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

Instructions to Complete

Automatic Renewal Rider Form for

Irrevocable, Transferable, Standby Letter of Credit

Form P&SP-2610

When you, as a packer, market agency or dealer provide an automatic renewal rider to the Irrevocable, Transferable, Standby Letter of Credit, issued as collateral for your trust agreement to meet the bonding requirements of the Packers and Stockyards Act, 1921, as amended and supplemented, form P&SP-2610 should be provided to the issuing bank for execution.

A letter of credit requires complete and correct information to be submitted to the Packers and Stockyards Program on forms P&SP-2600 and P&SP-2610 (if applicable). If any information is missing or incorrect, the Packers and Stockyards Program will return the letter of credit or automatic renewal rider form to the issuing bank for completion or correction.

Penalties for operating without proper registration and bond include a fine of not more than $11,000 for each violation.

Submission instructions for the bank: After completing the automatic renewal rider, 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 rider 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: PSPAtlantaGA.GIPSA@usda.gov	Western Regional Office 3950 Lewiston St., Suite 200 Aurora, CO 80011-1556 Telephone: (303) 375-4240 FAX: (303) 371-4609 E-mail: PSPDenverCO.GIPSA@usda.gov	Midwestern Regional Office Room 317 210 Walnut Street Des Moines, IA 50309-2110 Telephone: (515) 323-2579 FAX: (515) 323-2590 E-mail: PSPDesMoinesIA.GIPSA@usda.gov
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 appropriate regional office of the Packers and Stockyards Program listed above.

The Bank must complete Items 1 through 6 and sign Item 7.

Line No.	Subject	Instruction
1	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 Program. 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.
2	Letter of Credit Number	List the referenced letter of credit number, to which you are issuing the automatic renewal rider, as assigned by the issuing bank.
3	Length of Extension	Enter the length of time for which the letter of credit will be automatically renewed by the rider. For example, enter “One Year or “12 Months.” The rider will amend the referenced letter of credit for an indefinite period, until such time as the bank elects not to renew the letter, and notifies the Regional Office by certified mail. An automatic renewal rider form should not be used if the bank desires to extend the letter of credit to a specific, referenced date (for example, for a 12 month period to expire at the end of that time). In that circumstance, the bank may issue an amendment on its letterhead, referencing the full name of the principal, the effective date and number of the letter of credit, and the date the letter of credit will expire.
4	Name of Bank, City, State	Enter the name of the bank and the city and state where it is located.
5	Telephone Number	Enter the telephone number of the bank that issued the letter of credit.
6	Date Issued	Enter the date the rider was executed by the bank.
7	Authorized Signature	An authorized officer of the bank must sign the automatic renewal form.

Form P&SP-2610-i August 2007 Page 2 of 2