Irrevocable Letters of Credit
(Name and Address of Bank) ______________, 20____
U.S. $____________
On all communications please refer to (No. of Letter of Credit)
(Name and address of appellee(s))
Dear ______________:
We hereby establish our Irrevocable Letter of Credit No. ____________in your favor, for the account of (name and address of appellant(s)), and hereby undertake to honor your draft at sight on us, not exceeding in the aggregate U.S. $ (amount in words). A draft drawn under this letter of credit must be marked "Drawn under (Name of Bank) Letter of Credit No. ________________dated ______________, 20____." Funds under this letter of credit will be available to you in a single drawing by presentation of your sight draft drawn on us, accompanied by:
(For Costs Alone)
1. The original of this letter of credit.
2. Your verified statement that (appellant(s) (has)(have) failed to pay all damages, costs and fees assessed against (him)(her)(them)(it) in the Court of Appeals of Virginia (and in the _____________________Supreme Court of Virginia, if it takes cognizance of the claim), in the case of __________________________________
3. A certified copy of an order or itemized statement of costs from the Court of Appeals (or the Supreme Court, if it takes cognizance of the claim) assessing such damages, costs and fees against (appellant(s).
(For Suspension Alone)
1. The original of this letter of credit.
2. Your verified statement that (appellant(s) (has)(have) failed to perform and satisfy the judgment rendered against (him)(her)(them)(it) on ________________________by the Circuit Court of ________________________in the case of ______________________________, and (has)(have) failed to pay all actual damages incurred in consequence of the suspension of judgment.
3. A copy of the trial court judgment order, attested by its clerk.
4. A copy of an order of the Court of Appeals of Virginia (or the Supreme Court of Virginia, if it takes cognizance of the claim), attested by its clerk, affirming the judgment or refusing, dismissing or allowing withdrawal of the appeal of the judgment, or certification by the clerk that the appeal of the judgment was not prosecuted timely.
5. A copy of an order, if any, of the Court of Appeals (or the Supreme Court, if it takes cognizance of the claim) or trial court, attested by the clerk, assessing actual damages in consequence of the suspension of judgment.
(For Costs and Suspension)
1. The original of this letter of credit.
2. Your verified statement that (appellant(s) (has)(have) failed to perform and satisfy the judgment rendered against (him)(her)(them)(it) on ________________________by the Circuit Court of ________________________in the case of ______________________________, and (has)(have) failed to pay all damages, costs and fees assessed against (him)(her)(them)(it) in the Court of Appeals of Virginia (or the Supreme Court of Virginia, if it takes cognizance of the claim), and all actual damages incurred in consequence of the suspension of judgment.
3. A copy of the trial court judgment order, attested by its clerk.
4. A copy of an order of the Court of Appeals (or the Supreme Court, if it takes cognizance of the claim), attested by its clerk, affirming the judgment or refusing, dismissing or allowing withdrawal of the appeal of the judgment, or certification by the clerk of the Court of Appeals that the appeal of the judgment was not prosecuted timely.
5. A copy of an order, if any, of the Court of Appeals (or the Supreme Court, if it takes cognizance of the claim), attested by its clerk, assessing damages, costs and fees against (appellant(s)).
6. A copy of an order, if any, of the Court of Appeals (or the Supreme Court, if it takes cognizance of the claim) or trial court, attested by the clerk, assessing actual damages in consequence of the suspension of judgment.
This letter of credit is valid until ____p.m. local time ________, 20____, and a draft drawn hereunder, if accompanied by documents as specified above, will be honored if presented to (Presentation Address of Bank) on or before that date. However, this letter of credit automatically will be renewed for successive one (1) year periods from the initial expiration date or any renewal period expiration date hereunder, unless at least sixty (60) days prior to any such expiration date (Name of Bank) notifies you that it has elected not to renew this letter of credit for such additional one (1) year period. The notice required hereunder will be deemed to have been given when received by you.
In the event that (Name of Bank) elects not to renew this letter of credit as required above, the full amount of this letter of credit is payable to the Clerk of the Circuit Court of ______________upon presentation of your verified statement that:
1. A final order of the Court of Appeals of Virginia (or the Supreme Court, if it takes cognizance of the claim), has not been entered in the case of ________________________________________(or, where there has been suspension of judgment, a final order has not been entered by the Court of Appeals, Supreme Court, or trial court assessing actual damages in consequence of the suspension).
2. Thirty (30) days have elapsed since notice of non-renewal was given and appellant(s) (has)(have) not filed acceptable substitute security.
In the event of non-renewal, within fifteen (15) days after payment to the clerk under the previous paragraph, the appellant(s) or someone for (him)(her)(them)(it) must file with the clerk of the trial court an appeal bond in substantial conformance with the appropriate form in the Appendix to Part Five A of the Rules of the Supreme Court of Virginia. The bond must be in the penalty of the amount paid to the clerk under this letter of credit, and the funds are in lieu of surety, but in no event will we have any liability or responsibility for failure of the appellant(s) (or someone acting on (appellant's) (appellants') behalf) to file such bond.
Parti al drawings are not permitted under this letter of credit.
Except as otherwise expressly stated above, this letter of credit is subject to the International Standby Practices 1998 (ISP98) (International Chamber of Commerce Publication No. 590) and, to the extent consistent with ISP98 and the express provisions above, the provisions of Title 8.5A of the Code of Virginia governing letters of credit.
Very truly yours,
____________________________________Bank
By _____________________________________
Authorized Signature