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    Letter of Credit

    Uploaded by

    essaki
    This letter of credit provides a bond for surface mining permit P-________ for _______ acres conducted by _______(Applicant)______. It establishes an irrevocable letter of credit for USD $________ available by draft from the State of Alabama Surface Mining Commission. The letter of credit is valid until ____________ and will automatically extend for additional one-year periods unless the bank notifies the Commission at least 90 days before expiration. The bank will honor drafts drawn in conformity with the terms of the credit.

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    Letter of Credit

    Uploaded by

    essaki
    66 views2 pages
    This letter of credit provides a bond for surface mining permit P-________ for _______ acres conducted by _______(Applicant)______. It establishes an irrevocable letter of credit for USD $________ available by draft from the State of Alabama Surface Mining Commission. The letter of credit is valid until ____________ and will automatically extend for additional one-year periods unless the bank notifies the Commission at least 90 days before expiration. The bank will honor drafts drawn in conformity with the terms of the credit.

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    This letter of credit provides a bond for surface mining permit P-________ for _______ acres conducted by _______(Applicant)______. It establishes an irrevocable letter of credit for USD $________ available by draft from the State of Alabama Surface Mining Commission. The letter of credit is valid until ____________ and will automatically extend for additional one-year periods unless the bank notifies the Commission at least 90 days before expiration. The bank will honor drafts drawn in conformity with the terms of the credit.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    66 views2 pages

    Letter of Credit

    Uploaded by

    essaki
    This letter of credit provides a bond for surface mining permit P-________ for _______ acres conducted by _______(Applicant)______. It establishes an irrevocable letter of credit for USD $________ available by draft from the State of Alabama Surface Mining Commission. The letter of credit is valid until ____________ and will automatically extend for additional one-year periods unless the bank notifies the Commission at least 90 days before expiration. The bank will honor drafts drawn in conformity with the terms of the credit.

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    of 2

    SAMPLE LETTER OF CREDIT BOND (BANK LETTERHEAD REQUIRED) BENEFICIARY: STATE OF ALABAMA SURFACE MINING COMMISSION PO BOX 2390

    1811 SECOND AVENUE JASPER AL 35502-2390 FOR THE ACCOUNT OF: OUR REFERENCE: ___________________ EXPIRATION DATE: ______________________ AMOUNT: U.S. DOLLARS ******** _______________________________________ GENTLEMEN: WE HEREBY OPEN OUR IRREVOCABLE LETTER OF CREDIT NUMBER # _____ IN YOUR FAVOR FOR THE ACCOUNT OF _____(APPLICANT)___ FOR ANY SURFACE COAL MINING AND RECLAMATION OPERATIONS CONDUCTED OR TO BE CONDUCTED UNDER PERMIT NUMBER P-__________, INCREMENT NUMBER ______________, COVERING _______ACRES, BY PERMIT APPLICANT, _______(APPLICANT)___, FOR THE SUM OF ______________________ U.S. DOLLARS (USD $ _________) AVAILABLE BY YOUR DRAFT OR DRAFTS ON US AT SIGHT, ACCOMPANIED BY YOUR NOTICE OF FORFEITURE. IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT WILL BE AUTOMATICALLY EXTENDED WITHOUT AMENDMENT FOR ADDITIONAL PERIODS OF ONE (1) YEAR FROM THE THEN RELEVANT EXPIRATION DATE UNLESS MORE THAN NINETY (90) DAYS PRIOR TO THAT RELEVANT EXPIRATION DATE WE NOTIFY YOU THAT WE ELECT NOT TO EXTEND THIS LETTER OF CREDIT. IN SUCH EVENT WE WILL HONOR YOUR DRAFT WHEN PRESENTED WITHOUT YOUR NOTICE OF FORFEITURE. FOR PURPOSES OF THIS CREDIT, OUR NOTICE NOT TO EXTEND SHALL MEAN THAT WE SEND OUR NOTIFICATION TO YOU AT THE ABOVE LISTED ADDRESS BY REGISTERED MAIL (RETURN RECEIPT REQUESTED) DATED MORE THAN NINETY (90) DAYS PRIOR TO EXPIRATION. THE EXPIRATION OF THIS LETTER OF CREDIT IS ______________, UNLESS AUTOMATICALLY EXTENDED. ALL DRAFTS DRAWN UNDER THIS CREDIT SHALL STATE THAT THEY ARE "DRAWN UNDER __________BANK, ___(CITY)__, ____(STATE), LETTER OF CREDIT # _____________ DATED ______________, FOR _______(APPLICANT)____." *** CONTINUED ON NEXT PAGE ***

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    OUR REFERENCE NO.: ________________________________

    PAGE 02

    WE WILL GIVE PROMPT NOTICE TO THE PERMITTEE AND THE ALABAMA SURFACE MINING COMMISSION OF ANY NOTICE RECEIVED OR ACTION FILED ALLEGING THE INSOLVENCY OR BANKRUPTCY OF THE BANK, OR ALLEGING ANY VIOLATION OF REGULATORY REQUIREMENTS WHICH COULD RESULT IN SUSPENSION OR REVOCATION OF THE BANK'S CHARTER OR LICENSE TO DO BUSINESS. IN THE EVENT WE BECOME UNABLE TO FULFILL THESE OBLIGATIONS UNDER THE LETTER OF CREDIT FOR ANY REASON, NOTICE SHALL BE GIVEN IMMEDIATELY TO THE PERMITTEE AND THE ALABAMA SURFACE MINING COMMISSION. PARTIAL AND MULTIPLE DRAWINGS ARE PERMITTED. WE HEREBY ENGAGE WITH YOU THAT DRAFTS DRAWN IN CONFORMITY WITH THE TERMS OF THIS CREDIT WILL BE DULY HONORED ON PRESENTATION AT THE MAIN OFFICE OF __________________________BANK ON OR BEFORE THE EXPIRATION OF THIS CREDIT. THIS LETTER OF CREDIT IS SUBJECT TO AND SHALL BE GOVERNED BY THE UNIFORM COMMERCIAL CODE OF THE STATE OF ALABAMA.

    ________________________________ AUTHORIZED SIGNATURE ________________________________ TITLE

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    _____________________________ AUTHORIZED SIGNATURE _____________________________ TITLE

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