Del. Admin. Code tit. 7, 1000, 1300, 1301, app C to Section 4.1.11
IRREVOCABLE STANDBY LETTER OF CREDIT
NUMBER _________
ISSUE DATE:_________
BENEFICIARY: The Secretary of the Department of Natural Resources and Environmental Control, State of Delaware, 89 Kings Highway, Dover DE 19901 (All correspondence regarding this letter of credit must be submitted through the Department's Solid & Hazardous Waste Management Section for administration).
APPLICANT:
Issuance Date:______________ Expiration Date:______________
Dear Sir or Madam:
We hereby establish our irrevocable standby letter of credit number _______ 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 Title 7 of the Delaware Code, Chapter 60.
This letter of credit is effective as of [date] and shall expire on [date at least 1 year later], but such expiration date shall be automatically extended for a period of one year on [date] and on each successive expiration date, unless at least 120 days before the current expiration date, we notify (1)you, (2) the Solid & Hazardous Waste Management Section, and (3) [owner's or operator's name] by nationally recognized overnight courier service or upon receipt if delivered personally, 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 120 days or until the letter of credit has expired, whichever is later.
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.
This standby letter of credit is subject to the International Standby Practices (ISP98), International Chamber of Commerce Publication No. 590 and subsequent revisions thereof.
Very truly yours,
[signature]
[typed name and title]
[institution]
[telephone number]
Del. Admin. Code tit. 7, 1000, 1300, 1301, app C to Section 4.1.11
19 DE Reg. 418 (11/1/2015) (Final)