Form FPLC-1 "Irrevocable Letter of Credit" - Colorado

What Is Form FPLC-1?

This is a legal form that was released by the Colorado Department of Agriculture - a government authority operating within Colorado. As of today, no separate filing guidelines for the form are provided by the issuing department.

Form Details:

  • Released on December 1, 2011;
  • The latest edition provided by the Colorado Department of Agriculture;
  • Easy to use and ready to print;
  • Quick to customize;
  • Compatible with most PDF-viewing applications;
  • Fill out the form in our online filing application.

Download a printable version of Form FPLC-1 by clicking the link below or browse more documents and templates provided by the Colorado Department of Agriculture.

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Download Form FPLC-1 "Irrevocable Letter of Credit" - Colorado

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STATE OF COLORADO
DEPARTMENT OF AGRICULTURE
IRREVOCABLE LETTER OF CREDIT
COLORADO DEPARTMENT OF AGRICULTURE – FARM PRODUCTS SECTION
MAIL
TO
st
2331 W. 31
AVENUE
DENVER, CO 80211
(303) 477-0054
NAME OF FINANCIAL INSTITUTION
F.D.I.C. NUMBER IF APPLICABLE
TELEPHONE NUMBER
FACSMILE NUMBER
HOW CHARTERED
ADDRESS
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned, hereinafter referred to as “Issuer”, by order of our client,
CLIENT (Hereinafter, referred to as the “Principal”)
TELEPHONE NUMBER
ADDRESS
(“Letter of Credit”) to the
The Issuer hereby establishes Irrevocable Letter of Credit No.
Colorado Commissioner of Agriculture (“Commissioner”), in favor of the people of the State of Colorado as described in
§§ 35-36-119 and 35-37-106 C.R.S. (hereinafter, referred to as the “Beneficiary”), at the request of Principal and in lieu of a surety
bond for a maximum aggregate amount of
dollars ($
), lawful
money of the United States. Multiple draws are permitted as long as they do not exceed, in the aggregate, the maximum amount of
this Letter of Credit. For each draw, the date of the draw, the dollar amount of the draw, the dollar amount of the remaining balance,
the signature of the authorizing Department of Agriculture employee, and the signature of Issuer’s representative are to be recorded in
the Draw Record on the back side of this Letter of Credit and a copy of the relevant Sight Draft Certificate is to be permanently
affixed to this Letter of Credit.
The funds under this Letter of Credit are immediately available by sight payment upon presentation by the Commissioner, or any
designated Employee of the Division of Inspection and Consumer Services, of a Sight Draft Certificate in the form of Exhibit A with
all blanks appropriately completed. Presentation may be made at the main office or at any branch office operating under the same
charter as Issuer, and at the sole discretion of Beneficiary may be made through teletransmission.
This Letter of Credit is effective on
20
and shall expire for presentation one year later on
20
, but such expiration date shall be automatically extended two (2) times for a period of one year
each on [date of expiration]
20
and on each successive expiration date, unless at least 90 days before
the current expiration the Issuer or Principal gives written notice to the Beneficiary. The term of this Letter of Credit shall not exceed
three (3) years in the aggregate.
The credit established by this Letter of Credit and the Issuer’s obligation to pay shall not be affected by the receivership, bankruptcy,
or insolvency of Principal or the attachment of property of the Principal, nor shall this credit or Issuer’s obligation to pay be affected
by any security agreement or other agreement between Principal and Issuer.
The Issuer represents, warrants, and covenants each and every one of the following conditions:
A. That the Issuer is: a state or national bank or a state or federal savings and loan association, doing business in Colorado; or a
bank for cooperatives organized or chartered under the Farm Credit Act, Chapter 7 of Title 12, U.S.C., serving the region in
which the State of Colorado is located;
B. That the Letter of Credit issued hereunder is negotiable at a financial institution located in Colorado or if the Issuer is a Bank
for Cooperatives, then at its counters;
C. The Issuer currently meets all applicable minimum capital requirements imposed under state and/or federal law;
D. That this Letter of Credit is subject to the: (i) Uniform Commercial Code - Letters of Credit (Colorado Revised Statutes, Title
4, Article 5) (hereinafter “UCC”) and (ii) Uniform Customs and Practice for Documentary Credits (2007 Revision),
International Chamber of Commerce Publication No. 600 (hereinafter “UCP”). In the event of a conflict between the UCC
and the UCP, the terms of the UCP shall prevail unless there is a conflict with the non-variable provisions specified in
§ 4-5-103(c), C.R.S. in which case the UCC shall prevail.
E. Only the courts of the State of Colorado shall have jurisdiction over this Letter of Credit and any cases or controversies
arising out of this Letter of Credit; and
F. That the person signing this Letter of Credit is duly authorized to execute this document.
SIGNED THIS
DAY OF
, 20
ISSUER
NAME OF FINANCIAL INSTITUTION
BY
AUTHORIZED SIGNATURE
TYPE NAME AND TITLE
F
P
L
C
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1
1
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F
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1
)
STATE OF COLORADO
DEPARTMENT OF AGRICULTURE
IRREVOCABLE LETTER OF CREDIT
COLORADO DEPARTMENT OF AGRICULTURE – FARM PRODUCTS SECTION
MAIL
TO
st
2331 W. 31
AVENUE
DENVER, CO 80211
(303) 477-0054
NAME OF FINANCIAL INSTITUTION
F.D.I.C. NUMBER IF APPLICABLE
TELEPHONE NUMBER
FACSMILE NUMBER
HOW CHARTERED
ADDRESS
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned, hereinafter referred to as “Issuer”, by order of our client,
CLIENT (Hereinafter, referred to as the “Principal”)
TELEPHONE NUMBER
ADDRESS
(“Letter of Credit”) to the
The Issuer hereby establishes Irrevocable Letter of Credit No.
Colorado Commissioner of Agriculture (“Commissioner”), in favor of the people of the State of Colorado as described in
§§ 35-36-119 and 35-37-106 C.R.S. (hereinafter, referred to as the “Beneficiary”), at the request of Principal and in lieu of a surety
bond for a maximum aggregate amount of
dollars ($
), lawful
money of the United States. Multiple draws are permitted as long as they do not exceed, in the aggregate, the maximum amount of
this Letter of Credit. For each draw, the date of the draw, the dollar amount of the draw, the dollar amount of the remaining balance,
the signature of the authorizing Department of Agriculture employee, and the signature of Issuer’s representative are to be recorded in
the Draw Record on the back side of this Letter of Credit and a copy of the relevant Sight Draft Certificate is to be permanently
affixed to this Letter of Credit.
The funds under this Letter of Credit are immediately available by sight payment upon presentation by the Commissioner, or any
designated Employee of the Division of Inspection and Consumer Services, of a Sight Draft Certificate in the form of Exhibit A with
all blanks appropriately completed. Presentation may be made at the main office or at any branch office operating under the same
charter as Issuer, and at the sole discretion of Beneficiary may be made through teletransmission.
This Letter of Credit is effective on
20
and shall expire for presentation one year later on
20
, but such expiration date shall be automatically extended two (2) times for a period of one year
each on [date of expiration]
20
and on each successive expiration date, unless at least 90 days before
the current expiration the Issuer or Principal gives written notice to the Beneficiary. The term of this Letter of Credit shall not exceed
three (3) years in the aggregate.
The credit established by this Letter of Credit and the Issuer’s obligation to pay shall not be affected by the receivership, bankruptcy,
or insolvency of Principal or the attachment of property of the Principal, nor shall this credit or Issuer’s obligation to pay be affected
by any security agreement or other agreement between Principal and Issuer.
The Issuer represents, warrants, and covenants each and every one of the following conditions:
A. That the Issuer is: a state or national bank or a state or federal savings and loan association, doing business in Colorado; or a
bank for cooperatives organized or chartered under the Farm Credit Act, Chapter 7 of Title 12, U.S.C., serving the region in
which the State of Colorado is located;
B. That the Letter of Credit issued hereunder is negotiable at a financial institution located in Colorado or if the Issuer is a Bank
for Cooperatives, then at its counters;
C. The Issuer currently meets all applicable minimum capital requirements imposed under state and/or federal law;
D. That this Letter of Credit is subject to the: (i) Uniform Commercial Code - Letters of Credit (Colorado Revised Statutes, Title
4, Article 5) (hereinafter “UCC”) and (ii) Uniform Customs and Practice for Documentary Credits (2007 Revision),
International Chamber of Commerce Publication No. 600 (hereinafter “UCP”). In the event of a conflict between the UCC
and the UCP, the terms of the UCP shall prevail unless there is a conflict with the non-variable provisions specified in
§ 4-5-103(c), C.R.S. in which case the UCC shall prevail.
E. Only the courts of the State of Colorado shall have jurisdiction over this Letter of Credit and any cases or controversies
arising out of this Letter of Credit; and
F. That the person signing this Letter of Credit is duly authorized to execute this document.
SIGNED THIS
DAY OF
, 20
ISSUER
NAME OF FINANCIAL INSTITUTION
BY
AUTHORIZED SIGNATURE
TYPE NAME AND TITLE
F
P
L
C
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1
(
1
2
/
1
1
)
F
P
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1
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1
2
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1
1
)
C
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I hereby certify that I am the duly elected and qualified secretary of
NAME OF FINANCIAL INSTITUTION
and the keeper of the records and corporate seal of said corporation; and that
(SIGNER OF LETTER OF CREDIT)
has the authority of the Board of Directors of said corporation to negotiate and sign this document on behalf of this corporation.
IN WITNESS WHEREOF, I have hereunto affixed my name as secretary and have caused the corporate seal of said corporation to be
hereto affixed this
day of
, 20
.
(IMPRINT SEAL BELOW)
SIGNATURE – SECRETARY OF FINANCIAL INSTITUTION
TYPED NAME OF SECRETARY OF FINANCIAL INSTITUTION
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Name of Financial Institution: __________________________________________________________________________________
Address: ___________________________________________________________________________________________________
___________________________________________________________________________________________________
Dear Sir or Madam,
The undersigned individual, a duly authorized representative of the Commissioner of the State of Colorado, Department of
Agriculture, on behalf of Beneficiary hereby makes a sight draw in the amount of $_________________________________________
on Irrevocable Letter of Credit No.______________________________________ dated ____________________________ 20______
I certify that the amount of the draft is payable pursuant to the Farm Products Act and/or the Commodity Handler Act, Title 35,
Articles 36 and 37, C.R.S. as amended, and the related implementing regulations.
You are hereby directed to make immediate payment in the form specified below:
Check A or B below:
__ A. Cashier’s Check payable to the Colorado Department of Agriculture; or
__ B. Wire Transfer of Immediately Available Funds to the State of Colorado bank account identified below:
Name of Receiving Bank: ___________________________
ABA Routing Number of Receiving Bank: ___________________________
Account Number at Receiving Bank: ________________________________
Attention: _____________________________________________
Re: __________________________________________________
IN WITNESS WHEREOF, this Sight Draft Certificate has been executed this _____ day of __________________________, 20____.
BY
AUTHORIZED SIGNATURE
TYPED NAME AND TITLE
D
R
A
W
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C
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D
D
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A
W
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C
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Date of Draw
Dollar Amount of Draw
Dollar Amount of Remaining
Signature of
Signature of
Issuer’s
Balance
Authorizing
Dept. of Agriculture
Representative
Employee
F
P
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1
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F
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