329 Ind. Admin. Code 3.1-14-37
Authority: IC 13-14-8; IC 13-22-2-4
Affected: IC 13-22-2; 40 CFR 264.151(k)
Sec. 37.
A letter-of-credit, as required in section 24(h) of this rule or 329 IAC 3.1-15-8(g) (see 329 IAC 3.1-15-10(k) ) , must be worded as follows except that the instructions in brackets are to be replaced with the relevant information and the brackets deleted:
Irrevocable Standby Letter-of-Credit
Name and Address of Issuing Institution____________________________
Commissioner
Indiana Department of Environmental Management
Dear Sir or Madam: We hereby establish our irrevocable standby letter-of-credit no. ________ in the favor of ["any and all third party liability claimants" or insert name of trustee of the standby trust fund], at the request and for the account of [owner or operator's name and address] for third party liability awards or settlements up to [in words] U.S. dollars $ ________ per occurrence and the annual aggregate amount of [in words] U.S. dollars $ ________ for sudden accidental occurrences, for third party liability awards or settlements, or for sudden accidental occurrences and third party liability awards or settlements up to the amount of [in words] U.S. dollars $ ________ per occurrence and the annual aggregate amount of [in words] U.S. dollars $ ________ for nonsudden accidental occurrences available upon presentation of a sight draft bearing reference to this letter-of-credit no. ________ and [insert either of the following, 1. or 2., if the letter-of-credit is being used without a standby trust fund]:
Certification of Valid Claim
The undersigned, as parties [insert principal] and [insert name and address of third party claimant or claimants], hereby certify that the claim of bodily injury, property damage, or bodily injury and property damage caused by a ["sudden" or "nonsudden"] accidental occurrence arising from operations of [principal's] hazardous waste treatment, storage, or disposal facility must be paid in the amount of [in words] U.S. dollars $ ________ . We hereby certify that the claim does not apply to any of the following:
This exclusion applies whether [insert principal] may be liable as an employer or in any other capacity and applies to any obligation to share damages with or repay another person who shall pay damages because of the injury to persons identified in this paragraph.
[Signature]
Grantor____________________________________
[Signature or signatures]
Claimant or Claimants__________________________________.
This letter-of-credit is effective as of [date] and will expire on [date at least one (1) year later], but such expiration date must be automatically extended for a period of [at least one (1) year] on [date] and on each successive expiration date unless, at least one hundred twenty (120) days before the current expiration date, we notify you, the IDEM commissioner, and [owner or operator] by certified mail that we have decided not to extend this letter-of-credit beyond the current expiration date.
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.
Insert the following language if a standby trust fund is not being used:
"In the event that this letter-of-credit is used in combination with another mechanism for liability coverage, this letter-of-credit must be considered [insert "primary" or "excess" coverage]."
We certify that the wording of this letter-of-credit is identical to the wording specified in 329 IAC 3.1-14-37 as such rule was constituted on the date shown immediately below.
[Signature and title of official or officials of issuing institution]
[Date]
This credit is subject to [insert "the current edition of the Uniform Customs and Practice for Documentary Credits, published and copyrighted by the International Chamber of Commerce" or "the Uniform Commercial Code"].
329 IAC 3.1-14-37