STANDBY LETTER
OF CREDIT NUMBER _____________________
DATE OF ISSUE: OCTOBER ___, 2010
APPLICANT:
BENEFICIARY:
TEMPTRONIC CORPORATION
[INSERT ADDRESS]
AMB-SGP SEATTLE/BOSTON, LLC
60 STATE STREET
BOSTON, MASSACHUSETTS 02109
EXPIRY DATE: _____________________, 2011
AVAILABLE AMOUNT: MAXIMUM USD 200,000 TWO
HUNDRED THOUSAND AND 00/100 US DOLLARS
DEAR SIR(S) OR MADAM(S):
WE HEREBY ISSUE IN YOUR FAVOR OUR IRREVOCABLE STANDBY LETTER OF CREDIT WHICH IS
AVAILABLE AGAINST YOUR DRAFT DRAWN AT SIGHT ON US ACCOMPANIED BY THE FOLLOWING:
-
A STATEMENT, PURPORTEDLY SIGNED BY THE BENEFICIARY, CERTIFYING THAT THE
BENEFICIARY IS ENTITLED TO THE AMOUNT DRAWN UNDER THIS LETTER OF CREDIT PURSUANT
TO THE TERMS AND CONDITIONS OF THAT CERTAIN LEASE DATED OCTOBER ____, 2010
BETWEEN BENEFICIARY AND TEMPTRONIC CORPORATION PERTAINING TO 35-41 HAMPDEN ROAD,
MANSFIELD, MASSACHUSETTS (THE "LEASE").
-
ORIGINAL OF THIS LETTER OF CREDIT.
FULL OR PARTIAL DRAWINGS ARE PERMITTED
DRAFTS DRAWN UNDER THIS LETTER OF CREDIT MUST BE PRESENTED TOGETHER WITH THE
ACCOMPANYING DOCUMENTATION AT OUR OFFICE AT
_______________________________________ ATTN:___________________________ NOT
LATER THAN FINAL EXPIRY DATE: AUGUST 31, 2021.
ALL DRAFTS MUST BE MARKED "DRAWN UNDER __________________________ BANK LETTER OF
CREDIT NUMBER _______________, DATED ________________________".
WE HEREBY ENGAGE WITH YOU THAT ALL PRESENTATIONS MADE UNDER AND IN COMPLIANCE
WITH THE TERMS OF THIS LETTER OF CREDIT WILL BE DULY HONORED WITHOUT INQUIRY AS
TO THE ACCURACY THEREOF AND REGARDLESS OF WHETHER APPLICANT DISPUTES THE CONTENT
OF BENEFICIARY'S STATEMENT. NOTICE OF DISCREPANCIES SHALL BE PROVIDED TO
BENEFICIARY ON THE DATE OF PRESENTATION AND WE HEREBY WAIVE OUR RIGHT TO WAIT
FIVE (5) BANKING DAYS PURSUANT TO ARTICLE 14(b) OF THE ICC UNIFORM CUSTOMS AND
PRACTICE FOR DOCUMENTARY CREDITS (2007 REVISION).
OUR OBLIGATION UNDER THIS LETTER OF CREDIT IS THE INDIVIDUAL OBLIGATION OF THE
BANK, IN NO WAY CONTINGENT UPON REIMBURSEMENT WITH RESPECT THERETO, OR UPON OUR
ABILITY TO PERFECT ANY LIEN OR SECURITY INTEREST. FURTHER, OUR OBLIGATION IS NO
WAY CONTINGENT UPON YOUR OBLIGATION UNDER ANY GUARANTY OR SURETY BOND FOR WHICH
THIS LETTER OF CREDIT IS OR MAY BE GIVEN AS FULL OR PARTIAL COLLATERAL.
IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE AUTOMATICALLY
EXTENDED WITHOUT AMENDMENT FOR ADDITIONAL 12 MONTH PERIODS FROM THE PRESENT OR
EACH FUTURE EXPIRATION DATE, UNLESS AT LEAST 60 DAYS PRIOR TO THE CURRENT EXPIRY
DATE WE SEND NOTICE IN WRITING TO YOU VIA CERTIFIED MAIL, RETURN RECEIPT
REQUESTED, OR VIA HAND DELIVERY AT THE ABOVE ADDRESS, THAT WE ELECT NOT TO
AUTOMATICALLY EXTEND THIS LETTER OF CREDIT FOR ANY ADDITIONAL PERIOD. HOWEVER IN
NO EVENT SHALL THIS LETTER OF CREDIT BE AUTOMATICALLY EXTENDED BEYOND THE FINAL
EXPIRY DATE OF AUGUST 31, 2021. UPON SUCH NOTICE TO YOU, YOU MAY DRAW ON US AT
SIGHT FOR AN AMOUNT NOT TO EXCEED THE BALANCE REMAINING IN THIS LETTER OF CREDIT
WITHIN THE THEN-APPLICABLE EXPIRY DATE, BY YOUR PRESENTATION OF YOUR DRAFT AND
DATED STATEMENT PURPORTEDLY SIGNED BY ONE OF YOUR OFFICIALS READING AS FOLLOWS:
"THE AMOUNT OF THIS DRAWING USD . . . . . . . . . . . UNDER