68 IAC 1-1-54 "Irrevocable letter of credit" defined

Sec. 54. "Irrevocable letter of credit" means an engagement by a banking institution made at the request of a casino licensee that the banking institution will honor demands for payment upon compliance with the conditions specified in the letter of credit. The letter of credit cannot be withdrawn or canceled before the expiration date. The letter of credit must be issued, held, and negotiated under the "Uniform Custom and Practice for Documentary Credits", 2007 Revision, International Chamber of Commerce Publication No. 600, which is incorporated by reference. Copies are available from the International Chamber of Commerce, 38 cours Albert 1er, 75008 Paris, France or http://www.iccwbo.org/.