THEREFORE, THE SCHEDULED
REDUCTION AS OF JANUARY 2, 20
,SET FORTH IN CITY NATIONAL BANK LETTER OF CREDIT
NUMBER (LC NUMBER) IS TO BE SUSPENDED PENDING NOTIFICATION TO CITY NATIONAL BANK
BY US THAT THE SCHEDULED REDUCTION IS TO BE REINSTATED."
UPON OUR RECEIPT OF SUCH NOTICE, WE SHALL CONSIDER THE SCHEDULED REDUCTIONS
SUSPENDED AND ADVISE THE APPLICANT AND BENEFICIARY ACCORDINGLY.
THE LETTER OF CREDIT REDUCTION SCHEDULE AS SET FORTH BELOW IN THIS LETTER OF
CREDIT SHALL BE REINSTATED UPON RECEIPT BY US AT OUR OFFICE OF A WRITTEN
NOTIFICATION FROM THE BENEFICIARY BY OVERNIGHT COURIER SERVICE WORDED AS
FOLLOWS: (INSERT DATES)
"I, (INSERT NAME OF SIGNER), AN AUTHORIZED SIGNER FOR (INSERT NAME OF
BENEFICIARY), HEREBY GIVE CITY NATIONAL BANK AUTHORIZATION RELATING TO CITY
NATIONAL BANK LETTER OF CREDIT NUMBER (LC NUMBER) FOR THE REINSTATEMENT OF THE
LETTER OF CREDIT AMOUNT REDUCTION SCHEDULED FOR JANUARY 2, 20
, AND ANY
SCHEDULED REDUCTION THEREAFTER, SUBJECT TO FUTURE NOTIFICATIONS IN ACCORDANCE
WITH PARAGRAPH 4 OF THE LETTER OF CREDIT."
AVAILABILITY PERIOD
AVAILABLE AMOUNT
FROM LC ISSUE DATE THROUGH JANUARY1, 2018
USD1,490,196.60
JANUARY 2, 2018 THROUGH JANUARY 1, 2019
USD1,298,494.38
JANUARY 2, 2019 THROUGH JANUARY 1, 2020
USD1,106,792.16
JANUARY 2, 2020 THROUGH JANUARY 1, 2021
USD
915,089.94
JANUARY 2, 2021 THROUGH JANUARY 1, 2022
USD
723,387.72
JANUARY 2, 2022 THROUGH JANUARY 1, 2023
USD
531,685.50
JANUARY 2, 2023 THROUGH JANUARY 1, 2024
USD
339,983.28
JANUARY 2, 2024 THROUGH MARCH 31, 2024
USD
148,281.06
5. THIS LETTER OF CREDIT IS TRANSFERABLE IN ITS ENTIRETY BY THE BENEFICIARY.
TRANSFER OF THIS LETTER OF CREDIT IS SUBJECT TO CITY NATIONAL BANK'S RECEIPT OF
A FULLY COMPLETED BENEFICIARY'S INSTRUCTIONS IN THE FORM ATTACHED HERETO AS
EXHIBIT 'A', ACCOMPANIED BY THE ORIGINAL OF THIS LETTER OF CREDIT AND
AMENDMENT(S), IF ANY. SUCH TRANSFER REQUEST BY THE BENEFICIARY SHALL BE
EFFECTIVE BY CITY NATIONAL BANK'S ENDORSEMENT OF THE TRANSFER ON THE ORIGINAL
LETTER OF CREDIT AND ITS DELIVERY BY US TO THE TRANSFEREE. TRANSFER FEES ARE FOR
ACCOUNT OF THE APPLICANT.
- 2 -
DRAWING DOCUMENTS, INCLUDING THE SIGHT DRAFT, MAY BE PRESENTED TO CITY NATIONAL
BANK FOR PAYMENT AT THE BELOW STATED LOS ANGELES ADDRESS BY HAND, SAME DAY
MESSENGER, OVERNIGHT COURIER SERVICE OR REGISTERED MAIL WITH RETURNED RECEIPT
REQUESTED.
IF ANY INSTRUCTIONS ACCOMPANYING A DRAWING UNDER THIS LETTER OF CREDIT FROM THE
BENEFICIARY REQUEST THAT PAYMENT BE MADE BY TRANFSER TO AN ACCOUNT OR ACCOUNT
NUMBER, WE WILL RELY ON SUCH TO FULFIL THE OBLIGATION UNDER THIS STANDBY LETTER
OF CREDIT TO EFFECT PAYMENT.
WE HEREBY ENGAGE WITH YOU THAT ALL SIGHT DRAFTS DRAWN UNDER AND IN COMPLIANCE
WITH THE TERMS AND CONDITIONS OF THIS LETTER OF CREDIT SHALL BE DULY HONORED IF
PRESENTED FOR PAYMENT AT THE OFFICE OF CITY NATIONAL BANK, INTERNATIONAL
DEPARTMENT, 555 SOUTH FLOWER STREET, 24th FLOOR, LOS ANGELES, CALIFORNIA 90071
ON OR BEFORE THE EXPIRATION DATE OF THIS LETTER OF CREDIT.
EXCEPT SO FAR AS OTHERWISE EXPRESSLY STATED, THIS LETTER OF CREDIT IS ISSUED
SUBJECT TO THE INTERNATIONAL STANDBY PRACTICES 1998