Washington Administrative Code › Title 173 - Ecology, Department of (See also Titles 197, 317, 372, and 508) › Chapter 173-360A - Underground storage tank regulations › Part 10 - FINANCIAL RESPONSIBILITY › Section 173-360A-1085 - Appendix F-Irrevocable standby letter of credit

Current through Register Vol. 24-14, July 15, 2024
[Name and address of issuing institution]
[Name and address of the Washington State Department of
				  Ecology]
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
				  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 the Solid Waste Disposal Act, as amended, and chapter
				90.76 RCW."
This letter of credit may be drawn on to cover [insert:
				  "taking remedial action" and/or "compensating third parties 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] 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 WAC 173-360A-0200, 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 an
				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 WAC 173-360A-1015.
This letter of credit is effective as of [date] and expires
				  on [date], but such expiration date is 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] 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] is so notified, any unused portion of the
				  credit is available upon presentation of your sight draft for 120 days after
				  the date of receipt by [owner or operator], as shown on the signed return
				  receipt.
Whenever this letter of credit is drawn on under and in
				  compliance with the terms of this credit, we must duly honor such draft upon
				  presentation to us, and we must deposit the amount of the draft directly into
				  the standby trust fund of [owner or operator] in accordance with your
				  instructions.
We certify that the wording of this letter of credit is
				  identical to the wording specified in WAC 173-360A-1085 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 by the
				  International Chamber of Commerce," or "the Uniform Commercial Code"].