#Accountee letter credit code#

The letter of credit shall be irrevocable and issued for a period of at least one year in an amount at least equal to the current cost estimate for implementation of the closure plan. This credit is subject to (insert 'the most recent edition of the Uniform Customs and Practice for Documentary Credits, published by the International Chamber of Commerce,' or 'the Uniform Commercial Code').Ĭ. (Signature(s) and title(s) of official(s) of issuing institution) We certify that the wording of this letter of credit is identical to the wording required in 9VAC25-650-110 B as such regulations were constituted on the date shown immediately below.

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 submit the amount of the draft directly to DEQ in accordance with your instructions. In the event that the owner or operator is so notified, any unused portion of the credit shall be available upon presentation of your sight draft for 120 days after the date of receipt by the Director of the DEQ and the owner or operator, as shown on the signed return receipt. This letter of credit is effective as of (date) and shall expire on (date), but such expiration date shall be automatically extended for a period of (at least the length of the original term) on (expiration date) and on each successive expiration date, unless, at least 120 days before the current expiration date, we notify the Director of the DEQ and the owner or operator by certified mail that we have decided not to extend this letter of credit beyond the current expiration date. (Name of facility and address of the facility assured by this mechanism, and number of hookups served by the system.) This letter of credit may be drawn on to implement the closure plan for the facility identified below in the amount of (in words) ($(insert dollar amount)).

#Accountee letter credit code#

'I certify that the amount of the draft is payable pursuant to regulations issued under authority of § 62.1-44.18:3 of the Code of Virginia.' (2) your signed statement reading as follows: (1) your sight draft, bearing reference to this letter of credit, No._ and dollars, ($(insert dollar amount)), available upon presentation of (Name and address of issuing institution)ĭepartment of Environmental Quality (DEQ)ĭear 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 or operator name) of (address) up to the aggregate amount of (in words) U.S. The letter of credit shall be on financial institution letterhead and worded as follows, except that instructions in parentheses are to be replaced with the relevant information and the parentheses deleted. The issuing institution shall be an entity that has the authority to issue letters of credit in the Commonwealth of Virginia and whose letter-of-credit operations are regulated and examined by a federal agency or the State Corporation Commission.ī. An owner or operator may satisfy the requirements of this chapter by obtaining an irrevocable standby letter of credit that conforms to the requirements of this section and by submitting an originally signed duplicate of the letter of credit to the board.