43 CFR 3214.22 - What must I do if I want to use a letter of credit to back my bond?
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Your letter of credit must:
(a) Be issued by a Federally-insured financial institution authorized to do business in the United States;
(c) Be irrevocable during its term and have an initial expiration date of no sooner than 1 year after the date we receive it;
(d) Be automatically renewable for a period of at least 1 year beyond the end of the current term, unless the issuing financial institution gives us written notice, at least 90 days before the letter of credit expires, that it will no longer renew the letter of credit; and
(e) Include a clause authorizing the Secretary of the Interior to demand immediate payment, in part or in full:
(i) If you do not meet your obligations under the requirements of § 3200.4; or
Title 43 published on 2013-10-01
no entries appear in the Federal Register after this date.