indicated may not exist as shown.
[ex10-53.jpg]
A-1
EXHIBIT B
FORM OF LETTER OF CREDIT
[LETTERHEAD OF ISSUER OF LETTER OF CREDIT]
(ISSUE DATE)
=======================================
IRREVOCABLE STANDBY LETTER OF CREDIT
=======================================
BENEFICIARY:
APPLICANT:
COMPLETE NAME
STREET ADDRESS
COMPLETE NAME
STREET ADDRESS
LETTER OF CREDIT NO:
EXPIRY DATE:
AT:
ISSUING BANK'S GLOBAL DOCUMENTARY SERVICES COUNTERS LOCATED AT ADDRESS INDICATED
ABOVE, EXCEPT AS PROVIDED HEREIN.
AMOUNT:
NOT EXCEEDING US$
( AND NO/100 U.S. DOLLARS)
BY ORDER OF OUR CLIENT, _________________ (THE "APPLICANT"), WE HEREBY ESTABLISH
THIS IRREVOCABLE STANDBY LETTER OF CREDIT NO. ___________ IN YOUR FAVOR FOR AN
AMOUNT UP TO BUT NOT EXCEEDING THE AGGREGATE SUM OF ______________________ AND
NO/100 U.S. DOLLARS ($____________) (THE "LETTER OF CREDIT AMOUNT"), EFFECTIVE
IMMEDIATELY, AND EXPIRING ON THE CLOSE OF BUSINESS AT OUR OFFICE AT THE ADDRESS
SET FORTH ABOVE ON (INITIAL EXPIRY DATE) UNLESS RENEWED AS HEREINAFTER PROVIDED.
FUNDS UNDER THIS LETTER OF CREDIT ARE AVAILABLE TO YOU ON OR PRIOR TO THE EXPIRY
DATE AGAINST PRESENTATION BY YOU OF YOUR SIGHT DRAFT(S) DRAWN ON
__________________ IN THE FORM OF ANNEX 1 HERETO, AND ACCOMPANIED BY THE
FOLLOWING DOCUMENTS:
1) A STATEMENT COMPLETED AND SIGNED BY ONE OF YOUR OFFICERS CERTIFYING AS
FOLLOWS:
"BENEFICIARY IS ENTITLED TO DRAW UNDER THE LETTER OF CREDIT IN THE AMOUNT
DEMANDED PURSUANT TO THE TERMS OF THAT CERTAIN LEASE AGREEMENT DATED
____________, BETWEEN ___________________________________, AS THE LANDLORD, AND
______________________________________________, AS THE TENANT."
2) THE ORIGINAL OF THIS LETTER OF CREDIT.
SUCH PAYMENT DOCUMENTS, NOTICES AND COMMUNICATIONS MUST BE SENT EITHER (BUT NOT
BOTH) BY: (A) COURIER OR FIRST CLASS UNITED STATES MAIL TO
______________________________________, ATTN: STANDBY LETTERS OF CREDIT, OR (B)
FACSIMILE TO FACSIMILE NUMBER ____________, ATTN: STANDBY LETTERS OF CREDIT
PROVIDED, HOWEVER, THAT SUCH ADDRESS AND FACSIMILE NUMBER MAY BE
B-1
AMENDED BY US UPON THE PROVISION OF WRITTEN NOTICE OF SUCH AMENDMENT TO YOU. THE
BENEFICIARY SHALL USE COMMERCIALLY REASONABLE EFFORTS TO GIVE TELEPHONIC
NOTIFICATION OF A DEMAND FOR PAYMENT AT EITHER ____________ OR ________________.
YOU MAY PRESENT TO US ONE OR MORE DRAWINGS FROM TIME TO TIME PRIOR TO THE EXPIRY
DATE IN AN AGGREGATE AMOUNT NOT TO EXCEED THE LETTER OF CREDIT AMOUNT THEN IN
EFFECT (IT BEING UNDERSTOOD THAT THE HONORING BY US OF EACH DRAWING REQUEST
SHALL REDUCE THE LETTER OF CREDIT AMOUNT THEN IN EFFECT.)
THIS LETTER OF CREDIT INITIALLY EXPIRES ON (INITIAL EXPIRY DATE).
IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE CONSIDERED
AUTOMATICALLY EXTENDED WITHOUT AMENDMENT FOR ONE YEAR FROM THE PRESENT OR ANY
FUTURE EXPIRATION DATE UNLESS WE NOTIFY YOU IN WRITING BY COURIER AT LEAST SIXTY
(60) DAYS PRIOR TO ANY SUCH EXPIRATION DATE THAT THIS LETTER OF CREDIT WILL NOT
BE EXTENDED. IN THE EVENT THAT WE ELECT NOT TO EXTEND THE LETTER OF CREDIT, YOU
MAY IMMEDIATELY DRAW DOWN ON THE FULL AMOUNT OF THE LETTER OF CREDIT BY
PRESENTATION OF YOUR DRAWING REQUEST. NOTWITHSTANDING ANY OTHER PROVISION
HEREIN, THIS LETTER OF CREDIT WILL NOT BE EXTENDED BEYOND (FINAL EXPIRY).