Virginia Administrative Code › Title 9 - ENVIRONMENT › Agency 20 - VIRGINIA WASTE MANAGEMENT BOARD › Chapter 170 - TRANSPORTATION OF SOLID AND MEDICAL WASTES ON STATE WATERS › Part VI - Financial Responsibility Requirements for Vessels Transporting Solid Wastes or Regulated Medical Wastes › Section 9VAC20-170-400:3 - APPENDIX III

Current through Register Vol. 40, No. 24, July 15, 2024
(NOTE: Instructions in brackets are to be replaced with the
					 relevant information and the brackets deleted.)
IRREVOCABLE STANDBY LETTER OF CREDIT.
Director
Department of Environmental Quality
P.O. Box 1105
Richmond, Virginia 23218
Dear [Sir or Madam]:
We hereby establish our Irrevocable Letter of Credit
					 No.[....] in your favor at the request and for the account of [vessel 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.[....] together with
2. Your signed statement declaring that the
				  amount of the draft is payable pursuant to regulations issued under the
				  authority of the Department of Environmental Quality, Commonwealth of Virginia.
The following vessels are included in the amount of this
					 letter of credit: (See attached Schedule of Covered Vessels).
This letter of credit is effective as of [date] and will
					 expire on [date at least one year later], but such expiration date will be
					 automatically extended for a period of [at least one year] on [date] and on
					 each successive expiration date, unless, at least 120 days before the current
					 expiration date, we notify you and [owner or operator's name] by certified mail
					 that we decide not to extend the Letter of Credit beyond the current expiration
					 date. In the event you are so notified, unused portion of the credit will be
					 available upon presentation of your sight draft for 120 days after the date of
					 receipt by you as shown on the signed return receipt; in addition, the unused
					 portion of the credit will be available for an additional 90 days from the
					 stated expiration date upon presentation of your sight draft and your signed
					 statement declaring that there is a compliance procedure pending.
Whenever this letter of credit is drawn on under and in
					 compliance with the terms of this credit, we will duly honor such draft upon
					 presentation to us, and we will pay to you the amount of the draft promptly and
					 directly.
I hereby certify that I am authorized to execute this
					 letter of credit on behalf of [issuing institution] and that the wording of
					 this letter of credit is identical to the wording specified in the relevant
					 regulations of the Department of Environmental Quality, Commonwealth of
					 Virginia.
Attest:
[Signature and title of official of issuing institution]
					 [Date]
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"].
SCHEDULE A
IDENTIFICATION OF COVERED VESSELS
Letter of credit [insert letter of credit number] is
					 applicable to the following vessels:
Vessel Name
Gross tons
Owner
Operator
Statutory Authority
§ 10.1-1402 and 10.1-1454.1 of the Code of Virginia.