N.Y. Comp. Codes R. & Regs. tit. 11 § 79.7
Current through Register Vol. 46, No. 51, December 18, 2024
Letters of credit or confirmations issued on or after the effective date of this Part [December 30, 1987] which meet all of the conditions set forth in this Part on the date of issuance but where the issuing or confirming bank no longer meets the standards for a qualified bank after the issuance of the letters of credit or confirmations will continue to be acceptable to this department until the occurrence of the earlier of their stated expiration date, next extension or renewal date, modification or amendment.
N.Y. Comp. Codes R. & Regs. Tit. 11 § 79.7