Amended & Restated Supply Agreement
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PAYMENT WILL BE MADE BY US FOUR (4) BANKING DAYS FOLLOWING OUR DETERMINATION
THAT DOCUMENTS PRESENTED ARE IN FULL COMPLIANCE WITH THE TERMS AND CONDITIONS OF
THE LETTER OF CREDIT.
ALL PAYMENTS UNDER THIS STANDBY LETTER OF CREDIT SHALL BE MADE IN UNITED STATES
DOLLARS, FOR VALUE, IN IMMEDIATELY AVAILABLE FUNDS BY WIRE TRANSFER TO SUCH
ACCOUNT AS MAY BE DESIGNATED BY THE BENEFICIARY IN THE APPLICABLE DEMAND.
IN THE EVENT THAT A DEMAND FAILS TO COMPLY WITH THE TERMS OF THIS STANDBY LETTER
OF CREDIT, WE SHALL PROVIDE THE BENEFICIARY PROMPT NOTICE OF THE SAME STATING
THE REASONS THEREFOR AND SHALL UPON INSTRUCTIONS FROM BENEFICIARY HOLD ANY
NON-CONFORMING DEMAND AND OTHER DOCUMENTS AT BENEFICIARY'S DISPOSAL OR RETURN
THE NON-CONFORMING DEMAND AND OTHER DOCUMENTS TO THE BENEFICIARY AT THE ADDRESS
SET FORTH ABOVE BY OVERNIGHT COURIER. UPON BEING NOTIFIED THAT THE DEMAND WAS
NOT EFFECTED IN COMPLIANCE WITH THIS STANDBY LETTER OF CREDIT, THE BENEFICIARY
MAY ATTEMPT TO CORRECT SUCH NON-COMPLYING DEMAND IN ACCORDANCE WITH THIS STANDBY
LETTER OF CREDIT.
PARTIAL DRAWINGS ARE ALLOWED UNDER THIS LETTER OF CREDIT. EACH PRESENTATION
HONORED BY US SHALL IMMEDIATELY REDUCE THE AMOUNT AVAILABLE TO BE DRAWN
HEREUNDER BY THE AMOUNT OF THE PAYMENT MADE IN RESPECT OF SUCH PRESENTATION.
THIS LETTER OF CREDIT SHALL AUTOMATICALLY BECOME NULL AND VOID UPON THE EXPIRY
DATE, WHETHER IT IS RETURNED TO US OR NOT; PROVIDED, HOWEVER, THAT IN THE EVENT
OF AN ACT OF GOD, RIOT, CIVIL COMMOTION, INSURRECTION, WAR OR ANY OTHER CAUSE
BEYOND OUR CONTROL THAT INTERRUPTS OUR BUSINESS AND CAUSES THE PLACE FOR
PRESENTATION OF THIS STANDBY LETTER OF CREDIT TO BE CLOSED FOR BUSINESS ON THE
LAST DAY FOR PRESENTATION, THE EXPIRY DATE WILL BE AUTOMATICALLY EXTENDED
WITHOUT AMENDMENT TO A DATE FIFTEEN CALENDAR DAYS AFTER THE PLACE FOR
PRESENTATION REOPENS FOR BUSINESS.
ALL BANK CHARGES ARE FOR ACCOUNT OF THE APPLICANT.
ALL PARTIES TO THIS STANDBY LETTER OF CREDIT ARE ADVISED THAT THE U.S.GOVERNMENT
HAS IN PLACE SANCTIONS AGAINST CERTAIN COUNTRIES, RELATED ENTITIES AND
INDIVIDUALS. UNDER THESE SANCTIONS CITIBANK BE PROHIBITED FROM
ENGAGING IN TRANSACTIONS THAT MAY FALL WITHIN THE GUIDELINES OF SUCH SANCTIONS.
ANY ONE BENEFICIARY OR COMBINATION OF BENEFICIARIES, ACTING INDIVIDUALLY OR
COLLECTIVELY, MAY DRAW ON THIS LETTER OF CREDIT IN FULL OR IN PART, AND ANY
ACTION TAKEN BY ANY OR ALL BENEFICIARIES HEREUNDER SHALL BIND EACH OF THEM
EXCEPT THE REQUEST FOR THE TRANSFER OF THE LETTER OF CREDIT WHICH MUST BE
JOINTLY SIGNED BY BOTH BENEFICIARIES.
SOLARFUN Initials & Date
WS May 13, 2008
HOKU Initials & Date
DS May 13, 2008
Appendix 4 to Second Amended & Restated Supply Agreement
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IT IS CONDITION OF THIS LETTER OF CREDIT THAT IT IS TRANSFERABLE AND MAY BE
TRANSFERRED IN ITS ENTIRETY, BUT NOT IN PART, AND MAY BE SUCCESSIVELY
TRANSFERRED BY YOU OR ANY TRANSFEREE HEREUNDER TO A SUCCESSOR TRANSFEREE(S).
TRANSFER UNDER THIS LETTER OF CREDIT TO SUCH TRANSFEREE MUST BE