329 IAC 3.1-14-29 Wording of instrument; letter-of-credit

Sec. 29. A letter-of-credit, as specified in section 7 or 17 of this rule, 329 IAC 3.1-15-4(e), or 329 IAC 3.1-15-6(e) (see 329 IAC 3.1-15-10(d)), must be worded as follows except that instructions in brackets are to be replaced with relevant information and the brackets deleted: Irrevocable Standby Letter-of-Credit Commissioner Indiana Department of Environmental Management Dear Sir or Madam: We hereby establish our irrevocable standby letter-of-credit no. _______ in your favor, at the request and for the account of [owner's or operator's name and address] up to the aggregate amount of [in words] U.S. dollars $_______, available upon presentation of: (1) your sight draft, bearing reference to this letter-of-credit no. ______; and (2) your signed statement reading as follows: "I certify that the amount of the draft is payable pursuant to regulations issued under authority of the environmental management laws as defined at IC 13-11-2-71 as amended.". This letter-of-credit is effective as of [date] and shall expire on [date at least one (1) year later], but such expiration date shall be automatically extended for a period of [at least one (1) year] on [date] and on each successive expiration date, unless, at least one hundred twenty (120) days before the current expiration date, we notify both you and [owner's or operator's name] by certified mail that we have decided not to extend this letter-of-credit beyond the current expiration date. In the event you are so notified, any unused portion of the credit shall be available upon presentation of your sight draft for one hundred twenty (120) days after the date of receipt by both you and [owner's or operator's name], as shown on the signed return receipts. Whenever this letter-of-credit is drawn on under and in compliance with the terms of this credit, we shall duly honor such draft upon presentation to us, and we shall deposit the amount of the draft directly into the standby trust fund of [owner's or operator's name] in accordance with your instructions. We certify that the wording of this letter-of-credit is identical to the wording specified in 329 IAC 3.1-14-29 as such rule was constituted on the date shown immediately below. [Signature(s) and title(s) of official(s) of issuing institution] [Date] This credit is subject to [insert "Article 5 of the Uniform Commercial Code as adopted in IC 26-1-5.1-101 through IC 26-1- 5.1-117" or "the current edition of the Uniform Customs and Practice for Documentary Credits, published and copyrighted by the International Chamber of Commerce"].