Irrevocable Unconditional Letter Of Credit (Page 2 of 5) in pdf

business day if June 30 falls on a Saturday, Sunday, or legal holiday, at the office identified below

or the office identified in a transmittal letter with this document. Any sight draft may be presented

to us by electronic, reprographic, computerized or automated system but must visibly bear the word

“original”. If the document is signed, the signature may consist of (or may appear to us as) an

original handwritten signature, a facsimile signature, or any other mechanical or electronic method

of authentication.

The Beneficiary, through the Director, Deputy Director, or Chief of Operations, shall submit (1) a

certificate with the sight draft certifying that the Alaska fisheries business tax liabilities as

determined by the Beneficiary, in whole or in part, for the tax year are due, delinquent and remain

unpaid, and (2) a copy of this letter of credit and any subsequent amendments, if any. An

acceptable example is attached as Exhibit B.

Payment to Beneficiary shall be made by wire transfer (at no cost to Beneficiary) through the

Federal Reserve wire transfer system. Account information required to initiate the wire transfer

shall be obtained from Beneficiary at 907-465-2321. Applicant shall give notice of the wire transfer

to Beneficiary by facsimile at 907-465-4019 or email at dor.trs.cashmgmt@alaska.gov by 2:00 p.m.

on the business day prior to the wire transfer.

This letter of credit may not be assigned except with the consent of the Issuer and Beneficiary. The

Issuer shall give prompt notice to the Applicant and Beneficiary of any action filed alleging the

insolvency or bankruptcy of the Issuer, or alleging any violations of regulatory requirements which

are reasonably likely to result in suspension or revocation of the Issuer’s charter or license to do

business.

Any dispute arising out of the interpretation and enforcement of this letter of credit shall be resolved

under the laws of Alaska in the Superior Court for the State of Alaska located in Juneau, Alaska.

This letter of credit is subject to the Uniform Customs and Practice for Documentary Credits, 1993

Revision, International Chamber of Commerce Publication No. 500, to the extent not inconsistent

with the plain language contained in this letter of credit or the provisions of Alaska law.

IRREVOCABLE UNCONDITIONAL LETTER OF CREDIT

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Irrevocable Unconditional Letter Of Credit Page 2