Standby Letter of Credit No. S00056898 – The Bank of New York Mellon, Kato International LLC, and Broadpoint Securities Group, Inc.
Summary
The Bank of New York Mellon has issued an irrevocable standby letter of credit for up to $1,324,000 in favor of Kato International LLC, on behalf of Broadpoint Securities Group, Inc. This letter of credit supports obligations under an office lease between Kato International and Broadpoint. Kato may draw funds by presenting a draft and a statement confirming the amount is due under the lease. The letter of credit automatically renews annually unless the bank gives 30 days' notice of non-renewal. It is transferable and allows partial draws, with payment due promptly upon proper presentation.
EX-10.2 3 ex102.htm LETTER OF CREDIT - BANK OF NY MELLON ex102.htm
EXHIBIT 10.2
THE BANK OF NEW YORK MELLON
OUR REF. NO. DATE
S00056898 OCTOBER 31 2008
BENEFICIARY APPLICANT
KATO INTERNATIONAL LLC BROADPOINT SECURITIES GROUP, INC
TOWER 49, 12 EAST 49TH STREET 1 PENN PLAZA
NEW YORK, NEW YORK 10017 NEW YORK, NY 10119-4000
ATTN BUILDING MANAGER
GENTLEMEN/LADIES:
OUR REFERENCE NO. S00056898
ACCOUNT OF:
BROADPOINT SECURITIES GROUP, INC
1 PENN PLAZA
NEW YORK, NY 10119-4000
AVAILABLE WITH: THE BANK OF NEW YORK MELLON
BY PAYMENT
DRAFTS AT SIGHT
DRAWN ON THE BANK OF NEW YORK
MELLON
TO THE EXTENT OF: ***USD1, 324,000.00 ***
EXPIRY DATE: OCTOBER 31 2009
PLACE OF EXPIRY: OUR COUNTERS
ADDITIONAL DETAILS:
WE HEREBY ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. S00056898 IN FAVOR OF KATO INTERNATIONAL LLC FOR THE ACCOUNT OF BROADPOINT SECURITIES GROUP, INC. FOR A SUM NOT EXCEEDING $1,324,000.00, AVAILABLE BY YOUR DRAFTS AT SIGHT ON US EFFECTIVE IMMEDIATELY AND EXPIRING AT OUR COUNTERS AT OUR CLOSE OF BUSINESS ON OCTOBER 31, 2009.
DRAFTS DRAWN HEREUNDER MUST BE ACCOMPANIED BY A STATEMENT SIGNED BY ONE OF YOUR OFFICERS READING AS FOLLOWS: "THE AMOUNT OF THE ACCOMPANYING DRAFT IS DUE AND PAYABLE TO KATO INTERNATIONAL LLC BY THE BANK OF NEW YORK MELLON UNDER A CERTAIN OFFICE LEASE DATED AS OF OCTOBER 31, 2008, BETWEEN KATO INTERNATIONAL LLC AND BROADPOINT SECURITIES GROUP, INC.
DRAFTS DRAWN HEREUNDER MUST INDICATE: "DRAWN UNDER LETTER OF CREDIT NO. S00056898 OF THE BANK OF NEW YORK MELLON."
IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE AUTOMATICALLY EXTENDED WITHOUT AMENDMENT FOR FURTHER PERIODS OF ONE YEAR FROM THE PRESENT AND EACH FUTURE EXPIRATION DATE,
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THE BANK OF NEW YORK MELLON
OUR LETTER OF CREDIT S00056898
BROADPOINT SECURITIES GROUP, INC
UNLESS, AT LEAST THIRTY (30) DAYS PRIOR TO SUCH DATE, WE SHALL SEND YOU NOTICE IN WRITING BY OVERNIGHT COURIER, TO THE ATTENTION OF YOUR BUILDING MANAGER AT THE ABOVE ADDRESS THAT WE ELECT NOT TO RENEW THIS LETTER OF CREDIT FOR SUCH ADDITIONAL PERIOD. ANY SUCH NOTICE WILL BE EFFECTIVE THREE (3) DAYS AFTER BEING SENT BY US, AND THEREAFTER YOU MAY DRAW DRAFTS(S) ON US AT SIGHT FOR AMOUNTS UP TO THE REMAINING BALANCE OF THIS LETTER OF CREDIT ON OR BEFORE THE THEN APPLICABLE EXPIRATION DATE, AND SUCH DRAFT(S) NEED NOT BE ACCOMPANIED BY ANY STATEMENT.
THIS LETTER OF CREDIT IS TRANSFERABLE IN ITS ENTIRETY TO ANY ASSIGNEE OF TRANSFEREE OF YOUR INTEREST IN THE OFFICE LEASE REFFERED TO ABOVE WITHOUT ANY FEE OR CHARGE ON YOUR PART OR ON THE PART OF THE TRANSFEREE. SAID TRANSFER IS TO BE EFFECTED AT OUR COUNTERS AND IS CONTINGENT UPON: A)THE SATISFACTORY COMPLETION OF OUR TRANSFER FORM, ATTACHED HERETO, WITH THE SPECIMEN SIGNATURE OF THE BENEFICIARYS AUTHORIZED SIGNATURE PROPERLY VERIFIED BY AN OFFICER OF THE BENEFICIARYS BANK; AND
B)RETURN OF THE ORIGINAL OF THIS LETTER OF CREDIT FOR ENDORSEMENT THEREON BY US TO THE TRANSFEREE.
IN THE EVENT THIS LETTER OF CREDIT IS TRANSFERRED AS STATED ABOVE, THE SIGHT DRAFT(S) REQUIRED HEREIN ARE TO BE EXECUTED BY THE TRANSFEREE AS BENEFICIARY. UNDER NO CIRCUMSTANCES SHALL THIS LETTER OF CREDIT BE TRANSFERRED TO ANY PERSON OR ENTITY WITH WHICH U.S. PERSONS OR ENTITIES ARE PROHIBITED FROM CONDUCTING BUSINESS UNDER U.S. FOREIGN ASSET CONTROL REGULATIONS AND ANY OTHER U.S. LAWS AND REGULATIONS.
PARTIAL DRAWINGS UNDER THIS LETTER OF CREDIT ARE PERMITTED. THE AMOUNT AND DATE OF PRESENTATION OF ANY DRAFT DRAWN AND PRESENTED
PURSUANT TO THE TERMS OF THIS LETTER OF CREDIT SHALL BE NOTED ON THIS LETTER OF CREDIT BY US. AFTER MAKING SUCH NOTATION, THIS LETTER OF
CREDIT SHALL BE RETURNED IMMEDIATELY TO YOU, UNLESS ANY SUCH DRAFT PRESENTED AND PAID SHALL HAVE EXHAUSTED THIS CREDIT, IN WHICH
CASE THIS LETTER OF CREDIT SHALL BE RETAINED BY US.
WE HEREBY ENGAGE WITH THE DRAWERS, ENDORSERS AND BONA FIDE HOLDERS OF DRAFTS DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS OF
THIS LETTER OF CREDIT THAT SUCH DRAFTS WILL BE DULY HONORED IF PRESENTED FOR PAYMENT AT OUR OFFICE LOCATED AT THE BANK OF NEW YORK
MELLON, 525 WILLIAM PENN PLACE, 3 MELLON CENTER - ROOM 1930 PITTSBURGH, PA ###-###-#### PRIOR TO THE TIME OF THE EXPIRATION
HEREOF. PRESENTMENT MAY BE MADE (A) IN PERSON, (B) BY FEDEX OR OTHER RECOGNIZED OVERNIGHT COURIER SERVICE OR (C) BY FACSIMILE SENT TO US
AT ###-###-#### OR ###-###-#### WITH PHONE CONFIRMATION OF FAX PRESENTATION TO US AT ###-###-#### OR ###-###-#### SUCH DRAFTS WILL BE PAID
IN IMMEDIATELY AVAILABLE FUNDS
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THE BANK OF MELLON
OUR LETTER OF CREDIT S00056898
BROADPOINT SECURITIES GROUP, INC.
BEFORE 2:00 P.M. EASTERN STANDARD TIME ON THE BANKING DAY AFTER THE DAY ON WHICH SUCH DRAFT IS SO PRESENTED. "BANKING DAY" MEANS
A DAY ON WHICH COMMERCIAL BANKS ARE OPEN FOR BUSINESS IN THE UNITED STATES.
THIS LETTER OF CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS (2007 REVISION) OF THE INTERNATIONAL
CHAMBER OF COMMERCE (PUBLICATION NO. 600).
YOURS VERY TRULY,
/S/MICHELLE M. CARLSTAD
AUTHORIZED SIGNATURE
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