AT SIGHT
DRAWN ON THE BANK OF NEW YORK
MELLON
TO THE EXTENT OF AMOUNT:
***USD1,267,029.00***
WEIL:\96891714\1\13803.0006
--------------------------------------------------------------------------------
44
EXPIRY DATE:
___________, 20__ [TBD or one year from issuance]
PLACE OF EXPIRY:
OUR COUNTERS
ADDITIONAL DETAILS:
WE HEREBY ISSUE IN FAVOR OF ADVANCE MAGAZINE PUBLISHERS INC. (THE "BENEFICIARY")
OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. S________ (THE "LETTER OF CREDIT")
FOR THE ACCOUNT OF [Applicant name] (THE "APPLICANT") FOR AN AGGREGATE AMOUNT UP
TO USD1,267,029.00 (ONE MILLION TWO HUNDRED SIXTY-SEVEN THOUSAND TWENTY-NINE AND
00/100 UNITED STATES DOLLARS) AVAILABLE BY YOUR DRAFTS AT SIGHT DRAWN ON THE
BANK OF NEW YORK MELLON ACCOMPANIED BY A WRITTEN DATED STATEMENT PURPORTEDLY
SIGNED BY ONE OF YOUR AUTHORIZED REPRESENTATIVE STATING:
"THE UNDERSIGNED, BEING THE BENEFICIARY ("BENEFICIARY") (OR A DULY AUTHORIZED
REPRESENTATIVE THEREOF) OF THE LETTER OF CREDIT, HEREBY DEMANDS PAYMENT FROM YOU
IN THE AMOUNT OF [AMOUNT IN WORDS] US DOLLARS ( ) UNDER THE LETTER OF CREDIT."
ALL DRAFT(S) MUST BE MARKED "DRAWN UNDER THE BANK OF NEW YORK MELLON LETTER OF
CREDIT NO. S________ DATED _________, 20__."
THIS LETTER OF CREDIT EXPIRES AT THIS OFFICE AT OUR CLOSE OF BUSINESS ON
__________, 20__ [TBD or one year from issuance]; PROVIDED, HOWEVER, THAT IT IS
A CONDITION OF THIS LETTER OF CREDIT THAT IT WILL BE AUTOMATICALLY EXTENDED,
WITHOUT AMENDMENT, FOR SUCCESSIVE PERIODS OF ONE YEAR EACH TO ___________, 20__,
AND SUBSEQUENTLY AUTOMATICALLY EXTENDED FOR A PERIOD OF LESS THAN ONE YEAR TO A
FINAL EXPIRY DATE OF MARCH 31, 2030, UNLESS WE NOTIFY YOU IN WRITING BY
OVERNIGHT COURIER AT YOUR ADDRESS SET FORTH ABOVE (OR AT SUCH OTHER ADDRESS AS
IS PROVIDED IN WRITING BY YOU TO US AT OUR OFFICE SPECIFIED BELOW) AT LEAST
SIXTY (60) DAYS PRIOR TO SUCH EXPIRY DATE THAT WE ELECT NOT TO FURTHER EXTEND
THIS LETTER OF CREDIT. HOWEVER, IN NO EVENT WILL THIS LETTER OF CREDIT BE
EXTENDED MARCH 31, 2030. UPON RECEIPT OF SUCH NOTICE, YOU MAY DRAW ON THIS
LETTER OF CREDIT, UP TO THE UNUSED BALANCE, BY PRESENTATION OF YOUR SIGHT DRAFT
DRAWN ON THE BANK OF NEW YORK MELLON ON OR BEFORE THE THEN EXPIRY DATE HEREOF.
PARTIAL AND MULTIPLE DRAWINGS UNDER THIS LETTER OF CREDIT ARE PERMITTED.
FURTHERMORE, ANY DRAWING CONFORMING WITH THE TERMS AND CONDITIONS OF THIS LETTER
OF CREDIT WILL AUTOMATICALLY REDUCE THE AMOUNT AVAILABLE UNDER THIS LETTER OF
CREDIT AT THE TIME OF SUCH DRAWING, AND ALL SUBSEQUENT TIMES.
THIS LETTER OF CREDIT IS TRANSFERABLE IN FULL AND NOT IN PART AND MAY BE
TRANSFERRED MULTIPLE TIMES. SHOULD THE BENEFICIARY HEREOF DESIRE TO TRANSFER,
SUCH TRANSFER WILL BE SUBJECT TO THE RETURN TO US OF THE ORIGINAL OF THIS LETTER
OF CREDIT AND ANY AMENDMENTS HERETO ACCOMPANIED BY BENEFICIARY'S WRITTEN
INSTRUCTIONS ON THE ENCLOSED FORM. NOTWITHSTANDING THE FOREGOING, UNDER NO
CIRCUMSTANCES SHALL THIS LETTER OF CREDIT BE TRANSFERRED TO ANY PERSON OR ENTITY
WITH WHICH U.S. PERSONS OR ENTITIES ARE PROHIBITED FROM CONDUCTING BUSINESS
UNDER U.S. FOREIGN ASSET CONTROL REGULATIONS AND OTHER APPLICABLE U.S. LAWS AND