Dear Mr. Arnold,
I am writing this letter because State bank of India hereby open our unconditional, irrevocable standby credit on behalf of James in favor of rural utilities service and for the sum or sums not to exceed the aggregate amount of $250,000 to be made available by either of your requests for payment at sight.
The bank has been informed that this letter of credit is issued to secure obligations as set forth in that certain loan agreement, entered in between the borrower and rural utilities service.The bank also acknowledges that the pursuant to said loan agreement. This letter of credit may not be secured, guaranteed, or serviced by any asset of the borrower.
This letter of credit is issued subject to the uniform customs and practices for documentary credits, 1993 revision, and international chamber of commerce publication no: 500.
Yours Truly,
John
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