Kangwon Bank of Seoul Korea, issued the following irrevocable letter of credit #80716207 dated August 31, 2021 and expiring September 30, 2021.

On behalf of Hyundai Corp., the sum of $1,000,000.00 USD.

Payable to Tower Engineering, Mt. Clemens, MI

Steering Wheels, pulleys, parts, and assembly

Payable by Comerica Bank, Detroit, MI upon receipt of the following:

• • • 3 each Ocean Bills of Lading marked FOB Hyundai Corp., Seoul South Korea
    • 3 each Detailed packing list
    • 3 each Detailed invoice

These items are to be received by Comerica Bank within 15 days of shipment.

Who are the parties to this letter of credit? If the Ocean bills of lading were sent by Tower by US mail on the 15th day after shipment, would Comerica be required to release the funds? Would Hyundai be liable for parts that were received and used, but not paid for by Comerica in accordance with the letter of credit?