Virginia Administrative Code › Title 9 - ENVIRONMENT › Agency 25 - STATE WATER CONTROL BOARD › Chapter 590 - PETROLEUM UNDERGROUND STORAGE TANK FINANCIAL RESPONSIBILITY REQUIREMENTS › Section 9VAC25-590-260:6 - APPENDIX VI. IRREVOCABLE STANDBY LETTER OF CREDIT

Current through Register Vol. 40, No. 24, July 15, 2024
NOTE: The instructions in brackets are to be replaced by the
				  relevant information and the brackets deleted.
Name and address of issuing institution
Name and address of the Executive Director of the State Water
				  Control Board of the Commonwealth of Virginia and Director(s) of other state
				  implementing agency(ies)
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 or operator name of address up to the aggregate amount of in
				  words U.S. dollars ($insert dollar amount), available upon presentation insert,
				  if more than one director of a state implementing agency is a beneficiary, "by
				  any one of you" 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 62.1-44.34:8 through 62.1-44.34:12 of the Code of
				Virginia and Subtitle I of the Solid Waste Disposal Act of 1976, as amended."
This letter of credit may be drawn on to cover insert:
				  "taking corrective action" and/or "compensating third "part"ies for bodily
				  injury and property damage caused by" either "sudden accidental releases" or
				  "nonsudden accidental releases" or "accidental releases" arising from operating
				  the underground storage tank(s) identified below in the amount of in words
				  $insert dollar amount corrective action per occurrence, in words $insert dollar
				  amount third "part"y liability per occurrence, and in words $insert dollar
				  amount annual aggregate:
List the number of tanks at each facility and the name(s) and
				  address(es) of the facility(ies) where the tanks are located. If more than one
				  instrument is used to assure different tanks at any one facility, for each tank
				  covered by this instrument, list the tank identification number provided in the
				  notification submitted pursuant to
				  9VAC25-580-70 (Underground Storage
				  Tanks: Technical Standards and Corrective Action Requirements), and the name
				  and address of the facility.
The letter of credit may not be drawn on to cover any of the
				  following:
(a) Any obligation, of
				insert owner or operator under a workers compensation, disability benefits, or
				unemployment compensation law or other similar law;
(b) Bodily injury to an employee of insert
				owner or operator arising from, and in the course of, employment by insert
				owner or operator;
(c) Bodily
				injury or property damage arising from the ownership, maintenance, use, or
				entrustment to others of any aircraft, motor vehicle, or watercraft;
(d) Property damage to any property owned,
				rented, loaned to, in the care, custody, or control of, or occupied by insert
				owner or operator that is not the direct result of a release from a petroleum
				underground storage tank;
(e)
				Bodily injury or property damage for which insert owner or operator is
				obligated to pay damages by reason of the assumption of liability in a contract
				or agreement other than a contract or agreement entered into to meet the
				requirements of
				9VAC25-590-40 (Virginia Petroleum
				Underground Storage Tank Financial Responsibility Requirements).
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 owner or operator and the State Water Control Board
				  by certified mail that we have decided not to extend this letter of credit
				  beyond the current expiration date. In the event that owner or operator and the
				  State Water Control Board are 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 owner or operator and the State Water Control Board, as
				  shown on the signed return receipts.
"part"ial draws are permitted under this Irrevocable Standby
				  Letter of Credit.
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 pay to you the amount of the draft promptly
				  and directly in accordance with your instructions.
We certify that the wording of this letter of credit is
				  identical to the wording specified in Appendix VI of 9VAC25-590 as such
				  regulations were 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 "the most recent edition of
				  the Uniform Customs and Practice for Documentary Credits, published and
				  copyrighted by the International Chamber of Commerce," or "the Uniform
				  Commercial Code".