A
telecopy of such statement shall be acceptable.
3.
It is a condition of this Irrevocable Standby Letter of Credit
that it shall be considered automatically extended without
amendment for an additional period of one (1) year from the
present or any future expiry date unless we notify you in
writing not less than ninety (90) days before such date that
we elect not to extend this Letter of Credit for such additional
term, such notice to be sent by registered mail to you at
the address herein. Upon receipt by you of such notice, you
may draw on us at sight for the balance remaining under this
Letter of Credit within the then applicable expiry date. In
the event of an Act of God, riot, civil commotion, war or
any other cause that interrupts our business (collectively,
an "Interruption Event") and causes the place for
presentation of this Letter of Credit to be closed for business
on the last day for presentation, the expiry date shall be
automatically extended without amendment to a date thirty
(30) calendar days after the place for presentation reopens
for business.
4.
Partial Drawings under this Letter of Credit are permitted.
5.
For the purposes of this Letter of Credit, Shipper shall deemed
to be in default of its obligations to GAS TRANSMISSION NORTHWEST
CORPORATION 30 days after Shipper fails to make a payment
to GAS TRANSMISSION NORTHWEST CORPORATION when due.
6.
This Credit shall be transferable, as directed by an authorized
representative of GAS TRANSMISSION NORTHWEST CORPORATION,
in compliance with Article 48 of UCP 500.
We
hereby engage you that a draft drawn under and in compliance
with the terms and conditions of this Letter of Credit will
be duly honored by us if presented at this office or by registered
mail on or before the current expiration date of [Date], or
any future applicable expiry date as described herein.
Draft
presentation before 9:00 AM Pacific Time on any Business Day
shall be honored before 5:00 PM Pacific Time on the same Business
Day by wire transfer in immediately available funds to any
account designated by an authorized representative of the
beneficiary (or any other reasonable means specified by an
authorized representative of the beneficiary). Draft presentation
after 9:00 AM Pacific Time and before 5:00 PM Pacific Time
on any Business Day shall be honored on the following Business
Day in immediately available funds to any account designated
by an authorized representative of the beneficiary). As used
in this Credit, the term "Business Day" shall mean
a day other than Saturday or Sunday or any other day in which
Banking Institutions in the State of [Name of State] are authorized
or required by law to close.
This
Letter of Credit sets forth in full the terms of our undertaking,
and such undertaking shall not in any way be modified, amended,
amplified or limited by reference to any document, instrument
or agreement referred to herein or to which this Letter of
Credit relates, any such reference shall not be deemed to
incorporate herein by reference any document, instrument or
agreement.
Except
to the extent the terms hereof are inconsistent with its provisions,
in which case this Letter of credit shall govern, this Letter
of Credit is subject to the Uniform Customs and Practice for
Documentary Credits (1993 Revision), the International Chamber
of Commerce Publication No. 500.