REP32793 - Laserfiche WebLink

Home Browse Search

Each sight draft so drawn and presented shall be honored by us if presented prior to the close of business on the expiration date of this letter of credit. This credit refers to Thornburg Family Limited Partnership application for a permit to engage in mining and reclamation activities within the State of Colorado. it is an express condition of this letter of credit that it shall be automatically extended for successive additional periods of one year each, from the initial and each future expiration date unless the First National Bank of Strasburg ("the Bank") shall notify the Director at least 90 days prior to an expiration date in writing by registered mail, at the above address, that the Bank elects not to extend the credit for such additional period. In such event, in addition to his power to draw hereon under the preceding paragraphs, the Director may draw the full or any lesser amount hereof at any time prior to such expiration date by sight draft, or drafts, accompanied by the written statement of the Director certifying that the amount drawn will be held as a cash deposit in lieu of financial warranty, as provided in applicable Colorado statutes governing mined land and reclamation. The original signed letter of credit will be presented to the bank by the beneficiary along with any draft presented pursuant to this letter of credit, and will be surrendered to the Bank with any draft whcih draws the full amount, or the balance remaining available, under this letter of credit. If any expiration date specified herein shall fall upon a day other than a regular business day of the Bank, the expiration date shall ipso facto be extended to the close of business on the next successive business day of the Bank. The First National Bank of Strasburg BY % ~/~ ~...-~~ Date December 9, 1998 Eric R: arnett, Executive Vice President