CREDIT BE EXTENDED
BEYOND THE FINAL EXPIRY DATE OF [
] ANY
SUCH NOTICE SHALL BE EFFECTIVE WHEN SENT BY US AND UPON SUCH NOTICE TO YOU, YOU
MAY DRAW DRAFTS ON US AT SIGHT FOR AN AMOUNT NOT TO EXCEED THE BALANCE REMAINING
IN THIS LETTER OF CREDIT WITHIN THE THEN APPLICABLE EXPIRY DATE, ACCOMPANIED BY
YOUR DATED STATEMENT PURPORTEDLY SIGNED BY ONE OF YOUR OFFICIALS READING: "THE
AMOUNT OF THIS DRAWING USD
UNDER [BANK NAME] LETTER OF
CREDIT NUMBER [
] REPRESENTS FUNDS DUE US AS WE HAVE RECEIVED
NOTICE FROM [BANK NAME] OF THEIR DECISION NOT TO EXTEND LETTER OF CREDIT NUMBER
[
] FOR AN ADDITIONAL YEAR."
Authorized Signature
....CONTINUED....
[Bank Name]
[Bank Name]
[Bank Address]
ISSUE DATE: [
]
L/C NO.: [
]
Cable Address: [
]
Advising Bank
APPLICANT: [
]
***************DIRECT*******************
Beneficiary
400 MADISON AVENUE OWNER LLC
AMOUNT: USD[
]
c/o MACKLOWE MANAGEMENT LLC
767 FIFTH AVENUE - 21ST FLOOR
[AMOUNT IN
WORDS] NEW YORK, NEW YORK 10153
(UNITED STATES DOLLARS)
THIS LETTER OF CREDIT IS TRANSFERABLE IN ITS ENTIRETY (BUT NOT IN PART) AND
[BANK NAME] ONLY IS AUTHORIZED TO ACT AS THE TRANSFERRING BANK.
WE SHALL NOT RECOGNIZE ANY TRANSFER OF THIS LETTER OF CREDIT UNTIL THIS ORIGINAL
LETTER OF CREDIT TOGETHER WITH ANY AMENDMENTS AND A SIGNED AND COMPLETED
TRANSFER FORM SATISFACTORY TO US IS RECEIVED BY US. TRANSFER FEES ARE FOR THE
ACCOUNT OF THE APPLICANT.
TRANSFER FORMS ATTACHED.
THE CORRECTNESS OF THE SIGNATURE AND TITLE OF THE PERSON SIGNING THE TRANSFER
FORMS MUST BE VERIFIED BY YOUR BANK.
IN CASE OF ANY TRANSFER UNDER THIS LETTER OF CREDIT, THE DRAFT AND ANY REQUIRED
STATEMENT MUST BE EXECUTED BY THE TRANSFEREE.
THIS LETTER OF CREDIT MAY NOT BE TRANSFERRED TO ANY PERSON WITH WHICH U.S.
PERSONS ARE PROHIBITED FROM DOING BUSINESS UNDER U.S. FOREIGN ASSETS CONTROL
REGULATIONS OR OTHER APPLICABLE U.S. LAWS AND REGULATIONS.
PARTIAL DRAWINGS ARE ALLOWED.
WE HEREBY AGREE WITH YOU THAT DRAFTS DRAWN UNDER AND IN COMPLIANCE WITH. THE
TERMS OF THIS LETTER OF CREDIT SHALL BE DULY HONORED UPON PRESENTATION TO US.
WE HEREBY ISSUE THIS STANDBY CREDIT IN YOUR FAVOR. IT IS SUBJECT TO THE UNIFORM
CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS (1993 REVISION INTERNATIONAL
CHAMBER OF COMMERCE, PARIS, FRANCE PUBLICATION NO. 500) AND ENGAGES US IN
ACCORDANCE WITH THE TERMS THEREOF. THE NUMBER AND THE DATE OF OUR CREDIT AND THE
NAME OF OUR BANK MUST BE QUOTED ON ALL DRAFTS REQUIRED.
Authorized Signature
New York, New York
2009
[BANK NAME]
[BANK ADDRESS]
ATTENTION: STANDBY LETTER OF CREDIT DEPARTMENT
RE: LETTER OF CREDIT NO.[
]
ISSUED BY: [BANK NAME], NEW YORK.
GENTLEMEN:
FOR VALUE RECEIVED, THE UNDERSIGNED BENEFICIARY HEREBY IRREVOCABLY TRANSFERS TO:
[NAME OF TRANSFEREE]
[ADDRESS]
ALL RIGHTS OF THE UNDERSIGNED BENEFICIARY TO DRAW UNDER THE ABOVE LETTER OF
CREDIT IN ITS ENTIRETY.
BY THIS TRANSFER, ALL RIGHTS OF THE UNDERSIGNED BENEFICIARY IN SUCH LETTER OF
CREDIT ARE TRANSFERRED TO THE TRANSFEREE AND THE TRANSFEREE SHALL HAVE THE SOLE
RIGHTS AS