Regulations and Related Reporting and Recording Requirements - Packers and Stockyards Programs-Business

Instructions to Complete

Irrevocable, Transferable, Standby Letter of Credit

Form P&SP-2600

When you, as a packer, market agency, or dealer, provide a trust agreement to meet the bonding requirements of the Packers and Stockyards Act, 1921, as amended and supplemented, one or more irrevocable, transferable, standby letters of credit, issued by a Federally-insured bank or institution, must also be executed to cover your operation with the Packers and Stockyards Program.

A letter of credit issued toward a trust agreement requires complete and correct information to be submitted to the Packers and Stockyards Program on Form P&SP-2600. If any information is missing or incorrect, the Packers and Stockyards Program will return the letter of credit form to the issuing bank or institution for completion or correction.

Operating without proper registration and bond may subject the principal to severe penalties under law, including a fine of not more than $11,000 for each violation.

Submission instructions for the bank: After completing the letter of credit, send two fully executed copies with original signatures to the appropriate regional office of the Packers and Stockyards Program as listed below. If you are named as trustee, you may keep one copy of the letter of credit for your files, and mail the remaining copy to the regional office. The states covered by each regional office are listed below their address.

Regional Offices of the Packers and Stockyards Program Grain Inspection, Packers and Stockyards Administration
Eastern Regional Office Suite 230 75 Spring Street Atlanta, GA 30303-3308 Telephone: (404) 562-5840 FAX: (404) 562-5848 E-mail: [email protected]	Western Regional Office 3950 Lewiston St., Suite 200 Aurora, CO 80011-1556 Telephone: (303) 375-4240 FAX: (303) 371-4609 E-mail: [email protected]	Midwestern Regional Office Room 317 210 Walnut Street Des Moines, IA 50309-2110 Telephone: (515) 323-2579 FAX: (515) 323-2590 E-mail: [email protected]
States Covered	States Covered	States Covered
AL, AR, CT, DC, DE, FL, GA, LA, MA, MD, ME, MS, NC, NH, NJ, NY, PA, RI, SC, TN, VA, VT, WV	AK, AZ, CA, CO, HI, ID, KS, MT, NM, NV, OK, OR, TX, UT, WA, WY	IA, IL, IN, KY, OH, MI, MO, MN, ND, NE, SD, WI

If you have any questions about the form or completing the form, please contact the regional office of the Packers and Stockyards Program listed above.

The financial institution providing the Irrevocable, Transferable, Standby Letter of Credit completes lines 1 through 15 and signs line 15.

Line No.	Subject	Instruction
1	Issuing Bank Address And Telephone Number	Enter the name, branch division, department, address, and telephone number of the issuing Federally-insured bank or institution.
2	Letter Of Credit Number	Enter the number assigned to the irrevocable, transferable, standby letter of credit, hereinafter known as “letter of credit”, by the issuing bank or institution.
3	Amount	Enter the full amount for which the letter of credit has been executed.
4	Date	Enter the date the letter of credit was issued.
5	Trustee’s Name	Enter the name of the trustee named to the trust fund agreement. A trustee must be a financially responsible, disinterested person. Some States require that a State agency or official be named as trustee. A trustee MUST ALWAYS be named for a trust fund agreement and accompanying letter of credit. See the separate Trustee and Contact Information package for descriptions of suitable trustees and State trustee information.
6	Effective Date of Trust Agreement	This item must be completed with the original effective date of the trust agreement. You may reference line 5 of Trust Agreement Form P&SP-2300 for the effective date of the corresponding trust agreement.
7	Principal Name	Enter the full name of the principal. The principal’s name must match the name under which the principal is registered with the Packers and Stockyards Programs. For example, John Doe might be registered as: John Doe OR John Doe Livestock, Inc. OR John Doe Livestock Co., L.L.C. OR John Doe d.b.a. John Doe Livestock Company. OR John Doe and Sam Doe d.b.a. Doe Livestock, OR John Doe and Sam Doe.
8	Name Of Bank/Institution	Enter the name of the bank or financial institution. This is the same as listed in item 1.
9	Letter of Credit Number	Enter the identifying number issued by the bank for the letter of credit. This is the same as listed in item 2.
10	Effective Date of Letter of Credit	Enter the effective date of the letter of credit. This is the same as listed in item 4.
11	Amount	Enter the full amount of the letter of credit. This is the same as listed in item 3.
12	Effective Date of Trust Agreement	Enter the effective date of the trust agreement. This is the same as listed in item 6.
13	Name of Principal	Enter the full name of the principal. This is the same as listed in item 7.
14 a and b	Conditions of Withdrawal	Enter the expiration date of the letter of credit in either 14(a) or 14(b). Use 14(a) when the letter of credit need not be presented, and any drawer, endorser, or bona fide holder of the drafts may be honored with a signed statement of appropriate notation of the withdrawal. Use 14(b) when the letter of credit must be presented and endorsed before withdrawal of the funds. Be reminded that the funds available under this letter of credit may not be withdrawn and released without the written approval of the Deputy Administrator of the Packers and Stockyards Program.
15 a through d	Authorized signature	An authorized officer of the bank must sign the letter of credit, and state his/her name, where indicated. Also, enter the name, title, and telephone number of the person signing the form.

P&SP-2600-i August 2007 Page 2 of 2