CODE PA4928, ATTENTION: LETTER OF CREDIT DEPARTMENT, PHILADELPHIA,
PA. 19107 AND EXPIRES WITH OUR CLOSE OF BUSINESS ON MAY 15, 2002.
EXCEPT WHEN THE AMOUNT OF THIS LETTER OF CREDIT IS INCREASED, THIS CREDIT CANNOT
BE MODIFIED OR REVOKED WITHOUT YOUR CONSENT.
THE TERM "BENEFICIARY" INCLUDES ANY SUCCESSOR BY OPERATION OF LAW OF THE NAMED
BENEFICIARY INCLUDING WITHOUT LIMITATION ANY LIQUIDATOR, REHABILITATOR, RECEIVER
OR CONSERVATOR.
DRAWINGS BY ANY LIQUIDATOR, REHABILITATOR, RECEIVER OR
CONSERVATOR SHALL BE FOR THE BENEFIT OF ALL OF THE BENEFICIARYS POLICYHOLDERS.
WE HEREBY UNDERTAKE TO PROMPTLY HONOR YOUR SIGHT DRAFF(S) DRAWN ON US,
INDICATING OUR LETTER OF CREDIT NUMBER SE441600P, FOR ALL OR ANY PART OF THIS
CREDIT IF PRESENTED AT OUR OFFICE SPECIFIED ABOVE IN PARAGRAPH ONE ON OR BEFORE
THE EXPIRATION DATE OR ANY AUTOMATICALLY EXTENDED EXPIRATION DATE.
EXCEPT AS EXPRESSLY STATED HEREIN, THIS UNDERTAKING IS NOT SUBJECT TO ANY
AGREEMENT, CONDITION, OR QUALIFICATION, OR BY ANY OTHER AGREEMENT, DOCUMENT OR
UNDERSTANDING WHETHER REFERRED TO HEREIN OR TO WHICH THIS LETTER OF CREDIT MAY
RELATE.
OUR OBLIGATION UNDER THIS LETTER OF CREDIT SHALL BE THE INDIVIDUAL
OBLIGATION OF THE ISSUER IN NO WAY CONTINGENT UPON REIMBURSEMENT WITH RESPECT
THERETO, OR UPON OUR ABILITY TO PERFECT ANY LIEN, SECURITY INTEREST, OR ANY
OTHER REIMBURSEMENT.
THIS LETTER OF CREDIT SHALL BE DEEMED AUTOMATICALLY EXTENDED WITHOUT AMENDMENT
FOR ONE YEAR FROM THE EXPIRATION DATE OR ANY FUTURE EXPIRATION DATE, UNLESS AT
LEAST SIXTY DAYS PRIOR TO ANY EXPIRATION DATE, WE NOTIFY YOU BY REGISTERED MAIL
THAT THIS LETTER OF CREDIT WILL NOT BE RENEWED FOR ANY SUCH ADDITIONAL PERIOD.
ATTACHED TO AND FORMING PART OF STANDBY CREDIT NO.
SE441600P DATED MAY 15,2001
PAGE 2
SHOULD YOU HAVE OCCASION TO COMMUNICATE WITH US REGARDING THIS LETTER OF CREDIT,
KINDLY DIRECT YOUR COMMUNICATION TO THE ATTENTION OF OUR LETTER OF CREDIT
DEPARTMENT, MAKING SPECIFIC REFERENCE TO OUR LETTER OF CREDIT NUMBER SE441600P.
ALL TELEPHONE INQUIRIES REGARDING THIS CREDIT SHOULD BE DIRECTED TO US AT OUR
PHONE NUMBERS (215) 973-5981; (215) 973-8793; (215) 973-1944; (215) 973-8803.
THIS LETTER OF CREDIT IS SUBJECT TO AND GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK AND THE 1993 REVISION OF THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY
CREDITS OF THE INTERNATIONAL CHAMBER OF COMMERCE (ICC PUBLICATION 500).
IN THE
EVENT OF CONFLICT, THE LAWS OF THE STATE OF NEW YORK WILL CONTROL.
IF THIS LETTER OF CREDIT EXPIRES DURING AN INTERRUPTION OF BUSINESS AS DESCRIBED
IN ARTICLE 17 OF ICC PUBLICATION 500, WE AGREE TO HONOR ANY DRAFTS PRESENTED ON
OR BEFORE THE THIRTIETH DAY AFTER RESUMPTION OF BUSINESS.
/s/ Richard Fortino
AUTHORIZED SIGNATURE