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water quality and may use the proceeds to protect the waters of the state by entering and <br /> operating the treatment facility at the American Tunnel portal and disposing treatment residues <br /> at SGC's existing tailings pond. <br /> b. This letter of credit will provide that it is irrevocable for a minimum <br /> initial period of one year and will be automatically extended for minimum additional one-year <br /> periods unless at least ninety days prior to an expiration date, the issuing institution has <br /> provided to the Division by registered mail or by courier, notice of its election not to extend <br /> the letter of credit. <br /> C. If the financial institution elects not to extend the letter of credit, not <br /> later than forty-five days prior to its expiration, SGC will provide a letter of credit from an <br /> alternate federally chartered banking institution, its effective date to be such that there is no <br /> lapse of time in which there exists no financial surety. <br /> d. The Division will be entitled, and the letter of credit will provide that <br /> the Division will be entitled, to draw a draft under the letter of credit in the event that (1) the <br /> letter of credit will terminate or expire within the next ten business days; and (2) the Division <br /> has not received notice from SGC that an alternate letter of credit has been provided. In the <br /> event that the Division elects to draw any drafts under these circumstances, it will not be <br /> entitled to retain or use any portion of the proceeds of the drafts unless the provisions of <br /> paragraph 25a are met. Instead, the Division will immediately deposit all of the proceeds of <br /> any drafts so obtained into one or more accounts. The amounts deposited in these accounts <br /> will serve as surety for SGC's obligations pursuant to paragraph 25. The Parties will <br /> 38911-3,512196 26 <br />