LETTERHEAD STATING THAT THE LETTER OF CREDIT IS NO LONGER REQUIRED AND
IS BEING RETURNED FOR CANCELLATION.
7. THIS LETTER OF CREDIT IS TRANSFERABLE BY THE CONFIRMING BANK, ONE OR MORE
TIMES, BUT IN EACH INSTANCE ONLY TO A SINGLE BENEFICIARY AS TRANSFEREE AND ONLY
UP TO THE THEN AVAILABLE AMOUNT IN FAVOR OF ANY NOMINATED TRANSFEREE
('TRANSFEREE'), ASSUMING SUCH TRANSFER TO SUCH TRANSFEREE WOULD BE IN COMPLIANCE
WITH THEN APPLICABLE LAW AND REGULATION, INCLUDING BUT NOT LIMITED TO THE
REGULATIONS OF THE U.S. DEPARTMENT OF TREASURY AND U.S. DEPARTMENT OF COMMERCE.
AT THE TIME OF TRANSFER, THE ORIGINAL LETTER OF CREDIT AND ORIGINAL
AMENDMENT(S), IF ANY, MUST BE SURRENDERED TO THE CONFIRMING BANK AT THEIR
ADDRESS AS DESIGNATED BY THEM.
8. APPLICANT SHALL PAY ANY TRANSFER FEE ASSOCIATED WITH THIS LETTER OF CREDIT.
HOWEVER, THE PAYMENT OF SUCH TRANSFER FEE SHALL NOT BE A CONDITION FOR THE
TRANSFER OF THIS LETTER OF CREDIT
9.
ALL DRAFTS, DOCUMENTS, INSTRUCTIONS AND COMMUNICATIONS PERTINENT TO THIS LETTER
OF CREDIT MUST BE PRESENTED TO THE OFFICE OF THE CONFIRMING BANK AT 452 FIFTH
AVE., 15TH FLOOR, NEW YORK, NEW YORK, 10018, ATTENTION: STANDBY LETTER OF CREDIT
DEPARTMENT, OR AT ANY OTHER OFFICE IN NEW YORK, NEW YORK WHICH MAY BE DESIGNATED
BY CONFIRMING BANK'S WRITTEN NOTICE DELIVERED TO THE BENEFICIARY.
10. ANY PAYMENT EFFECTED UNDER THIS STANDBY LETTER OF CREDIT WILL
AUTOMATICALLY REDUCE OUR COMMITMENT HEREUNDER.
11. WE HEREBY AGREE THAT DRAFTS DRAWN UNDER AND IN ACCORDANCE WITH THE TERMS
AND CONDITIONS OF THIS LETTER OF CREDIT SHALL BE DULY HONORED UPON PRESENTATION
TO THE ADVISING/CONFIRMING BANK, ON OR BEFORE THE EXPIRATION OF THIS LETTER OF
CREDIT OR ANY EXTENDED EXPIRATION DATE.
12. IF ANY INSTRUCTIONS ACCOMPANYING A DRAWING UNDER THIS LETTER OF CREDIT
REQUEST THAT PAYMENT IS TO BE MADE BY TRANSFER TO YOUR ACCOUNT WITH ANOTHER
BANK, THE CONFIRMING BANK WILL ONLY EFFECT SUCH PAYMENT BY FED WIRE TO A U.S.
REGULATED BANK, AND CONFIRMING BANK AND/OR SUCH OTHER BANK MAY RELY ON AN
ACCOUNT NUMBER SPECIFIED IN SUCH INSTRUCTIONS EVEN IF THE NUMBER IDENTIFIES A
PERSON OR ENTITY DIFFERENT FROM THE INTENDED PAYEE.
13. WE WILL PROVIDE HSBC BANK WRITTEN NOTICE VIA SWIFT OR AUTHENTICATED TELEX
AT LEAST NINETY (90) DAYS PRIOR TO THE THEN CURRENT EXPIRATION DATE IF WE ELECT
NOT TO EXTEND/RENEW THE EXPIRATION DATE OF THIS STANDBY LETTER OF CREDIT.
:71B
Charges:
APPLICANT
:49
Confirmation Instructions:
CONFIRM
-8-
:78
Instructions to the Paying/Accepting/Negotiating Bank:
+ UPON RECEIPT OF ANY DRAWING IN STRICT COMPLIANCE WITH THE TERMS AND
CONDITIONS OF THIS STANDBY LETTER OF CREDIT WE WILL REMIT PAYMENT IN ACCORDANCE
WITH YOUR INSTRUCTIONS AFTER YOUR AUTHENTICATED SWIFT OR TESTED TELEX ADVISE TO
US ADVISING US OF AMOUNT DRAWN AND THAT ALL DOCUMENTS ARE BEING SENT VIA
OVERNIGHT COURIER TO SILICON VALLEY BANK, 3003 TASMAN DRIVE, SANTA CLARA, CA
95054, ATTN: GLOBAL FINANCIAL SERVICES, STANDBY LETTER OF CREDIT DEPT.
:72 Sender to Receiver Information:
SUBJECT TO THE INTERNATIONAL STANDBY PRACTICES, ('ISP98'), ICC PUBLICATION NO.
590 AND ENGAGES