HomeMy WebLinkAbout20112375.tiff 19.1
RESOLUTION
RE: APPROVE PARTIAL CANCELLATION AND RELEASE OF COLLATERAL FOR USE BY
SPECIAL REVIEW PERMIT#1670 - NORTHERN COLORADO DISPOSAL
WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to
Colorado statute and the Weld County Home Rule Charter, is vested with the authority of
administering the affairs of Weld County, Colorado, and
WHEREAS, by Resolution dated November 12, 2008,the Board approved the application of
Lowell-Paul Dairy, Inc., 14332 County Road 64, Greeley, Colorado 80634, do Northern Colorado
Disposal,Attn: Don Frei, 337 East 8th Street, Greeley, Colorado 80631, for a Solid Waste Disposal
Site and Facility (recycling facility/transfer station) in the A (Agricultural) Zone District, on the
following described real estate, to wit:
Lot A of Recorded Exemption#449; being part of the
Section 33, Township 6 North, Range 66 West of the
6th P.M., Weld County, Colorado, and
WHEREAS, on September 21, 2009, the Board of County Commissioners of Weld County,
Colorado, approved an Improvements Agreements According to Policy Regarding Collateral for
Improvements between the County of Weld, State of Colorado, by and through the Board of County
Commissioners of Weld County, and Northern Colorado Disposal,with terms and conditions being
as stated in said agreement, and accepted Irrevocable Standby Letter of Credit No. ITIS-741345
from JP Morgan Chase Bank, N.A. Global Trade Services, 300 South Riverside Plaza, Mail Code
IL 1-0236, Chicago, Illinois 60606-0236, in the amount of$194,600.00, and
WHEREAS, staff from the Weld County Departments of Planning Services and Public Works
have conducted a visual inspection and recommend a partial release of collateral in the amount of
$187,100.00, and accepting replacement collateral from Donald and Carole Frei, 337 East 8th
Street, Greeley, Colorado 80631, in the form of personal check#7112, in the amount of$7,500.00,
to serve as Warranty Collateral for a one year period from the date of approval.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, that Irrevocable Standby Letter of Credit No. ITIS-741345, drawn on JP Morgan
Chase Bank, N.A. Global Trade Services, in the amount of$194,600.00 be, and hereby is, canceled
and released, and personal check#7112, in the amount of$7,500.00, be and hereby is, accepted
as Warranty Collateral.
BE IT FURTHER RESOLVED by the Board that the Clerk to the Board be, and hereby is,
directed to return said collateral to the appropriate issuing party.
till III Vlll' llllll llll llll Hill MBE III! IIII �I ( 1 2011-2375
3792192 09/14/2011 12:16P Weld County, CO
1 of 2 R (Hid o n 00 Steve Moreno Clerk& Recorder
CANCEL COLLATERAL- NORTHERN COLORADO DISPOSAL
PAGE 2
The above and foregoing Resolution was, on motion duly made and seconded, adopted by
the following vote on the 7th day of September, A.D., 2011.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
ATTEST: 1 d1.`�,----- " (--
Barbara Kirkmey r, Chair
Weld County Clerk to the Board pp /n - =l •
�°e '°N1J`�`can P. Qri9vay;�ro-Tem
BY: 'y t elS2.,ti-_�L �
DeputyN(-rk to the Boa �, t c �a �
Garcia
Fie
AP D O F RM: %et,
David E. Long-- A /
, ounty Attorney (.2.7 .,/
�BBuglas R'ademache
Date of signature: q - 13-/
11111111111111111111111IIII IIII 1111111 III IIII' IIII IIII 2011-2375
PL1991
3792192 09/14/2011 12:16P Weld County, CO
2 of 2 R 0.00 D 0.00 Steve Moreno Clerk & Recorder
MEMORANDUM
TO: Clerk to the Board
1861 - 2011
DATE: 8/30/2011
#!' _ FROM: Richard Hastings, Public Works Department
W E L DEC O U N T Y SUBJECT: BOCC Agenda Item: Partial Release of Collateral
Northern Colorado Disposal (USR-1670)
(PL1991, #2009-2491)
Request for Partial Release of Collateral:
The Department of Public Works received a request from the applicant, Don Frei/Northern
Colorado Disposal, Inc., requesting an inspection of the property in order to obtain the partial
release of collateral and to begin the one-year warranty period, for the improvements to the site,
located at the southwest corner of the intersection of CR 31/59th Avenue and CR 64/O Street.
Weld County Public Works Department performed a site inspection, at the above mentioned site,
and observed the following:
• All Public Works transportation related items on Exhibit A, of the Improvements
Agreement According To Policy Regarding Collateral For Improvements, Document #
2009-2491, have been completed and are found to be acceptable. The initial seeding of
vegetation, for erosion control measures, has not become established and will need to be
re-seeded during the spring of 2012.
Weld County Collateral List:
Northern Colorado Disposal (PL1991 —2009-2491 on 09/27/09)
Imps Agrmt—Irrevocable Standby Letter of Credit #ITIS-741345
from JP Morgan Chase Bank
Expires 09/01/2010 with additional 1 year,
Unless 90 days notice $194,600.00
Received notice from bank 05/26/10-LOC will not be renewed.
Amendment received 09/07/2010 Expires 09/01/2011
Recommendation:
The Departments of Public Works and Planning Services are recommending partial release of
collateral, as shown above from the Weld County Collateral List, in the amount of$187,100.00
This leaves a balance of$7,500.00 to serve as Warranty Collateral for a period of one year from
the date the Board of County Commissioners approves this request. The applicant will provide
Warranty Collateral in the form of a personal check for $7,500.00
pc: Don Carroll,Weld County Public Works
Chris Gathman,Weld County Planning Services
M:\PLANNING--DEVELOPMENT REVIEW\USR-Use by Special Review\USR-1670 Northern Co Disposal\Partial Collateral Release
(Northern Colorado Disposal USR-1670)-MEMO.docx
Richard Hastings
From: donfrei@aol.com
Sent: Monday,August 29,2011 10:12 AM
To: Richard Hastings
Subject: Warranty Collateral
Rich,
I am requesting a partial release of the collateral and acceptance of the $7,500.00 as warranty collateral for Northern
Colorado Disposal (USR-1670).
Thank you!
Most sincerely,
Don Frei
President,
Northern Colorado Disposal, Inc.
1
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DONALD D.FREI
137E g ',lire' CAROLE A.FREI
301.Ci sell iDi 970-330-3434
GREELEY,CO 80631 9118 I?-So�// 82-335/1070
DATE
•
PAY TO THE-. y�'
ORDER OF C�CQ BV J% 3 t f ia.ao
TYIZiw7 6 0DOLS00 CTS 1
DOLLARS ..:r%....
0 Union Colony Bank
1501 VITI Antral
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1170.145.5080 - .. .
FOR • . ill NP
1861 - 2011
CLERK TO THE BOARD
PHONE (970) 336-7215, Ext. 4227
FAX: (970) 352-0242
.` P. O. BOX 758
W E L D__C O U N T Y GREELEY, COLORADO 80632
I
September 14, 2011
Attn: Donald Frei
Northern Colorado Disposal
337 East 8th Street
Greeley, Colorado 80631
RE: Partial Cancellation and release of Collateral for Northern Colorado Disposal, USR#1670
Mr. Frei;
On September 7, 2011, the Board of County Commissioners approved the partial cancellation and
release of collateral for Northern Colorado Disposal, USR#1670, in the amount of$194,600,00, as
referenced above, and accepted cash collateral in the amount of$7,500.00. Enclosed is a copy of
the Resolution signed by the Board of County Commissioners. If you would like to receive a
recorded copy of the resolution, please contact the Recording Department at Weld County
Government. The original Irrevocable Standby Letter of Credit No. IT IS-741345 for$194,600.00,
has been returned to JPMorgan Chase Bank, N.A., 300 South Riverside Plaza, Mail Code IL1-0236,
Chicago, Illinois 60606-0236.
If you have questions or need additional information, please do not hesitate to contact me at (970)
336-7215, Extension 4227.
Very truly yours,
BOARD OF COUNTY COMMISSIONERS
OO
By:/aMit.f elia}
Donna J. B chler
Deputy Clerk to the Board
1861 - 2011
CLERK TO THE BOARD
PHONE (970) 336-7215, Ext. 4227
FAX: (970) 352-0242
i . P. O. BOX 758
W E L D_,C O U N T Y GREELEY, COLORADO 80632
September 14, 2011
Attn: Standby Letter of Credit Department
JPMorgan Chase Bank, N.A.
300 South Riverside Plaza
Mail Code: IL1-0236
Chicago, Illinois 60606-0236
RE: Cancellation and release of Collateral — Northern Colorado Disposal, USR#1670
To Whom it May Concern:
Attached hereto please find the Board of County Commissioners Resolution releasing the
collateral for Northern Colorado Disposal, USR #1670, in the amount of $194,60O.00, and the
original Irrevocable Standby Letter of Credit #ITIS-741345 issued by JPMorgan Chase Bank,
N.A., in the amount of $194,600.00. If you would like a recorded copy of the Resolution, you
can contact the Recording Department of the Clerk and Recorder's Office with Weld County
Government.
If you have questions or need additional information, please do not hesitate to contact me at
(970) 336-7215, Extension 4227
Very truly yours,
BOARD OF COUNTY COMMISSIONERS
By: 1iJ
Donna J. Be hler,
Deputy Clerk to the Board
d °0 1P .e P A° rS
JPMorganChase �� �y So O.jZ
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JPMorgan Chase Bank,N.A. Zr ?S ap 9p .rd
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300 South Riverside Plaza FO -
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Mail Code ILl-0236 (`� 'F
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Chicago,IL 60606-0236 e - '9/ �P
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SEP 7, �L' 2p
OUR L/C NO. : ITIS-741345
AMENDMENT NO. : 1
TO: APPLICANT:
BOARD OF COUNTY COMMISSIONERS OF NORTHERN COLORADO DISPOSAL
WELD COUNTY, COLORADO 337 E 8TH STREET
915 TENTH STREET GREELEY, CO 80631
GREELEY, CO 80631
ATTN: CLERK TO THE BOARD
IN ACCORDANCE WITH INSTRUCTIONS RECEIVED, THE ABOVE REFERENCED STANDBY
LETTER OF CREDIT HAS BEEN AMENDED AS FOLLOWS:
RECEIVER' S REFERENCE: NONREF
NEW DATE OF EXPIRY: SEPTEMBER 1, 2011
WE HEREBY RESCIND OUR PREVIOUS NOTICE OF OUR ELECTION NOT TO EXTEND THIS
LETTER OF CREDIT. THEREFORE, IN ACCORDANCE WITH THE TERMS AND CONDITIONS
HEREOF, THE EXPIRATION DATE HAS BEEN AUTOMATICALLY EXTENDED TO THE NEW
DATE OF EXPIRY INDICATED ABOVE AND THE AUTOMATIC EXTENSION PROVISION AS
CONTAINED IN THIS LETTER OF CREDIT REMAINS IN FULL FORCE AND EFFECT.
SHOULD YOU HAVE ANY QUESTIONS RELATIVE TO THIS CORRESPONDENCE, PLEASE
CONTACT OUR CUSTOMER SERVICE UNIT AT (800) 634-1969, OPTION 1, AND HAVE
THE LETTER OF CREDIT NUMBER AVAILABLE.
I R33(M Ofelia Radriguez �
Page I o(2
JPMorganChase 0
JPMorgan Chase Bank,N.A.
Global Trade Services
300 South Riverside Plaza
Mail Code IL I-0236
Chicago,IL 60606-0236
SEP 7, 2010
OUR L/C NO. : ITIS-741345
AMENDMENT NO. : 1
ALL OTHER TERMS AND CONDITIONS OF THE CREDIT REMAIN UNCHANGED.
AUTHORIZED SIGNA
83304 Ofelia Rodriguez
Page 2 of 2
JPMorganChase 0
JPMorgan Chase Bank,N.A.
Global Trade Services
300 South Riverside Plaza
Mail Code IL1-0236
Chicago,IL 60606-0236
MAY 26, 2010
L/C NO. : ITIS-741345 ITEM NO: 0004
TO:
BOARD OF COUNTY COMMISSIONERS OF
WELD COUNTY, COLORADO
915 TENTH STREET
GREELEY, CO 80631
ATTN: CLERK TO THE BOARD
RE: ITIS-741345
RE OUR L/C ITIS-741345 IN YOUR FAVOR FOR THE ACCOUNT OF NORTHERN COLORADO
DISPOSAL
IN ACCORDANCE WITH THE TERMS OF THE ABOVE REFERENCED LETTER OF
CREDIT, THE PURPOSE OF THIS LETTER IS TO NOTIFY YOU THAT THIS
LETTER OF CREDIT WILL NOT BE AUTOMATICALLY EXTENDED FOR ANY
ADDITIONAL PERIODS. THEREFORE, THIS LETTER OF CREDIT WILL EXPIRE
ON ITS CURRENT EXPIRY DATE OF SEPTEMBER 01, 2010 .
ALL CORRESPONDENCE AND ANY DRAWINGS PRESENTED ARE TO BE DIRECTED
TO OUR OFFICE AT:
300 S. RIVERSIDE PLAZA, MAIL CODE: IL1-0236 , CHICAGO, IL 60606-0236
ATTENTION: STANDBY LETTER OF CREDIT DEPARTMENT.
CUSTOMER INQUIRY NUMBERS ARE 1-800-634-1969 CHOOSE OPTION NUMBER 1 .
THIS IS A COMPUTER GENERATED ADVICE AND NO AUTHORIZED SIGNATURE IS
REQUIRED.
141841 Ofelia Rodriguez Page 1 of I
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JPMorganChase C j PAoe ty 6 0 �0 Cp1
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JPMorgan Chase Bank,N.A. �r`f �'tp p, 4., .
cs
Global Trade Services tp �P 7 f
300 South Riverside Plaza 1`� rS O
Mail Code IL1-0236 P 9,>
Chicago,IL 60606-0236 p
SEP 15,
OUR L/C NO. : ITIS-741345
IRREVOCABLE STANDBY LETTER OF CREDIT NO. ITIS-741345
DATED: SEPTEMBER 15, 2009
BENEFICIARY:
BOARD OF COUNTY COMMISSIONERS OF
WELD COUNTY, COLORADO
915 TENTH STREET
GREELEY, CO 80631
ATTN: CLERK TO THE BOARD
BY THE ORDER OF:
APPLICANT:
NORTHERN COLORADO DISPOSAL
337 E 8TH STREET
GREELEY, CO 80631
WE HEREBY ISSUE IN YOUR FAVOR OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO.
ITIS-741345 FOR THE ACCOUNT OF NORTHERN COLORADO DISPOSAL FOR AN AMOUNT OR
AMOUNTS NOT TO EXCEED IN THE AGGREGATE U.S. $194,600 .00 (ONE HUNDRED
NINETY FOUR THOUSAND SIX HUNDRED AND NO/100 U. S . DOLLARS) AVAILABLE BY
YOUR DRAFTS AT SIGHT DRAWN ON JPMORGAN CHASE BANK, N.A. , CHICAGO, IL
EFFECTIVE IMMEDIATELY AND EXPIRING AT OUR OFFICE ON SEPTEMBER 1, 2010.
FUNDS UNDER THIS LETTER OF CREDIT ARE AVAILABLE AGAINST YOUR DRAFT (S) AS
HEREIN ABOVE SET FORTH MARKED "DRAWN UNDER JPMORGAN CHASE BANK, N.A.
LETTER OF CREDIT NO. ITIS-741345" AND ACCOMPANIED BY THE FOLLOWING:
BENEFICIARY' S DATED STATEMENT, SIGNED BY AN AUTHORIZED REPRESENTATIVE OF
THE BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO, SIGNING AS
SUCH, READING AS FOLLOWS: "THE BOARD OF COUNTY COMMISSIONERS OF WELD
COUNTY, COLORADO HEREBY CERTIFIES THAT IT IS ENTITLED TO DRAW U.S . DOLLARS
(AMOUNT IN WORDS) (U.S. $ ) UNDER JPMORGAN CHASE BANK, N.A. LETTER
OF CREDIT NUMBER ITIS-741345 DATED SEPTEMBER 15, 2009 BECAUSE NORTHERN
COLORADO DISPOSAL HAS DEFAULTED ON ITS OBLIGATIONS UNDER THE IMPROVEMENTS
AGREEMENT, NORTHERN COLORADO DISPOSAL-USR-1670 DATED APRIL 3, 2009
BETWEEN NORTHERN COLORADO DISPOSAL AND THE COUNTY OF WELD, COLORADO BY
(STATE NATURE OF DEFAULT) . "
162703 Rahul Kumar Page 1 of 4
JPMorganChase C j
JPMorgan Chase Bank,N.A.
Global Trade Services
300 South Riverside Plaza
Mail Code ILI-0236
Chicago,IL 60606-0236
SEP 15, 2009
OUR L/C NO. : ITIS-741345
PARTIAL AND MULTIPLE DRAWINGS ARE PERMITTED.
IT IS A CONDITION OF THIS LETTER OF CREDIT THAT THE EXPIRATION DATE SHALL
BE AUTOMATICALLY EXTENDED WITHOUT AMENDMENT FOR ONE (1) YEAR FROM THE
EXPIRATION DATE HEREOF OR ANY FUTURE EXPIRATION DATE UNLESS AT LEAST
NINETY (90) DAYS PRIOR TO SUCH EXPIRATION DATE WE SEND NOTICE TO YOU BY
HAND DELIVERED COURIER, AT THE ADDRESS STATED ABOVE, THAT WE ELECT NOT TO
EXTEND THIS LETTER OF CREDIT FOR ANY SUCH ADDITIONAL PERIOD. HOWEVER, IN
NO EVENT WILL THIS LETTER OF CREDIT BE AUTOMATICALLY EXTENDED BEYOND THE
FINAL MATURITY DATE OF SEPTEMBER 1, 2011 . IN THE EVENT YOU RECEIVE SUCH
NOTIFICATION, YOU MAY DRAW ON US FOR THE AMOUNT AVAILABLE UNDER THE LETTER
OF CREDIT, BY PRESENTATION OF (A) A SIGHT DRAFT DRAWN ON JPMORGAN CHASE
BANK, N.A. AND (B) A DATED STATEMENT, SIGNED BY AN AUTHORIZED
REPRESENTATIVE OF THE BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY,
COLORADO, SIGNING AS SUCH, READING AS FOLLOWS: "WE HAVE RECEIVED
NOTIFICATION FROM JPMORGAN CHASE BANK, N.A. THAT LETTER OF CREDIT NO.
ITIS-741345 WILL NOT BE EXTENDED FOR A FURTHER PERIOD AND THAT NORTHERN
COLORADO DISPOSAL HAS FAILED TO REPLACE THIS LETTER OF CREDIT OR PROVIDE
OTHER ACCEPTABLE SECURITY. "
THIS LETTER OF CREDIT MAY BE CANCELLED PRIOR TO EXPIRATION PROVIDED THE
ORIGINAL LETTER OF CREDIT (ANY AMENDMENTS, IF ANY) ARE RETURNED TO
JPMORGAN CHASE BANK, N.A. , CHICAGO, IL WITH A STATEMENT SIGNED BY THE
BENEFICIARY STATING THAT THE ATTACHED LETTER OF CREDIT IS NO LONGER
REQUIRED AND IS BEING RETURNED TO THE BANK FOR CANCELLATION.
THIS LETTER OF CREDIT IS TRANSFERABLE IN WHOLE BUT NOT IN PART, AND MAY BE
TRANSFERRED ONE OR MORE TIMES, AND EXCEPT AS EXPRESSLY STATED HEREIN, IS
TRANSFERABLE IN ACCORDANCE WITH THE UCP PUBLICATION NO. 600 . ANY TRANSFER
REQUEST MUST BE PRESENTED TO US WITH THE ATTACHED FORM TOGETHER WITH THE
ORIGINAL LETTER OF CREDIT. TRANSFERS TO DESIGNATED FOREIGN NATIONALS
AND/OR SPECIALLY DESIGNATED NATIONALS ARE NOT PERMITTED AS BEING CONTRARY
TO THE U. S. TREASURY DEPARTMENT OR FOREIGN ASSETS CONTROL REGULATIONS.
TRANSFER CHARGES ARE FOR THE ACCOUNT OF THE APPLICANT.
THE CORRECTNESS OF THE SIGNATURE AND TITLE OF THE PERSON SIGNING THE
162703 Rahul Kumar Page 2 of 4
JPMorganChase 0
JPMorgan Chase Bank,N.A.
Global Trade Services
300 South Riverside Plaza
Mail Code ILI-0236
Chicago,IL 60606-0236
SEP 15, 2009
OUR L/C NO. : ITIS-741345
TRANSFER FORMS MUST BE VERIFIED BY YOUR BANK.
THIS LETTER OF CREDIT SETS FORTH IN FULL THE TERMS OF OUR UNDERTAKING, AND
SUCH UNDERTAKING SHALL NOT IN ANY WAY BE MODIFIED, AMENDED OR AMPLIFIED BY
REFERENCE TO ANY DOCUMENT, INSTRUMENT OR AGREEMENT REFERRED TO HEREIN OR
IN WHICH THIS LETTER OF CREDIT IS REFERRED TO OR TO WHICH THIS LETTER OF
CREDIT RELATES, AND ANY SUCH REFERENCE SHALL NOT BE DEEMED TO INCORPORATE
HEREIN BY REFERENCE ANY DOCUMENT, INSTRUMENT OR AGREEMENT.
WE ENGAGE WITH YOU THAT DRAFTS DRAWN UNDER AND IN CONFORMITY WITH THE
TERMS AND CONDITIONS OF THIS CREDIT WILL BE DULY HONORED ON PRESENTATION
IF PRESENTED ON OR BEFORE THE EXPIRATION AT OUR COUNTERS AT 300 SOUTH
RIVERSIDE PLAZA, MAIL CODE IL1-0236, ATTN: STANDBY LETTER OF CREDIT UNIT,
CHICAGO, IL 60606-0236. THE ORIGINAL LETTER OF CREDIT MUST ACCOMPANY THE
DOCUMENTS REQUIRED UNDER THIS CREDIT FOR ENDORSEMENT.
DRAWINGS UNDER THIS LETTER OF CREDIT PRESENTED BY TELEFACSIMILE ("FAX") TO
FAX NUMBER 312-954-2457, OR ALTERNATELY TO FAX NUMBER 214-954-0203 ARE
ACCEPTABLE, UNDER TELEPHONE PRE-ADVICE TO 312-954-5603, OR ALTERNATELY TO
1-800-634-1969, OPTION #1, PROVIDED THAT SUCH FAX PRESENTATION IS RECEIVED
ON OR BEFORE THE EXPIRY DATE ON THIS INSTRUMENT IN ACCORDANCE WITH THE
TERMS AND CONDITIONS OF THIS LETTER OF CREDIT. FURTHER PRESENTATION OF
ORIGINAL DOCUMENTS IS NOT REQUIRED.
PRESENTATIONS MADE UNDER AND IN COMPLIANCE WITH THE TERMS AND CONDITIONS
OF THIS LETTER OF CREDIT RECEIVED AT OUR OFFICE PRIOR TO 11 :00A.M. CENTRAL
TIME ON A BUSINESS DAY WILL BE DULY HONORED ON THE NEXT BUSINESS DAY.
PRESENTATIONS MADE UNDER AND IN COMPLIANCE WITH THE TERMS AND CONDITIONS
OF THIS LETTER OF CREDIT RECEIVED AT OUR OFFICE AFTER 11 :00A.M. CENTRAL
TIME ON A BUSINESS DAY WILL BE DULY HONORED ON THE SECOND BUSINESS DAY
FOLLOWING PRESENTATION. IF REQUESTED BY YOU, PAYMENT UNDER THIS LETTER OF
CREDIT MAY BE MADE BY DEPOSIT OF IMMEDIATELY AVAILABLE FUNDS INTO A
DESIGNATED ACCOUNT THAT YOU MAINTAIN WITH JPMORGAN CHASE BANK, N.A. OR BY
WIRE TRANSFER DIRECTLY TO AN ACCOUNT DESIGNATED BY BENEFICIARY. AS USED
HEREIN, THE TERM "BUSINESS DAY" MEANS ANY DAY OTHER THAN A SATURDAY,
SUNDAY, OR A DAY ON WHICH BANKS IN THE STATE OF ILLINOIS ARE AUTHORIZED OR
REQUIRED BY LAW TO BE CLOSED, AND A DAY ON WHICH PAYMENTS CAN BE EFFECTED
ON THE FEDWIRE SYSTEM.
162703 Rahul Kumar Page 3 of 4
JPMorganChase 0
JPMorgan Chase Bank,N.A.
Global Trade Services
300 South Riverside Plaza
Mail Code IL1-0236
Chicago,IL 60606-0236
SEP 15, 2009
OUR L/C NO. : ITIS-741345
THIS LETTER OF CREDIT IS GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK, AND, EXCEPT AS OTHERWISE EXPRESSLY STATED
HEREIN, TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS (2007
REVISION) , INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 600, AND IN
THE EVENT OF ANY CONFLICT, THE LAWS OF THE STATE OF NEW YORK WILL CONTROL,
WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS.
PLEASE ADDRESS ALL CORRESPONDENCE REGARDING THIS LETTER OF CREDIT TO THE
ATTENTION OF THE STANDBY LETTER OF CREDIT UNIT, 300 S. RIVERSIDE PLAZA,
MAIL CODE IL1-0236, CHICAGO, IL 60606-0236, INCLUDING THE LETTER OF CREDIT
NUMBER MENTIONED ABOVE. FOR TELEPHONE ASSISTANCE, PLEASE CONTACT THE
STANDBY CLIENT SERVICE UNIT AT 1-600-634-1969, SELECT OPTION 1, AND HAVE
THIS LETTER OF CREDIT NUMBER AVAILABLE.
AUTHORIZED SI ATURE
162703 Rahul Kumar Page 4 of 4
Request fora Full Transfer of the below
referenced Standby Letter of Credit JPMorganChase I j
Date: Reference: ITIS-741345
(Issuing Bank's Letter of Credit Number)
To: JPMorgan Chase Bank,N.A.and/or its subsidiaries and/or affiliates.
"Transferring Bank" (Advising Bank's Reference Number,if applicable)
We, the undersigned "First Beneficiary", hereby irrevocably transfer all of our rights to draw under the above referenced Letter of
Credit("Credit") in its entirety to:
(Print Name and complete address of the Transferee)"Second Beneficiary"
Advise through:
(Print Name/address of Second Beneficiary's Bank,if known-if left blank,the Transferring Bank will select the advising bank)
In accordance with UCP 600 Article 38 or ISP 98, Rule 6 regarding transfer of drawing rights (whichever set of rules the Credit is
subject to), all rights of the undersigned First Beneficiary in such Credit are transferred to the Second Beneficiary. The Second
Beneficiary shall have the sole rights as beneficiary thereof, including sole rights relating to any amendments whether increases or
extensions or other amendments and whether now existing or hereafter made. All amendments are to be advised directly to the
Second Beneficiary without necessity of any consent of or notice to the undersigned First Beneficiary.
The original Credit,including amendments to this date,is attached and the undersigned First Beneficiary requests that you endorse an
acknowledgment of this transfer on the reverse thereof. The undersigned First Beneficiary requests that you notify the Second
Beneficiary of this Credit in such form and manner as you deem appropriate, and the terms and conditions of the Credit as
transferred. The undersigned First Beneficiary acknowledges that you incur no obligation hereunder and that the transfer shall not be
effective until you have expressly consented to effect the transfer by notice to the Second Beneficiary.
If you agree to these instructions,please advise the Second Beneficiary of the terms and conditions of the transferred Credit and these
instructions.
First Beneficiary represents and warrants to Transferring Bank that (i) our execution, delivery, and performance of this request to
Transfer(a) are within our powers and have been duly authorized (b) constitute our legal, valid, binding and enforceable obligation (c)do
not contravene any charter provision, by-law,resolution, contract, or other undertaking binding on or affecting us or any of our properties
and(d)do not require any notice, filing or other action to,with, or by any governmental authority(ii)we have not presented any demand
or request for payment or transfer under the Credit affecting the rights to be transferred,and(iii)the Second Beneficiary's name and
address are correct and complete and the transactions underlying the Credit and the requested Transfer do not violate applicable
United States or other law,rule or regulation,including without limitation U.S.Foreign Asset Control regulations.
We further agree to indemnify and hold harmless you and each of your directors, officers and employees (each an"Indemnitee"and
collectively, "Indemnitees") from and against any losses, damages, liabilities, claims, costs and expenses (including reasonable
attorneys' fees)to which any Indemnitee may be subject or which any Indemnitee may incur, directly or indirectly, arising out of or
relating to(i)any breach by us of the representations and warranties herein; and (ii)our failure to remit to you, upon demand, funds
paid to us despite the Transfer.
Stby Appl Chg Rev. 06/29/2007 1
The Effective Date shall be the date hereafter on which Transferring Bank effects the requested transfer by acknowledging this
request and giving notice thereof to Second Beneficiary.
WE WAIVE ANY RIGHT TO TRIAL BY JURY THAT WE MAY HAVE IN ANY ACTION OR PROCEEDING RELATING TO
OR ARISING OUT OF THIS TRANSFER.
This Request is made subject to the same International Chamber of Commerce Publication as and if stipulated in the Credit(and the
ISP 98 if not so stipulated) and is subject to and shall be governed by the laws of the State of New York, without regard to principles
of conflict of laws. The undersigned submits to the nonexclusive jurisdiction of any state or federal court located in the Borough of
Manhattan, City of New York,New York, for itself and its property and agrees that any such court shall be a proper forum for any
action or suit brought by you.
SIGNATURE GUARANTEED
Sincerely yours, Signature(s) with title(s) conform(s) with that/those on file
with us for this individual, entity or company and signer(s)
is/are authorized to execute this agreement.
(Print Name of Bank)
(Print Name of First Beneficiary) •
(Address of Bank)
(Print Authorized Signers Name and Title)
(City,State,Zip Code)
(Authorized Signature)
(Print Name and Title of Authorized Signer)
(Print Second Authorized Signers Name and Title,if required) (Authorized Signature)
(Telephone Number)
(Second Authorized Signature,if required)
(Date)
(Telephone Number/Fax Number)
Stby Appl Chg Rev. 06/29/2007 2
U.S. Postal Service,.
CERTIFIED MAIL,. RECEIPT
--0 (Domestic Mail Only;No Insurance Coverage Provided)
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Postage $
1T1
O Certified Fee
6� Her ark n19/
C Return Receipt Fee e
(Endorsement Required)
Restreed Delivery Fee -
e0 (Endorsement Required)
r
Total Postage 8 Fees
0 Sent o
7/3 e.o _ A ilia' - e,Jz_52f4n 4ed 441.1114
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or PO Box No. /�Y'gyeSidelab, -.. Q4 .111 ,
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5 Farm 3PJ r.June 2n2 See everse i•rinsiructi•ns
SEN•E': Ce M•LETE THIS SECTI eN Ce M•LC rC ,Nis sEcn•N eN 'ELIVEIrY
• Complete Items 1,2,and 3.Also complete A Signature
item 4 if Restricted Delivery is desired. r ❑Agent
• Print your name and address on the reverse X �� 1 O Addressee
so that we can return the card to you. B. Received by(Printed Name) C. Date of Delivery
• Attach this card to the back of the mailpiece,
or on the front if space permits.
D. Is delivery address different from item 17 O Yes
1. Article Addressed to: If YES,enter delNery address below: O No
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/ IpTsmfiSA-MAIL ❑Express Mail
(A; ao 4-2 64 toolSb O Registered
Receipt for.Merchandise
O red Mail O C.O.D.
4. Restricted Delivery?(Extra Fee) 0 yes
2. Article Number
(Transfer from service labe 7005 1820 0003 5225 0655
PS Form 3811,February 2004 Domestic Retum Receipt 10016024.1-1540
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