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FORM OF LETTER OF CREDIT FROM COMMERCE BANK

Letter of Credit

FORM OF LETTER OF CREDIT FROM COMMERCE BANK | Document Parties: DEKANIA CORP. You are currently viewing:
This Letter of Credit involves

DEKANIA CORP.

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Title: FORM OF LETTER OF CREDIT FROM COMMERCE BANK
Date: 10/10/2006

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Exhibit 10.7

October      , 2006

IRREVOCABLE LETTER OF CREDIT NO. DRAFT

FINAL EXPIRATION DATE: October      , 2009

American Stock Transfer & Trust Company

59 Maiden Lane

Plaza Level

New York, New York 10038

Re: Cohen Bros. Acquisitions, LLC

Gentlemen:

At the request of Cohen Bros. Acquisitions, LLC, hereinafter referred to as “Applicant”, we hereby establish our Irrevocable Standby Letter of Credit No. DRAFT in favor of American Stock Transfer & Trust Company, hereinafter referred to as “Trustee”, acting as trustee under the Investment Management Trust Agreement between Dekania Corp., referred to herein as “Dekania”, and Trustee, in an amount up to Three Million and 00/100 ($3,000,000) U.S. Dollars (subject to adjustment to up to Three Million Two Hundred Ninety-One Thousand and 00/100 ($3,291,000.00) U.S. Dollars if the underwriters’ over-allotment option, as described in Dekania’s Registration Statement on Form S-1, as amended, File No. 333-134776 (the “Registration Statement”), is exercised in full.

Funds are available by your draft(s) drawn on us at sight, duly endorsed on the reverse side thereof and accompanied by the following documents:

 

1.

The original of this Letter of Credit and any amendments thereto.

 

2.

A statement signed by a purported authorized official/representative of the Trustee which reads:

“Pursuant to Commerce Bank, N.A. Irrevovable Standby Letter of Credit (“LOC”) among Commerce Bank (“Commerce”), Cohen Bros. Acquisitions, LLC, as Applicant (“CB Acquisition”) and American Stock Transfer & Trust Company (the “Trustee”), as Trustee of Dekania Corp.’s (the “Company”) trust account (the “Trust Account”), this letter constitutes a request to draw upon such Letter of Credit since: (i) the Company did not complete a business combination within the time periods set forth in the Company’s Registration Statement on Form S-1, as amended, File No. 333-134776 (the “Registration Statement”) and the Trustee, o


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