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draw hereon under the preceding paragraphs, the Director may draw the full or any lesser amount <br />hereof at any time prior to such expiration date by sight draft, or drafts, accompanied by the <br />written statement of the director certifying that the amount drawn will be held as a cash deposit <br />in lieu of financial warranty, as provided in applicable Colorado statures governing mined land <br />and reclamation. <br />This Irrevocable Standby Letter of Credit is not transferable. <br />Partial drawings are permitted. The amount of each draft shall be endorsed on the reverse <br />hereof by the negotiating bank and shall automatically reduce the stated amount of this <br />Irrevocable Standby Letter of Credit by the amount of such partial draw. We hereby agree that <br />this Irrevocable Standby Letter of Credit shall be duly honored upon presentation and delivery of <br />the documents specified above. <br />Except as expressly stated herein, this undertaking is not subject to any agreement, <br />condition, or qualification. The obligation of Community Banks of Colorado under this Letter of <br />Credit is our individual obligation and is in no way contingent upon reimbursement with respect <br />thereto. <br />This Irrevocable Standby Letter of Credit sets forth the full terms of our understanding <br />which shall not in any way be modified or amended without our prior written consent. <br />We hereby agree with you that drafts drawn under and in compliance with the terms of <br />this Irrevocable Standby Letter of Credit will be duly honored if presented to us on or before the <br />Expiry Date set forth above. <br />Except so far as otherwise expressly stated, this Irrevocable Standby Letter of Credit is <br />subject to and governed by International Standby Practices (ISP98), International Chamber of <br />Commerce Publication 590, or any subsequent revision thereto; this Irrevocable Standby Letter <br />of Credit shall be deemed to be issued under the laws of the State of Colorado and shall as to <br />matters not governed by said International Standby Practices, be governed by and construed in <br />accordance with the laws of the State of Colorado. <br />Very truly yours, <br />COMMUNITY BAND'S OF COLORADO <br />By: <br />Name: vt <br />Title: k <br />Letter of Credit