The IPA has reviewed this proposed modification and found it not to be acceptable.
Your bank may want to consider acceptable modification 1.4, provided below for your convenience.
We, ______________(the “Issuing Bank”), hereby establish this Irrevocable Standby Letter of Credit (this “Letter of Credit”) in your favor in the amount of USD $________________, effective immediately and available to you at sight upon demand at our counters at ________________[designate Issuing Bank’s location for presentments]. This Letter of Credit shall expire 364 days from date of issuance, unless terminated earlier in accordance with the provisions of Paragraph 9 hereof, or otherwise extended. It is a condition of this Letter of Credit that it shall be deemed automatically extended, without amendment, for up to two additional period(s) of 364 days from the expiration date hereof, or any future expiration date, unless at least ninety (90) days before its current expiration date, we send notice to you in writing by registered mail or overnight courier at the address above, and we send notice to the Applicant, that we do not intend to extend this Letter of Credit.