PAY BENEFICIARY $30,000 PER DAY
UP TO 66 DAYS FOR EACH DAY THAT SENESCO IS LATE IN THE DELIVERY OF THE ATB (AS
DEFINED IN THE AGREEMENT), AND SENESCO IS NOW __ DAYS LATE WITH THE DELIVERY
33
THIS IS AN INTEGRAL PART OF LETTER OF CREDIT NUMBER: RS64136369
OF THE ATB AND BENEFICIARY IS NOW ENTITLED TO $___________ PURSUANT TO
ARTICLE IV(B) OF THE AGREEMENT.
UNQUOTE
OR
QUOTE
THE ISSUING BANK HAS ISSUED A NOTICE THAT IT HAS ELECTED NOT TO RENEW THIS
LETTER OF CREDIT, AND AS OF THE FIFTEENTH BUSINESS DAY PRIOR TO THE DATE OF
EXPIRY OF THIS LETTER OF CREDIT, THE APPLICANT HAS NOT DELIVERED TO THE
BENEFICIARY A REPLACEMENT LETTER OF CREDIT CONTAINING IDENTICAL TERMS THAT IS
ISSUED BY A FEDERALLY-INSURED FINANCIAL INSTITUTION WITH A CREDIT RATING OF AT
LEAST AA- BY STANDARD & POOR'S RATING SERVICES OR THE EQUIVALENT CREDIT RATING
FROM A NATIONALLY-RECOGNIZED CREDIT RATING AGENCY.
UNQUOTE
PARTIAL AND MULTIPLE DRAWINGS ARE ALLOWED ON THIS LETTER OF CREDIT.
THIS LETTER OF CREDIT IS TRANSFERABLE ONLY TO EITHER CANADIAN IMPERIAL BANK OF
COMMERCE, AS ADMINISTRATIVE AGENT, OR KEYBANK NATIONAL ASSOCIATION, AS
COLLATERAL AGENT, AND THEIR SUCCESSORS AND ASSIGNS IN SUCH CAPACITIES.
IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE DEEMED AUTOMATICALLY
EXTENDED WITHOUT AMENDMENT FOR SIX MONTHS FROM THE PRESENT OR ANY FUTURE
EXPIRATION DATE UNLESS AT LEAST THIRTY DAYS PRIOR TO SUCH EXPIRATION DATE THE
ISSUING BANK NOTIFIES YOU BY COURIER OR CERTIFIED MAIL, RETURN RECEIPT
REQUESTED, THAT THE ISSUING BANK HAS ELECTED NOT TO CONSIDER THIS LETTER OF
CREDIT RENEWED FOR ANY SUCH PERIOD.
IF THE ISSUING BANK ELECTS NOT TO RENEW
THIS LETTER OF CREDIT, THE BENEFICIARY SHALL HAVE THE RIGHT TO DRAW THE FULL
AMOUNT OF SUCH LETTER OF CREDIT AT ANY TIME PRIOR TO ITS THEN APPLICABLE
EXPIRATION DATE.
THE NUMBER AND DATE OF THE CREDIT AND THE NAME OF OUR BANK MUST BE QUOTED ON ALL
DRAFT(S) REQUIRED.
EACH DRAFT PRESENTED HEREUNDER MUST BE ACCOMPANIED BY THE ORIGINAL CREDIT FOR
ENDORSEMENT THEREON OF THE AMOUNT OF SUCH DRAFT.
34
THIS IS AN INTEGRAL PART OF LETTER OF CREDIT NUMBER: RS64136369
DRAFT(S) AND DOCUMENTS MUST BE PRESENTED AT OUR OFFICES AT
[__________________________ INSERT ADDRESS].
COMMUNICATIONS WITH RESPECT TO THIS LETTER OF CREDIT SHALL BE IN WRITING AND
SHALL BE ADDRESSED TO US AT [________________________ INSERT ADDRESS]
SPECIFICALLY REFERRING TO THE NUMBER OF THIS LETTER OF CREDIT.
THIS CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY
CREDITS (1993 EDITION), THE INTERNATIONAL CHAMBER OF COMMERCE, PUBLICATION
NO. 500.
AUTHORIZED SIGNATURE
THIS DOCUMENT CONSISTS OF 4 PAGE(S)
35
APPENDIX 6a
AMENDED MILESTONE ACCEPTANCE
SENESCO MARINE
REQUEST FOR PAYMENT
INVOICE NUMBER _________
CONTRACT #046
Milestone Reference: _______________________
Southeastern New England Shipbuilding Corporation, d/b/a SENESCO Marine, hereby
requests a Milestone progress payment, as referenced above, from (Buyer and/or
Financial Institution) in connection with the completion of this milestone.
SENESCO Marine hereby certifies that the work required on the referenced
milestone and