address] (Customer).

2. Amount. The aggregate amount of this Letter of Credit shall be ---------- dollars ($----------).

3. Expiration. The Letter of Credit will expire on [date].

4. Reimbursement. Customer will reimburse Bank for any amount disbursed by Bank due to any draft drawn against the Letter of Credit with ---------- percent (----------%) interest per year on any charges made against the Credit.

5. Notices. Customer shall notify Bank of any loss of the Letter of Credit, at which time Bank may take whatever steps necessary to prevent fraud and charge Customer for such expenses as are incurred in this undertaking.

6. Default. Should Customer default on any undertakings under the Letter of Credit, the full amount of the unused balance of the Credit shall become immediately due and payable to Bank.

7. Surrender. Customer will surrender the Letter of Credit to Bank at the time that the draft that exhausts the Credit is written.

Executed this [date] at [address].