THIS LETTER OF CREDIT SETS FORTH IN FULL THE TERMS OF OUR UNDERTAKING AND SUCH
UNDERTAKING SHALL NOT IN ANY WAY BE MODIFIED, AMENDED OR AMPLIFIED BY REFERENCE
TO ANY DOCUMENT OR INSTRUMENT REFERRED TO HEREIN OR IN WHICH THIS LETTER OF
CREDIT IS REFERRED TO OR TO WHICH THIS LETTER OF CREDIT RELATES, AND NO SUCH
REFERENCE SHALL BE DEEMED TO INCORPORATE HEREIN BY REFERENCE ANY DOCUMENT OR
INSTRUMENT.
THIS LETTER OF CREDIT IS TRANSFERABLE IN ITS ENTIRETY (BUT NOT IN PART) UPON THE
TERMS SET FORTH HEREIN. WE HEREBY AGREE TO TRANSFER THIS CREDIT UPON
PRESENTATION TO US OF THE ORIGINAL CREDIT (AND ANY AMENDMENTS HERETO) AND THE
BENEFICIARY'S WRITTEN REQUEST FOR TRANSFER IN THE FORM OF ANNEX II ATTACHED
HERETO AND INCORPORATED BY REFERENCE. ALL CHARGES IN CONNECTION WITH ANY
TRANSFER OF THIS LETTER OF CREDIT ARE FOR THE APPLICANT'S ACCOUNT. ANY SUCH
TRANSFER MAY BE MADE BY BENEFICIARY AT ANY TIME AND WITHOUT NOTICE TO APPLICANT
AND WITHOUT FIRST OBTAINING APPLICANT'S CONSENT THERETO.
WE HEREBY AGREE WITH BENEFICIARY OF DRAFTS DRAWN UNDER AND IN COMPLIANCE WITH
THE TERMS OF THIS CREDIT THAT SUCH DRAFTS WILL BE DULY HONORED UPON PRESENTATION
TO US. THE OBLIGATION OF _____________________ UNDER THIS LETTER OF CREDIT IS
THE INDIVIDUAL OBLIGATION OF ____________________ AND IS IN NO WAY CONTINGENT
UPON REIMBURSEMENT WITH RESPECT THERETO.
DRAFTS DRAWN UNDER THIS CREDIT MUST BEAR THE CLAUSE: "DRAWN UNDER
_____________________ IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER //SAMPLE//."
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ISSUER SHALL NOT BE LIABLE FOR ANY DELAY, NON-RETURN OF DOCUMENTS, NON-PAYMENT,
OR OTHER ACTION OR INACTION COMPELLED BY A JUDICIAL ORDER OR BY ANY LAW OR
REGULATION APPLICABLE TO ISSUER.
TO THE EXTENT NOT INCONSISTENT WITH THE EXPRESS TERMS HEREOF, THIS LETTER OF
CREDIT IS SUBJECT TO THE INTERNATIONAL STANDBY PRACTICES (ISP98), THE
INTERNATIONAL CHAMBER OF COMMERCE, PUBLICATION NO. 590.
OR
EXCEPT AS OTHERWISE EXPRESSLY STATED HEREIN, THIS CREDIT IS SUBJECT TO "THE
UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS" (2007 REVISION)
INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 600.
(DRAFT)
___________________________________________
STANDBY LETTERS OF CREDIT
APPROVED:
X
AUTHORIZED SIGNATURE, APPLICANT
AS AUTHORIZATION TO ISSUE IN THIS FORM
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ANNEX I
(SAMPLE OF SIGHT DRAFT TO BE TYPED ON BENEFICIARY'S LETTERHEAD PAPER)
SIGHT DRAFT
DATE:
__________
CITY, STATE: _____________________
DRAWEE:
___________________________
AT SIGHT OF THIS SOLE OF EXCHANGE PAY TO THE ORDER OF:
__________________________________________________________
(BENEFICIARY NAME)
US$_________________ (AMOUNT IN NUMERALS)
(AMOUNT IN WORDS)
"DRAWN UNDER ______________________________, IRREVOCABLE STANDBY LETTER OF
CREDIT NO. _____________________ (ISSUE DATE).".
(BENEFICIARY NAME)
__________________________
AUTHORIZED SIGNATURE
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(THE REVERSE SIDE OF THIS DRAFT MUST BE ENDORSED BY THE BENEFICIARY)
TRANSFER OF LETTER OF CREDIT IN ITS ENTIRETY
ANNEX II TO STANDBY LETTER OF CREDIT NO. XXXXXXXXX
TO:
FROM:
Re:
Letter of Credit No.
Issued by:
We, the undersigned beneficiary, hereby authorize and direct you to transfer
irrevocably the referenced letter of credit in its entirety
To:
Whose Address is:
(Herein called the "transferee") with no changes in terms and conditions of the
Letter of Credit.
We are returning the original instrument, including original amendments,