atomic absorption spectroscopy, inductively coupled
plasma-mass spectroscopy and Fourier transform infrared absorption spectroscopy.
SOLARFUN Initials & Date
WS May 13, 2008
HOKU Initials & Date
DS May 13, 2008
Appendix 2 to Second Amended & Restated Supply Agreement
Page 14 of 21
APPENDIX 3
Citibank Letter of Credit
(See attached)
SOLARFUN Initials & Date
WS May 13, 2008
HOKU Initials & Date
DS May 13, 2008
Appendix 3 to Second Amended & Restated Supply Agreement
Page 15 of 21
APPENDIX 4
Amended Letter of Credit
AT THE REQUEST CITIBANK (CHINA) CO., LTD. SHANGHAI BRANCH AND FOR THE ACCOUNT OF
JIANGSU LINYANG SOLARFUN CO., LTD. ("APPLICANT") WITH ADDRESS AT NO. 666 LINYANG
RD., QIDONG JIANGSU PROVINCE 226200, THE PEOPLE'S REPUBLIC OF CHINA, WE ISSUE
OUR IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER...... IN FAVOR OF : HOKU SCIENTIFIC,
INC. AND/OR HOKU MATERIALS INC. ("BENEFICIARY"), 1075 OPAKAPAKA STREET, KAPOLEI,
HAWAII 96707 USA, ATTN: MR. DUSTIN SHINDO, CEO FOR AN AMOUNT NOT TO EXCEED IN
THE AGGREGATE USD44,000,000.00 (FORTY FOUR MILLION UNITED STATES DOLLARS AND
00/100 CENTS), EFFECTIVE IMMEDIATELY AND EXPIRING AT CITIBANK, N.A., C/O ITS
SERVICER CITICORP NORTH AMERICA, INC., 3800 CITIBANK CENTER, GLOBAL TRADE
SERVICE CENTER, BUILDING B, 3RD FLOOR, , TAMPA, FL 33610, ON APRIL 15, 2010 .
.
THIS STANDBY LETTER OF CREDIT IS ISSUED RELATIVE TO A CONTRACT ("SUPPLY
AGREEMENT") PLACED IN _________________ 2008 BETWEEN HOKU SCIENTIFIC, INC.
("SUPPLIER") AND SOLARFUN POWER HONG KONG LTD. ("BUYER") FOR THE DELIVERY OF
POLYCRYSTALLINE SILICON PRODUCTS ("GOODS") TO JIANGSU LINYANG SOLARFUN CO., LTD.
FUNDS UNDER THIS STANDBY LETTER OF CREDIT ARE AVAILABLE TO THE BENEFICIARY BY
SIGHT PAYMENT WITH CITIBANK, N.A., NEW YORK AGAINST PRESENTATION OF A WRITTEN
STATEMENT SIGNED BY THE BENEFICIARY MENTIONING THEREON OUR STANDBY LETTER OF
CREDIT NUMBER........... AND CERTIFYING THAT "APPLICANT HAS FAILED TO PERFORM ITS
CONTRACTUAL OBLIGATION UNDER THE POLYCRYSTALLINE SILICON CONTRACT. WE CERTIFY
THAT WE HAVE COMPLIED FULLY WITH THE TERMS AND CONDITIONS OF THE UNDERLYING
AGREEMENT."
WE HEREBY UNDERTAKE WITH BENEFICIARY TO HONOR EACH PRESENTATION MADE IN
COMPLIANCE WITH THE TERMS AND CONDITIONS OF THIS STANDBY LETTER OF CREDIT ON OR
BEFORE THE STATED EXPIRATION DATE, WHEN DULY PRESENTED TO US BY FACSIMILE
TRANSMISSION OR EXPRESS COURIER, AT OUR ADDRESS STATED ABOVE.
IF PRESENTATION OF SUCH DRAFT AND CERTIFICATE IS MADE BY FAX TRANSMISSION, IT
SHALL BE FAXED TO FAX NO. 813-604-7187 OR SUCH OTHER FAX NUMBER IDENTIFIED BY
CITIBANK IN A WRITTEN NOTICE TO YOU. TO THE EXTENT A PRESENTATION IS MADE BY FAX
TRANSMISSION, YOU MUST (I) PROVIDE TELEPHONE NOTIFICATION THEREOF TO CITIBANK
(PHONE NO. 813-604-7101) PRIOR TO OR SIMULTANEOUSLY WITH THE SENDING OF SUCH FAX
TRANSMISSION AND (II) SEND THE ORIGINAL OF SUCH DRAFT AND CERTIFICATE TO
CITIBANK BY OVERNIGHT COURIER, AT THE ADDRESS PROVIDED ABOVE FOR PRESENTATION OF
DOCUMENTS, PROVIDED HOWEVER, THAT CITIBANK'S RECEIPT OF SUCH TELEPHONE NOTICE OR
ORIGINAL DOCUMENTS SHALL NOT BE A CONDITION TO PAYMENT HEREUNDER.
SOLARFUN Initials & Date
WS May 13, 2008
HOKU Initials & Date
DS May 13, 2008
Appendix 4 to Second