122 Neb. Admin. Code, ch. 13, § 007 - Irrevocable standby letters of credit shall be subject to the following conditions

007.01 The letter shall be payable to the State of Nebraska in part or in full upon demand and receipt from the Director of a notice of forfeiture pursuant to section 011 of this Chapter.
007.02 The letter shall contain terms which authorize the Director to draw upon the letter, in full, to obtain cash collateral in the event the owner or operator has failed to furnish replacement financial assurance at least 30 days prior to the expiration of the letter, and shall be worded as specified in Appendix III.
007.03 The total amount of letters of credit that will be accepted from any bank for any owner or operator, on all permits held by the owner or operator, shall not exceed the bank's maximum legal lending limit as required by the Nebraska Department of Banking or Federal banking regulatory agency.
007.04 The bank shall give prompt notice to the owner or operator and the Director of any notice received or action filed alleging the insolvency or bankruptcy of the bank, or alleging any violations of regulatory requirements which could result in suspension or revocation of the bank's charter or license to do business;
007.05 In the event the bank becomes unable to fulfill its obligations under the letter of credit for any reason, notice shall be given immediately to the owner or operator and the Director.
007.06 Upon the incapacity of a bank by reason of bankruptcy, insolvency, or suspension or revocation of its charter or license, the owner or operator shall obtain a replacement financial assurance within 45 days. Failure of the owner or operator to obtain replacement financial assurance shall result in revocation of its permit.


122 Neb. Admin. Code, ch. 13, § 007

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