310 CMR, § 30.909

Current through Register 1536, December 6, 2024

Section 30.909 - Wording of the Instruments.

(1)Trust Instruments.

(a) A trust agreement for a trust fund established purusant to 310 CMR 30.904(1), (2), (3), or (4), or pursuant to 310 CMR 30.906(1), (2), (3), or (4) shall be worded as follows, except that instructions in brackets are to be replaced with the relevant information and the brackets deleted.

TRUST AGREEMENT This Trust Agreement, hereafter referred to as the "Agreement", is entered into as of [date] by and between [name of the owner or operator], a [name of State] [insert "corporation", "partnership", "association", "trust", or "individual"], hereafter referred to as the "Grantor", and [name of corporate trustee], [insert "incorporated in the State of " or "a national bank"],

hereafter referred to as the "Trustee".

Whereas the Department of Environmental Quality Engineering, hereafter referred to as the "Department", an agency of the Commonwealth of Massachusetts, has established certain regulations applicable to the Grantor, requiring that the Grantor shall provide assurance that funds will be available when needed for closure and/or post-closure care of the facility identified in Schedule A; and Whereas, the Grantor has elected to establish a [insert either "trust fund" or "stand-by trust fund"] to provide all or part of such financial assurance for the facility identified in Schedule A; and Whereas, the Grantor, acting through its duly authorized officers, has selected the Trustee to be the trustee under this Agreement, and the Trustee is willing to act as trustee.

Now, Therefore, the Grantor and the Trustee agree as follows:

Section 1. Definitions.

(a) The term "Grantor" means [name of the owner or operator].

(b) The term "Trustee" means [name of corporate trustee], [insert "incorporated in the State of " or "a national bank"], and any successor thereof.

(c) The terms "Department" and "Beneficiary" mean the Department of Environmental Quality Engineering, an agency of the Commonwealth of Massachusetts, and any successor of the said Department.

Section 2. Identification of Facilities and Cost Estimates. This Agreement pertains to the facilities and cost estimates identified on the attached Schedule A [on attached Schedule A list each facility, and for each facility list the EPA identification number, name, address, and the current closure and/or post-closure cost estimates, or portions thereof, for which financial assurance is demonstrated by this Agreement].

Section 3. Establishment of Trust Fund. The Grantor and the Trustee hereby establish a trust fund (the "Fund") for the benefit of the Department. The Grantor and the Trustee intend that no third party have access to the Fund except as herein provided. The Fund is established initially as consisting of the property, which is acceptable to the Trustee, described in the attached Schedule B. Such property and any other property subsequently transferred to the Trustee is referred to as the Fund, together with all earnings and profits thereon, less any payments or distributions made by the Trustee pursuant to this Agreement. The Fund shall be held by the Trustee, IN TRUST, as hereinafter provided. The Trustee shall not be responsible, nor shall it undertake any responsibility, for the amount or adequacy of, nor any duty to collect from the Grantor, any payments necessary to discharge any liabilities of the Grantor established by the Department.

Section 4. Payment for Closure and Post-Closure Care. The Trustee shall make payments from the Fund as directed by the Department in writing. Said payments shall provide for the costs of closure and/or post-closure care of the facility covered by this Agreement. For closure and post-closure expenses, the Trustee shall reimburse, from the Fund, the Grantor or other persons as specified in writing by the Department. Such reimbursement(s) shall be in such amount(s) as the Department directs in writing. In addition, the Trustee shall refund to the Grantor such amount(s) as the Department specifies in writing. Upon reimbursement or refund, such funds shall no longer constitute part of the Fund as defined herein.

Section 5. Payments Comprising the Fund. Payments made to the Trustee for the Fund shall consist of cash or securities acceptable to the Trustee.

Section 6. Trustee Management. The Trustee shall invest the principal and incone of the Fund and keep the Fund invested as a single fund, without distinction between principal and income, in accordance with general investment policies and guidelines which the Grantor may communicate in writing to the Trustee from time to time, subject, however, to the provisions of this Section. In investing, reinvesting, exchanging, selling, and managing the Fund, the Trustee shall discharge his duties with respect to the trust fund solely in the interest of the Beneficiary and with the care, skill, prudence, and diligence under the circumstances then prevailing which persons of prudence, acting in a like capacity and familiar with such matters, would use in the conduct of an enterprise of a like character and with like aims; except that:

(a) Securities or other obligations of the Grantor, or any affiliates of the Grantor, as defined in the Investment Company Act of 1940, as amended, 14 U.S.C. §§ 80a-2(a), shall not be acquired or held unless they are securities or other obligations of the Federal or a State government;

(b) The Trustee is authorized to invest the Fund in time or demand deposits of the Trustee, to the extent insured by an agency of the Federal or State government; and

(c) The Trustee is authorized to hold cash awaiting investment or distribution uninvested for a reasonable time and without liability for the payment of interest thereon.

Section 7. Commingling and Investment. The Trustee is expressly authorized in its discretion:

(a) To transfer from time to time any or all of the assets of the Fund to any common, commingled, or collective trust fund created by the Trustee in which the Fund is eligible to participate, subject to all of the provisions thereof, to be commingled with the assets of other trusts participating therein; and

(b) To purchase shares in any investment company registered under the Investment Company Act of 1940, 14 U.S.C. §§ 80a-1et seq., including one which may be created, managed, underwritten, or to which investment advice is rendered or the shares of which are sold by the Trustee. The Trustee may vote such shares in its discretion.

Section 8. Express Powers of Trustee. Without in any way limiting the powers and discretions conferred upon the Trustee by the other provisions of this Agreement or by law, the Trustee is expressly authorized and empowered:

(a) To sell, exchange, convey, transfer, or otherwise dispose of any property held by it by public or private sale;

(b) To make, execute, acknowledge, and deliver any and all documents of transfer and conveyance and any and all other instruments that may be necessary or appropriate to carry out the powers herein granted;

(c) To register any securities held in the Fund in its own name or in the name of a nominee and to hold any security in bearer form or in book entry, or to combine certificates representing such securities with certificates of the same issue held by the Trustee in other Fiduciary capacities, or to deposit or arrange for the deposit of such securities in a qualified central depository even though, when so deposited, such securities may be merged and held in bulk in the name of the nominee of such depository with other securities deposited therein by another person, or to deposit or arrange for the deposit of any securities issued by the United States Government or any agency or instrumentality thereof, with a Federal Reserve bank, but the books and records of the Trustee shall at all times show that all such securities are part of the Fund;

(d) To deposit any cash in the Fund in interest-bearing accounts maintained or savings certificates issued by the Trustee, in its separate corporate capacity, or in any other banking institution affiliated with the Trustee, to the extent insured by an agency of the Federal or State government; and

(e) To compromise or otherwise adjust all claims in favor of or against the Fund.

Section 9. Taxes and Expenses. All taxes of any kind that may be assessed or levied against or in respect of the Fund and all brokerage commissions incurred by the Fund shall be paid from the Fund. All other expenses incurred by the Trustee in connection with the administration of this Trust, including fees for legal services rendered to the Trustee, the compensation of the Trustee to the extent not paid directly by the Grantor, and all other proper charges and disbursements of the Trustee shall be paid from the Fund.

Section 10. Annual Valuation. The Trustee shall annually, at least 30 days prior to the anniversary date of establishment of the Fund, furnish to the Grantor and to the Department a statement confirming the value of the Trust. Any securities in the Fund shall be valued at market value as of no more than 60 days prior to the anniversary date of establishment of the Fund. The failure of the Grantor to object in writing to the Trustee within 90 days after the statement has been furnished to the Grantor and the Department shall constitute a conclusively binding assent by the Grantor, barring the Grantor from asserting any claim or liability against the Trustee with respect to matters disclosed in the statement.

Section 11. Advice of Counsel. The Trustee may, from time to time, consult with counsel, who may be counsel to the Grantor, with respect to any question arising as to the interpretation of this Agreement or any action to be taken hereunder. The Trustee shall be fully protected, to the extent permitted by law, in acting upon the advice of counsel.

Section 12. Trustee Compensation. The Trustee shall be entitled to reasonable compensation for its services as agreed upon in writing from time to time with the Grantor.

Section 13. Successor Trustee. The Trustee may resign or the Grantor may replace the Trustee, but such resignation or replacement shall not be effective until the Grantor has appointed a successor trustee and this successor accepts the appointment. The successor trustee shall have the same powers and duties as those conferred upon the Trustee hereunder. Upon the successor trustee's acceptance of the appointment, the Trustee shall assign, transfer, and pay over to the successor trustee the funds and properties then constituting the Fund. If for any reason the Grantor cannot or does not act in the event of the resignation of the Trustee, the Trustee may apply to a court of competent jurisdiction for the appointment of a successor trustee or for instructions. The successor trustee shall specify the date on which it assumes administration of the trust in a writing sent to the Grantor, the Department, and the present Trustee by certified mail at least ten days before such change becomes effective. Any expenses incurred by the Trustee as a result of any of the acts contemplated by this Section shall be paid as provided in Section 9.

Section 14. Instructions to the Trustee. All orders, requests, and instructions by the Grantor to the Trustee shall be in writing, signed by such persons as are designated in the attached Schedule C or such other designees as the Grantor may designate by amendment to Schedule C. The Trustee shall be fully protected in acting without inquiry in accordance with the Grantor's orders, requests, and instructions. All orders, requests, and instructions by the Department to the Trustee shall be in writing, signed by the Commissioner or his designee, and the Trustee shall act and shall be fully protected in acting in accordance with such orders, requests, and instructions. The Trustee shall have the right to assume, in the absence of written notice to the contrary, that no event constituting a change or a termination of the authority of any person to act on behalf of the Grantor or Department hereunder has occurred. The Trustee shall have no duty to act in the absence of such orders, requests, and instructions from the Grantor and/or Department except as provided for herein.

Section 15. Notice of Nonpayment. The Trustee shall notify the Grantor and the Department, by certified mail, within ten days following the expiration of the 30 day period after the anniversary of the establishment of the Trust, if no payment into the Fund is received from the Grantor during that period. After the pay-in period is completed, the Trustee shall not be required to send a notice of nonpayment.

Section 16. Amendment of Agreement. This Agreement may be amended by an instrument in writing executed by the Grantor, the Trustee, and the Department, or by the Trustee and the Department if the Grantor ceases to exist.

Section 17. Irrevocability and Termination. Subject to the right of the parties to amend this Agreement as provided in Section 16, this Trust shall be irrevocable and shall continue until terminated by the written agreement of the Grantor, the Trustee, and the Department, or by the Trustee and the Department if the Grantor ceases to exist. Upon termination of the Trust, all remaining trust property, less final trust administration expenses, shall be delivered to the Grantor.

Section 18. Immunity and Indemnification. The Trustee shall not incur personal liability of any nature in connection with any act or omission, made in good faith, in the administration of the Trust, or in carrying out any directions by the Grantor or by the Department issued in accordance with this Agreement. The Trustee shall be indemnified and saved harmless by the Grantor or from the Trust Fund, or both, from and against any personal liability to which the Trustee may be subjected by reason of any act or conduct in its official capacity, including all expenses reasonably incurred in its defense in the event the Grantor fails to provide such defense.

Section 19. Choice of Law. This Agreement shall be administered, construed, and enforced according to the laws of the Commonwealth of Massachusetts.

Section 20. Interpretation. As used in this Agreement, words in the singular include the plural and words in the plural include the singular. The descriptive headings for each Section of this Agreement shall not affect the interpretation or the legal efficacy of this Agreement.

In Witness Whereof the parties have caused this Agreement to be executed by their respective officers duly authorized and their corporate seals to be hereunto affixed and attested as of the date first above written. The parties below certify that the wording of this Agreement is identical to the wording specified in 310 CMR 30.909(1)(a) as in effect on the date first above written.

[Signature of Grantor]

[Title]

Attest:

[Title]

[Seal]

[Signature of Trustee]

Attest:

[Title]

[Seal]

(b) Each certification of acknowledgement which shall accompany a trust agreement for a trust fund as required by 310 CMR 30.900 shall be worded as follows, except that instructions in brackets shall be replaced with the relevant information and the brackets deleted.

State of [Name of State]

County of [Name of County]

On this [date], before me personally came [owner or operator] to me known, who being by me duly sworn, did depose and say that she/he [strike one] resides at [address], that she/he [strike one] is [title] of [corporation], the corporation described in and which executed the above instrument; that she/he [strike one] knows the seal of said corporation; that the seal affixed to such instrument is such corporate seal; that it was so affixed by order of the Board of Directors of said corporation, and that she/he [strike one] signed her/his [strike one] name thereto by like order.

[Signature of Notary Public]

My Commission expires: [Date]

(2) A surety bond guaranteeing payment into a standby trust fund, as specified in 310 CMR 30.904(2) and 30.906(2), shall be worded as follows, except that the instructions in brackets shall be replaced with the relevant information and the brackets deleted:

FINANCIAL GUARANTEE BOND Date bond executed: [Date]

Effective date: [Date]

Principal: [legal name and business address of owner or operator]

Type of organization: [insert "individual", "trust", "partnership", "corporation", or "association"]

State of incorporation: [Name of State]

Surety(ies): [name(s) and business address(es)]

[EPA Identification Number, name, address, and closure and/or post-closure amount(s) for each facility guaranteed by this bond (indicate closure and post-closure amounts separately)]:

Total penal sum of bond: $ [Amount]

Surety's bond number: [Number]

Know All Persons By These Presents, That we, the Principal and Surety(ies) hereto, are firmly bound to the Department of Environmental Quality Engineering of the Commonwealth of Massachusetts, hereinafter called the Department, in the above penal sum, for the payment of which we bind ourselves, our heirs, executors, administrators, successors, and assigns jointly and severally; provided that, where the Surety(ies) are corporations acting as co-sureties, we, the Sureties, bind ourselves in such sum "jointly and severally" only for the purpose of allowing a joint action or actions against any or all of us, and for all other purposes each Surety binds itself, jointly and severally with the Principal, for the payment of such sum only as is set forth opposite the name of such Surety, but if no limit of liability is indicated, the limit of liability shall be the full amount of the penal sum.

Whereas said Principal is required, pursuant to M.G.L. c. 21C and 310 CMR 30.000, to have a license or interim status in order to own or operate each facility identified above, and Whereas said Principal is required to provide financial assurance for closure, or closure and post-closure care, as a condition of the license or interim status, and Whereas, as a condition of the license or interim status, said Principal shall establish a standby trust fund as is required when a surety bond is used to provide such financial assurance;

Now, Therefore, the conditions of this obligation are such that if the Principal shall faithfully, before the beginning of final closure of each facility identified above, establish and fund the standby trust fund in the amount(s) identified above for the facility,

Or, if the Principal shall establish and fund the standby trust fund in such amount(s) within 15 days after the Department or a court of competent jurisdiction issues an order to begin closure,

Or, if the Principal shall provide alternate financial assurance, as specified in 310 CMR 30.904 or 30.906 as applicable, and obtain the Department's written approval of such assurance, within 90 days after receipt of notice of cancellation by both the Principal and the Department from the Surety(ies), then this obligation shall be null and void, otherwise it is to remain in full force and effect.

The Surety(ies) shall become liable on this bond obligation only when the Principal has failed to fulfill the conditions described above. Upon notification by the Department that the Principal has failed to perform as guaranteed by this bond, the Surety(ies) shall place funds in the amount guaranteed for the facility(ies) into the standby trust fund as directed by the Department.

The liability of the Surety(ies) shall not be discharged by any payment or succession of payments hereunder, unless and until such payment or payments shall amount in the aggregate to the penal sum of the bond, but in no event shall the obligation of the Surety(ies) hereunder exceed the amount of said penal sum.

The Surety(ies) may cancel the bond by sending notice of cancellation by certified mail to the Principal and to the Department, provided, however, that cancellation shall not take effect until at least 120 days after the date of receipt of the notice of cancellation by both the Principal and the Department, as shown by the later return receipt.

The Principal may terminate this bond by sending written notice to the Surety(ies), provided, however, that no such notice shall become effective until the Surety(ies) receive(s) written authorization by the Department for termination of the bond.

[The following paragraph is an optional rider that may be included but is not required.]

The Principal and Surety(ies) hereby agree to adjust the penal sum of the bond yearly so that it guarantees a new closure and/or post-closure amount, provided that the penal sum does not increase by more than 20% in any one year, and no decrease in the penal sum takes place without the written approval of the Department.

In Witness Whereof, the Principal and Surety(ies) have executed this Financial Guarantee Bond and have affixed their seals on the date set forth above.

The individuals whose signatures appear below hereby certify that they are authorized to execute this surety bond on behalf of the Principal and Surety(ies) and that the wording of this surety bond is identical to the wording specified in 310 CMR 30.909(2) as in effect on the date this bond was executed.

Principal

[Signature(s)]

[Name(s)]

[Title(s)]

[Corporate seal]

Corporate Surety(ies)

[Name(s) and address(es)]

State of incorporation [Name of State]

Liability limit: $ [Amount]

[Signature(s)] [Title(s)]

[Name(s)]

[Corporate seal]

[For every co-surety, provide signature(s), corporate seal, and other information in the same manner as for the Surety above.]

Bond premium: $ [Amount]

(3) A surety bond guaranteeing performance of closure and/or post-closure care, as specified in 310 CMR 30.904(3) and 30.906(3), shall be worded as follows, except that the instructions in brackets shall be replaced with the relevant information and the brackets deleted:

PERFORMANCE BOND Date bond executed: [Date]

Effective date: [Date]

Principal: [legal name and business address of owner or operator]

Type of organization: [insert "individual", "trust", "partnership", "corporation", or

"association"]

State of incorporation: [Name of State]

Surety(ies): [name(s) and business address(es)]

[EPA Identification Number, name, address, and closure and/or post-closure amount(s) for each facility guaranteed by this bond (indicate closure and post-closure amounts separately)]:

Total penal sum of bond: $ [Amount]

Surety's bond number: [Number]

Know All Persons By These Presents, That we, the Principal and Surety(ies) hereto, are firmly bound to the Department of Environmental Quality Engineering, hereinafter called the Department, in the above penal sum, for the payment of which we bind ourselves, our heirs, executors, administrators, successors, and assigns jointly and severally; provided that, where the Surety(ies) are corporations acting as co-sureties, we, the Sureties, bind ourselves in such sum "jointly and severally" only for the purpose of allowing a joint action or actions against any or all of us, and for all other purposes each Surety binds itself, jointly and severally with the Principal, for the payment of such sum only as is set forth opposite the name of such Surety, but if no limit of liability is indicated, the limit of liability shall be the full amount of the penal sum.

Whereas said Principal is required, pursuant to M.G.L. c. 21C and 310 CMR 30.000, to have a license or interim status in order to own or operate each facility identified above, and Whereas said Principal is required to provide financial assurance for closure, or closure and post-closure care, as a condition of the license or interim status, and Whereas, as a condition of the license or interim status, said Principal shall establish a standby trust fund as is required when a surety bond is used to provide such financial assurance;

Now, therefore, the conditions of this obligation are such that if the Principal shall faithfully perform closure, whenever required to do so, of each facility for which this bond guarantees closure, in accordance with the approved closure plan and all applicable requirements of the license or interim status, as such plan and license may be amended from time to time, and M.G.L. c. 21C and 310 CMR 30.000, as may be amended from time to time; and if the Principal shall faithfully perform post-closure care of each facility for which this bond guarantees post-closure care, in accordance with the approved post-closure plan and all applicable requirements of the license or interim status, as such plan and license may be amended, and pursuant to M.G.L. c. 21C and 310 CMR 30.000, as may be amended from time to time,

Or if the Principal shall provide alternate financial assurance, as specified in 310 CMR 30.904 or 30.906 as applicable, and obtain the Department's written approval of such assurance within 90 days after receipt of notice of cancellation by both the Principal and the Department from the Surety(ies), then this obligation shall be null and void, otherwise it is to remain in full force and effect.

The Surety(ies) shall become liable on this bond obligation only when the Principal has failed to fulfill the conditions described above. Upon notification by the Department that the Principal has failed to perform final closure in accordance with 310 CMR 30.580 through 30.586, or has failed to conduct post-closure care in accordance with 310 CMR 30.590 through 30.596, the surety shall become liable on the bond obligation to:

1. Perform final closure as guaranteed by the bond, and if applicable, perform post-closure care as guaranteed by the bond; or

2. Deposit the total penal sum of the bond into the standby trust fund as directed by the Department.

Upon notification by the Department that the Principal has failed to provide alternate financial assurance as specified in 310 CMR 30.904 or 30.906 as applicable and has failed to obtain the Department's written approval of such assurance within 90 days after receipt of notice of cancellation by both the Principal and the Department from the Surety(ies), the Surety(ies) shall place the total penal sum of the bond guaranteed for the facility(ies) into the standby trust fund as directed by the Department.

The Surety(ies) hereby waive(s) notification of amendments to closure plans, permits, applicable laws, statutes, rules, and regulations and agree(s) that no such amendment shall in any way alleviate its (their) obligation on this bond.

[The following paragraph is an optional rider that may be included but is not required.]

In Witness Whereof, The Principal and Surety(ies) have executed this Performance Bond and have affixed their seals on the date set forth above.

The individuals whose signatures appear below hereby certify that they are authorized to execute this surety bond on behalf of the Principal and Surety(ies) and that the wording of this surety bond is identical to the wording specified in 310 CMR 30.909(3) as in effect on the date this bond was executed.

Principal

[Signature(s)]

[Name(s)]

[Title(s)]

[Corporate seal]

Corporate Surety(ies)

[Name(s) and address(es)]

State of incorporation: [Name of State]

Liability limit: $ [Amount]

[Signature(s)]

[Name(s) and title(s)]

Corporate seal:

[For every co-surety, provide signature(s), corporate seal, and other information in the same manner as for the Surety above.]

Bond premium: $ [Amount]

(4) A letter of credit, as specified in 310 CMR 30.904(4) and 30.906(4), shall be worded as follows, except that instructions in brackets shall be replaced with the relevant information and the brackets deleted:

IRREVOCABLE STANDBY LETTER OF CREDIT Commissioner,

Department of Environmental Quality Engineering Commonwealth of Massachusetts Dear Sir or Madam:

We hereby establish our Irrevocable Standby Letter of Credit No. [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 $ [Amount], available upon presentation, by you or your designee, of

(1) your or your designee's sight draft, bearing reference to this letter of credit No.

[Number], and

(2) your or your designee's signed statement reading as follows: "I certify that the amount of the draft is payable pursuant to regulations issued under authority of Massachusetts General Laws, Chapter 21C."

This letter of credit is effective as of [date] and shall expire on [date at least one year later], but such expiration date shall 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 both you and [owner's or operator's name] by certified mail 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 or your designee's sight draft within 120 days after the date of receipt of notification by both you and [owner's or operator's name], as shown on the later of the signed return receipts.

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 or your designee's instructions.

We certify that the wording of this letter of credit is identical to the wording specified in 310 CMR 30.904(4) as in effect 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"].

(5) A certificate of insurance, as specified in 310 CMR 30.904(5) and 30.906(5), shall be worded as follows, except that instructions in brackets shall be replaced with the relevant information and the brackets deleted:

CERTIFICATE OF INSURANCE FOR CLOSURE OR POST-CLOSURE CARE Name and Address of Insurer

(herein called the "Insurer"): [Name and Address]

Name and Address of Insured

(herein called the "Insured"): [Name and Address]

Facilities Covered: [List for each facility: The EPA Identification Number, name, address, and amount of insurance for closure and/ or for post-closure care (these amounts for all facilities covered must total the face amount shown below)].

Face Amount: [Dollar Amount]

Policy Number: [Number]

Effective Date: [Date]

The Insurer hereby certifies that it has issued to the Insured the policy of insurance identified above to provide financial assurance for [insert "closure" or "closure and post-closure care" or "post-closure care"] for the facilities identified above. The Insurer further warrants that such policy conforms in all respects with the requirements of 310 CMR 30.904(5), and 30.906(5), as applicable and as such regulations were in effect on the date shown immediately below. It is agreed that any provision of the policy inconsistent with such regulations is hereby amended to eliminate such inconsistency.

Whenever requested by the Department of Environmental Quality Engineering (hereinafter called the Department) of the Commonwealth of Massachusetts, the Insurer agrees to furnish to the Department a signed duplicate original of the policy listed above, including all endorsements thereon.

I hereby certify that the wording of this certificate is identical to the wording specified in 310 CMR 30.909(5) as in effect on the date shown immediately below.

[Authorized signature for Insurer]

[Name of person signing]

[Title of person signing]

Signature of witness or notary:

[Date]

(6) A hazardous waste facility liability endorsement, as specified in 310 CMR 30.908(1)(a), shall be worded as follows, except that instructions in brackets are to be replaced with the relevant information and the brackets deleted:

HAZARDOUS WASTE FACILITY LIABILITY ENDORSEMENT

(1) This endorsement certifies that the policy to which this endorsement is attached provides liability insurance covering bodily injury and property damage in connection with the Insured's obligation to demonstrate financial responsibility pursuant to 310 CMR 30.908. The coverage applies at [list EPA Identification Number, name, and address for each facility] for [insert "sudden accidental occurrences", "nonsudden accidental occurrences", or "sudden and nonsudden accidental occurrences"; if coverage is for multiple facilities and the coverage is different for different facilities, indicate which facilities are insured for sudden accidental occurrences, which are insured for nonsudden accidental occurrences, and which are insured for both]. The limits of liability are [insert the dollar amount of the "each occurrence" and "annual aggregate" limits of the Insurers's liability]; exclusive of legal defense costs.

(2) The insurance afforded with respect to such occurrences is subject to all of the terms and conditions of the policy; provided, however, that any provisions of the policy inconsistent with subsections (a) through (e) of this Paragraph 2 are hereby amended to conform with subsections (a) through (e):

(a) Bankruptcy or insolvency of the insured shall not relieve the Insurer of its obligations under the policy to which this endorsement is attached.

(b) The Insurer is liable for the payment of the amounts within any deductible applicable to the policy, with a right of reimbursement by the Insured for any such payment made by the Insurer.

(c) Whenever requested by the Department of Environmental Quality Engineering (hereinafter called the Department) of the Commonwealth of Massachusetts, the Insurer agrees to furnish to the Department a signed duplicate original of the policy and all endorsements thereon.

(d) Cancellation of this endorsement, whether by the Insurer or the Insured, shall not take effect until at least 60 days after the date of receipt by the Department of written notice, sent to the Department by certified mail, of cancellation of this endorsement.

(e) Any other termination of this endorsement shall be effective only upon written notice and only after the expiration of at least 30 days after the date of receipt by the Department of such written notice, sent to the Department by certified mail.

Attached to and forming part of policy no. [Number] issued by [name of Insurer], herein called the Insurer, of [address of Insurer] to [name of Insured] of [address], herein called the Insured, this [Day] day of [Month] 19 [Year]. The effective date of said policy is the [Day] day of [Month] 19 [Year].

I hereby certify that the wording of this Hazardous Waste Facility Liability Endorsement is identical to the wording specified in 310 CMR 30.909(6) as in effect on the date first above written, and that the Insurer is licensed to transact the business of insurance, or eligible to provide insurance as an excess or surplus lines insurer, in the Commonwealth of Massachusetts.

[Authorized signature for Insurer]

[Name of individual signing]

[Title of individual signing]

[Signature of witness or notary: ]

[Date]

[Authorized signature for Insured]

[Name of individual signing]

[Title of individual signing]

[Signature of witness or notary: ]

[Date]

(7) A hazardous waste facility certificate of liability insurance, as specified in 310 CMR 30.908, shall be worded as follows, except that instructions in brackets shall be replaced with the relevant information and the brackets deleted:

HAZARDOUS WASTE FACILITY CERTIFICATE OF LIABILITY INSURANCE

(1) [Name of Insurer], herinafter called the Insurer, of [address of Insurer], hereby certifies that it has issued to [name of Insured], hereinafter called the Insured, of [address of Insured], liability insurance covering bodily injury and property damage in connection with the Insured's obligation to demonstrate financial responsibility pursuant to 310 CMR 30.908. The coverage applies at [list EPA Identification Number, name, and address for each facility] for [insert "sudden accidental occurrences", "nonsudden accidental occurrences", or "sudden and nonsudden accidental occurrences"; if coverage is for multiple facilities and the coverage is different for different facilities, indicate which facilities are insured for sudden accidental occurrences, which are insured for nonsudden accidental occurrences, and which are insured for both]. The limits of liability are [insert the dollar amount of the "each occurrence" and "annual aggregate" limits of the Insurer's liability], exclusive of legal defense costs. The coverage is provided under policy number [Number], issued on [date]. The effective date of said policy is [date].

(2) The Insurer further certifies the following with respect to the insurance described in Paragraph 1:

(a) Bankruptcy or insolvency of the Insured shall not relieve the Insurer of its obligations under the policy.

(b) The Insurer is liable for the payment of amounts within any deductible applicable to the policy, with a right of reimbursement by the Insured for any such payment made by the Insurer.

(c) Whenever requested by the Department, the Insurer agrees to furnish to the Department a signed duplicate original of the policy and all endorsements.

(d) Cancellation of the insurance, whether by the Insurer or the Insured, will be effective only upon written notice by certified mail and only after the expiration of 60 days after a copy of such written notice is received by the Department, as shown by the return receipt.

(e) Any other termination of the insurance will be effective only upon written notice by certified mail and only after the expiration of 30 days after a copy of such written notice is received by the Department, as shown by the return receipt.

I hereby certify that the wording of this instrument is identical to the wording specified in 310 CMR 30.909(7) as in effect on the date first above written, and that the Insurer is licensed to transact the business of insurance, or eligible to provide insurance as an excess or surplus lines insurer, in the Commonwealth of Massachusetts.

[Signature of authorized representative of Insurer]

[Type name]

[Title, Authorized Representative of (name of Insurer)]

[Address of authorized representative of Insurer]

(8)Trust Instruments for Financial Assurance for Accidental Occurrences.

(a) A trust agreement for a trust fund established pursuant to 310 CMR 30.908(1)(b), c), or (d), or pursuant to 310 CMR 30.908(2)(b), (c), or (d), shall be worded as follows, except that instructions in brackets shall be replaced with the relevant information and the brackets deleted.

TRUST AGREEMENT

This Trust Agreement, hereafter referred to as the "Agreement", is entered into as of [date] by and between [name of the owner of operator], a [name of State] [insert "corporation", "partnership", "association", "trust", or "individual"], hereafter referred to as the "Grantor", and [name of corporate trustee], [insert "incorporated in the State of " or "a national bank"],

hereafter referred to as the "Trustee".

Whereas the Department of Environmental Quality Engineering, hereafter referred to as the "Department", an agency of the Commonwealth of Massachusetts, has established certain regulations applicable to the Grantor, requiring that the Grantor shall demonstrate financial responsibility for bodily injury and property damage to third parties caused by each sudden accidental occurrence and/or each nonsudden accidental occurrence arising from operation of the facility identified in Schedule A; and Whereas, the Grantor has elected to establish a [insert either "trust fund" or "stand-by trust fund"] to demonstrate all or part of such financial responsibility for the facility identified in Schedule A; and Whereas, the Grantor, acting through its duly authorized officers, has selected the Trustee to be the trustee under this Agreement, and the Trustee is willing to act as trustee.

Now, Therefore, the Grantor and the Trustee agree as follows:

Section 1.Definitions.

(a) The term "Grantor" means [name of the owner or operator].

(b) The term "Trustee" means [name of corporate trustee], [insert "incorporated in the State of " or "a national bank"], and any successor thereof.

(c) The terms "Department" and "Beneficiary" mean the Department of Environmental Quality Engineering, an agency of the Commonwealth of Massachusetts, and any successor of the said Department.

(d) The term "Claim Administrator" means [name of the Claim Administrator], and any successor thereof, who is carrying out the responsibilities of the "Claim Administrator" as set forth in 310 CMR 30.900, as in effect as of the date first written above.

Section 2.Identification of Facilities. This Agreement pertains to the facilities identified on the attached Schedule A [on attached Schedule A list each facility, and for each facility list the EPA identification number, name, and address for which financial responsibility is demonstrated by this Agreement].

Section 3.Establishment of Trust Fund. The Grantor and the Trustee hereby establish a trust fund (the "Fund") for the benefit of the Department. The Grantor and the Trustee intend that no third party have access to the Fund except as herein provided. The Fund is established initially as consisting of the property, which is acceptable to the Trustee, described in the attached Schedule B. Such property and any other property subsequently transferred to the Trustee is referred to as the Fund, together with all earnings and profits thereon, less any payments or distributions made by the Trustee pursuant to this Agreement. The Fund shall be held by the Trustee, IN TRUST, as hereinafter provided. The Trustee shall not be responsible, nor shall it undertake any responsibility, for the amount or adequacy of, nor any duty to collect from the Grantor, any payments necessary to discharge any liabilities of the Grantor established by the Department.

Section 4.Payment for Bodily Injury and Property Damage to Third Parties. The Trustee shall make payments from the Fund as directed by the Claims Administrator or by the Department in writing. Said payments shall provide for payments from the Fund to the Department or to other persons, as specified in writing by the Claims Administrator or by the Department, for bodily injury and property damage caused by each sudden accidental occurrence and/or each nonsudden accidental occurrence arising from operation of the facility covered by this Agreement. Such payment(s) shall be in such amount(s) as the Claims Administrator or the Department directs in writing. In addition, the Trustee shall refund to the Grantor such amount(s) as the Claims Administrator or the Department specifies in writing. Upon payment or refund, such funds shall no longer constitute part of the Fund as defined herein.

Section 5.Payments Comprising the Fund. Payments made to the Trustee for the Fund shall consist of cash, securities, or other assets acceptable to the Trustee.

Section 6.Trustee Management. The Trustee shall invest the principal and income of the Fund and keep the Fund invested as a single fund, without distinction between principal and income, in accordance with general investment policies and guidelines which the Grantor may communicate in writing to the Trustee from time to time, subject, however, to the provisions of this Section. In investing, reinvesting, exchanging, selling, and managing the principle and income of the Fund, the Trustee shall discharge his duties with respect to the trust fund solely in the interest of the Beneficiary and with the care, skill, prudence, and diligence under the circumstances then prevailing which persons of prudence, acting in a like capacity and familiar with such matters, would use in the conduct of an enterprise of a like character and with like aims; except that:

(a) Securities or other obligations of the Grantor, or any affiliates of the Grantor, as defined in the Investment Company Act of 1940, as amended, 14 U.S.C. § 80a-2(a), shall not be acquired or held unless they are securities or other obligations of the Federal or a State government;

(b) The Trustee is authorized to invest the Fund in time or demand deposits of the Trustee, to the extent insured by an agency of the Federal or State government; and

(c) The Trustee is authorized to hold cash awaiting investment or distribution uninvested for a reasonable time and without liability for the payment of interest thereon.

Section 7.Commingling and Investment. The Trustee is expressly authorized in its discretion:

Section 8.Express Powers of Trustee. Without in any way limiting the powers and discretion conferred upon the Trustee by the other provisions of this Agreement or by law, the Trustee is expressly authorized and empowered:

(a) To sell, exchange, convey, transfer, or otherwise dispose of any property held by it by public or private sale;

(e) To compromise or otherwise adjust all claims in favor of or against the Fund.

Section 9.Taxes and Expenses. All taxes of any kind that may be assessed or levied against or in respect of the Fund and all brokerage commissions incurred by the Fund shall be paid from the Fund. All other expenses incurred by the Trustee in connection with the administration of this Trust, including fees for legal services rendered to the Trustee, the compensation of the Trustee to the extent not paid directly by the Grantor, and all other proper charges and disbursements of the Trustee shall be paid from the Fund.

Section 10.Annual Valuation. The Trustee shall annually, no later than June 1, furnish to the Grantor, to the Claims Administrator, and to the Department a statement confirming the value of the Trust. Any securities in the Fund shall be valued at market value as of no later than May 1. The failure of the Grantor to object in writing to the Trustee within 90 days after the statement has been furnished to the Grantor, the Claims Administrator, and the Department shall constitute a conclusively binding assent by the Grantor barring the Grantor from asserting any claim or liability against the Trustee with respect to matters disclosed in the statement.

Section 11.Advice of Counsel. The Trustee may, from time to time, consult with counsel, who may be counsel to the Grantor, with respect to any question arising as to the interpretation of this Agreement or any action to be taken hereunder. The Trustee shall be fully protected, to the extent permitted by law, in acting upon the advice of counsel.

Section 12.Trustee Compensation. The Trustee shall be entitled to reasonable compensation for its services as agreed upon in writing from time to time with the Grantor.

Section 13.Successor Trustee. The Trustee may resign or the Grantor may replace the Trustee, but such resignation or replacement shall not be effective until the Grantor has appointed a successor trustee and this successor accepts the appointment. The successor trustee shall have the same powers and duties as those conferred upon the Trustee hereunder. Upon the successor trustee's acceptance of the appointment, the Trustee shall assign, transfer, and pay over to the successor trustee the funds and properties then constituting the Fund. If for any reason the Grantor cannot or does not act in the event of the resignation of the Trustee, the Trustee may apply to a court of competent jurisdiction for the appointment of a successor trustee or for instructions. The successor trustee shall specify the date on which it assumes administration of the trust in a writing sent to the Grantor, the Department, the Claims Administrator, and the present Trustee by certified mail at least ten days before such change becomes effective. Any expenses incurred by the Trustee as a result of any of the acts contemplated by this Section shall be paid as provided in Section 9.

Section 14.Instructions to the Trustee. All orders, requests, and instructions by the Grantor to the Trustee shall be in writing, signed by such persons as are designated in the attached Schedule C or such other designees as the Grantor may designate by amendment to Schedule C. The Trustee shall be fully protected in acting without inquiry in accordance with the Grantor's orders, requests, and instructions. All orders, requests, and instructions by the Claims Administrator to the Trustee shall be in writing, signed by the Claims Administrator, and the Trustee shall act and shall be fully protected in acting in accordance with such orders, requests, and instructions. All orders, requests, and instructions by the Department to the Trustee shall be in writing, signed by the Commissioner or his designee, and the Trustee shall act and shall be fully protected in acting in accordance with such orders, requests, and instructions. The Trustee shall have the right to assume, in the absence of written notice to the contrary, that no event constituting a change or a termination of the authority of any person to act on behalf of the Grantor, the Claims Administrator, or the Department hereunder has occurred. The Trustee shall have no duty to act in the absence of such orders, requests, and instructions from the Grantor and/or the Claims Administrator and/or the Department except as provided for herein.

Section 15.Notice of Nonpayment. The Trustee shall notify the Grantor, the Claims Administrator, and the Department by certified mail by no later than August 10 if no payment into the Fund is received from the Grantor during the month of July.

Section 16.Amendment of Agreement. This Agreement may be amended by an instruction in writing executed by the Grantor, the Trustee, and the Department, or by the Trustee and the Department if the Grantor ceases to exist.

Section 17.Irrevocability and Termination. Subject to the right of the parties to amend this Agreement as provided in Section 16, this Trust shall be irrevocable and shall continue until terminated by the written agreement of the Grantor, the Trustee, and the Department, or by the Trustee and the Department if the Grantor ceases to exist. Upon termination of the Trust, all remaining trust property, less final trust administration expenses, shall be delivered to the Grantor.

Section 18.Immunity and Indemnification. The Trustee shall not incur personal liability of any nature in connection with any act or omission, made in good faith, in the administration of the Trust, or in carrying out any directions by the Grantor, by the Claims Administrator, or by the Department issued in accordance with this Agreement. The Trustee shall be indemnified and saved harmless by the Grantor or from the Trust Fund, or both, from and against any personal liability to which the Trustee may be subjected by reason of any act or conduct in its official capacity, including all expenses reasonably incurred in its defense in the event the Grantor fails to provide such defense.

Section 19.Choice of Law. This Agreement shall be administered, construed, and enforced according to the laws of the Commonwealth of Massachusetts.

Section 20.Interpretation. As used in this Agreement, words in the singular include the plural and words in the plural include the singular. The descriptive headings for each Section of this Agreement shall not effect the interpretation or the legal efficacy of this Agreement.

In Witness whereof the parties have caused this Agreement to be executed by their respective officers duly authorized and their corporate seals to be hereunto affixed and attested as of the date first written above. The parties below certify that the wording of this Agreement is identical to the wording specified in 310 CMR 30.909(8)(a) as in effect on the date first written above.

[Signature of Grantor]

[Title]

Attest:

[Title]

[Seal]

[Signature of Trustee]

Attest:

[Title]

[Seal]

Each certification of acknowledgement which shall accompany a trust agreement for a trust fund as required by 310 CMR 30.908 and 30.909(8)(a) shall be worded as follows, except that instructions in brackets shall be replaced with the relevant information and the brackets deleted.

State of [Name of State]

County of [Name of County]

[Signature of Notary Public]

My Commission expires: [Date]

(9)Surety Bonds for Financial Assurance for Accidental Occurrences. A surety bond guaranteeing payment as specified in 310 CMR 30.908(1)(c) and 310 CMR 30.908(2)(c) shall be worded as follows, except that instructions in brackets shall be replaced with the relevant information and the brackets deleted.

FINANCIAL GUARANTEE BOND Date bond executed: [Date]

Effective date: [Date]

Principal: [legal name and business address of owner or operator]

Type of organization: [insert "individual", "trust", "partnership" "corpora- tion", or

"association"]

State of incorporation: [Name of State]

Surety(ies): [name(s) and business address(es) (EPA Identification Number, name, address, and sudden accidental occurrence and/or nonsudden accidental occurrence amount(s) for each facility guaranteed by this bond (indicate sudden accidental occurrence and nonsudden accidental occurrence amounts separately)]:

Total penal sum of bond: $ [Amount]

Surety's bond number: $ [Number]

Know All Persons By These Presents, That we, the Principal and Surety(ies) hereto are firmly bound to the Department of Environmental Quality Engineering of the Commonwealth of Massachusetts, hereinafter called the Department, in the above penal sum, for the payment of which we bind ourselves, our heirs, executors, administrators, successors, and assigns jointly and severally; provided that, where the Surety(ies) are corporations acting as co-sureties, we, the Sureties, bind ourselves in such sum "jointly and severally" only for the purpose of allowing a joint action or actions against any or all of us, and for all other purposes each Surety binds itself, jointly and severally with the Principal, for the payment of such sum only as is set forth opposite the name of such Surety, but if no limit of liability is indicated the limit of liability shall be the full amount of the penal sum.

Whereas said Principal is required, pursuant to M.G.L. c. 21C and 310 CMR 30.000, to have a license or interim status in order to own or operate each facility identified above, and Whereas said Principal is required, pursuant to 310 CMR 30.908, to demonstrate financial responsibility for bodily injury and property damage to third parties caused by each sudden accidental occurrence, or each sudden accidental occurrence and each nonsudden accidental occurrence, as a condition of the license or interim status, and Whereas the amount of such financial responsibility that must be demonstrated is $3-million per each sudden accidental occurrence with an annual aggregate of at least $6-million, exclusive of legal defense costs, and $5-million per each nonsudden accidental occurrence with an annual aggregate of at least $10-million, exclusive of legal defense costs.

Whereas said Principal is required, pursuant to 310 CMR 30.908, to retain a Claims Administrator to carry out the responsibilities of the "Claim Administrator" as set forth in 310 CMR 30.900, as in effect as of the date first written above.

NOW, THEREFORE, the condition of this obligation is such that if, while this bond is in effect, the Principal shall pay, up to the limits set forth above, for bodily injury and property damage caused by accidental occurrences arising from operation of any facility identified above, as set forth in 310 CMR 30.908, then this bond shall be null and void; otherwise it is to remain in full force and effect,

Or, if the Principal shall establish and fund the standby trust fund in such amount(s) within 15 days after the Department or a court of competent jurisdiction issues an order to do so,

Or, if the Principal shall provide alternate financial assurance, as specified in 310 CMR 30.908(1) or (2) as applicable, and obtain the Department's written approval of such assurance, within 90 days after receipt of notice of cancellation by both the Principal, the Claims Administrator, and the Department from the Surety(ies), then this obligation shall be null and void, otherwise it is to remain in full force and effect.

The Surety(ies) shall become liable on this bond obligation only when the Principal has failed to fulfill the conditions described above. Upon notification by the Claims Administrator or the Department that the Principal has failed to perform as guaranteed by this bond, the Surety(ies) shall fulfill this obligation. However, no liability shall attach to the Surety(ies) hereunder until the Principal, the Claims Administrator, or the Department notifies the Surety(ies) of a possible claim for bodily injury and/or property damage caused by accidental occurrences arising from operation of the facility(ies) identified above. Such notice shall automatically extend, for a period of six years, the obligation of the Surety(ies) to pay for bodily injury and property damage caused by such accidental occurrences prior to the date upon which this Surety Bond would otherwise have been terminated.

The Surety(ies) shall become liable on this bond obligation only for amounts for which it (they) has (have) been presented a final judgment against the Principal for bodily injury and/or property damage caused by an accidental occurrence or occurrences arising from the operation of the facility(ies) identified above. Said judgment shall have been either (1) rendered by the highest court in the jurisdiction where the action was brought and the Principal exhausted all rights of appeal, or (2) rendered by the highest court which rendered a judgment and no appeal was made by the Principal to a higher court within the time allowed by applicable statute or rule, or (3) agreed to by the Principal.

The Surety(ies) may cancel the bond by sending notice of cancellation by certified mail to the Principal, to the Claims Administrator, and to the Department, provided, however, that cancellation shall not take effect until at least 120 days after the date of receipt of the notice of cancellation by the Principal, the Claims Administrator, and the Department, as shown by the later return receipt, and provided further that such notice shall not discharge any obligations of the Surety(ies) hereunder which may have arisen prior to the receipt of such notice.

[The following paragraph is an optional rider that may be included but is not required].

The Principal and Surety(ies) hereby agree to adjust the penal sum of the bond yearly so that it guarantees a new amount of financial responsibility for bodily injury and property damage to third parties caused by accidental occurrences, provided that the penal sum does not increase by more than 20% in any one year, and no decrease in the penal sum takes place without the written approval of the Department.

In witness Whereof, the Principal and Surety(ies) have executed this Financial Guarantee Bond and have affixed their seals on the date set forth above.

The individuals whose signatures appear below hereby certify that they are authorized to execute this surety bond on behalf of the Principal and Surety(ies) and that the wording of this surety bond is identical to the wording specified in 310 CMR 30.909(9) as in effect on the date this bond was executed.

Principal

[Signature(s)]

[Name(s)]

[Title(s)]

[Corporate seal]

Corporate Surety(ies)

[Name(s) and address(es)]

State of incorporation [Name of State]

Liability limit: $ [Amount]

[Signature(s)]

[Corporate seal]

[For every co-surety, provide signature(s), corporate seal, and other information in the same manner as for the Surety above.]

Bond premium: $ [Amount]

(10)Letters of Credit for Financial Assurance for Accidental Occurrences. A letter of credit as specified in 310 CMR 30.908(1)(d) and 310 CMR 30.908(2)(d) shall be worded as follows, except that instructions in brackets shall be replaced with the relevant information and the brackets deleted.

IRREVOCABLE STANDBY LETTER OF CREDIT Commissioner,

Department of Environmental Quality Engineering Commonwealth of Massachusetts

[Insert here the name and address of the Claims Administrator]

Dear Sir or Madam:

We hereby establish our Irrevocable Standby Letter of Credit No. [Number] in favor of the Department of Environmental Quality Engineering, 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 ($ [Amount]), available upon presentation, by the Commissioner, the Commissioner's designee, or [insert here the name of the Claims Administrator], of

(1) A sight draft, signed by either the Commissioner, the Commissioner's designee, or [insert here the name of the Claims Administrator], bearing reference to this letter of credit No. [Number], and

(2) A statement, signed by either the Commissioner, the Commissioner's designee, or [insert here the name of the Claims Administrator], and reading as follows: "I certify that the amount of the draft is payable pursuant to 310 CMR 30.908 and 30.909, regulations issued under authority of M.G.L. c. 21C."

This letter of credit is effective as of [date] and shall expire on [date at least one year later], but such expiration date shall 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 the Commissioner, [insert here the name of the Claims Administrator], and [owner's or operator's name] by certified mail that we have decided not to extend this letter of credit beyond the current expiration date. In the event such notice has been received, any unused portion of the credit shall be available upon presentation of a sight draft, signed by either the Commissioner, the Commissioner's designee, or [insert here the name of the Claims Administrator], within 120 days after the date of receipt of notification by the Commissioner, [insert here the name of the Claims Administrator], and [owner's or operator's name], as shown on the latest signed return receipt.

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 the amount of the draft in accordance with the instructions given us by the Commissioner, the Commissioner's designee, or [insert here the name of the Claims Administrator].

We certify that the wording of this letter of credit is identical to the wording specified in 310 CMR 30.909(10) as in effect on the date shown immediately below.

[Signature(s) and title(s) of official(s) of issuing institution]

[Date]

310 CMR, § 30.909