Document:

Exhibit 10.32

 

THE 2009 AMPHENOL EXECUTIVE INCENTIVE PLAN

 

1.     Purpose.  Amphenol Corporation (the “Company”) has
established the 2009 Amphenol Executive Incentive Plan (the “Executive
Incentive Plan”) to provide incentive compensation in the form of a cash bonus
incentive award (“Award”) to eligible Employees. The Executive Incentive Plan
is effective as of January 1, 2009.

 

2.     Administration.  The Executive Incentive Plan will be
administered by the Compensation Committee of the Board of Directors of the Company
(the “Committee”). The Committee shall have the power, right and duty to
interpret, construe and administer the provisions of the Executive Incentive
Plan. All decisions, actions or interpretations of the Committee, including
decisions, actions or interpretations regarding eligibility to participate and
grant of Awards, shall be final, conclusive and binding upon all of the
parties. The Company shall indemnify and hold harmless the Committee and its
members to the extent allowed under applicable law against all claims,
liabilities, fines and penalties and all expenses reasonably incurred by or
imposed upon the Committee or any of its members (including, but not limited
to, reasonable attorney’s fees) which arise as a result of its or their good
faith actions or failure to act in connection with the operation and
administration of the Executive Incentive Plan. The Company shall pay all costs
associated with the administration of the Executive Incentive Plan.

 

3.     Employee.  Subject to such additional limitations or
restrictions as the Committee may impose, the term “Employee” shall mean
persons who are employed by the Company and its subsidiaries.

 

4.     Calculation of Incentive
Awards.  Eligible Employees of
the Company, including the top five most highly compensated employees, will
have awards under the Executive Incentive Plan primarily determined by
performance against quantitative measures established at the beginning of each
plan year. In addition, consideration will be given, when appropriate, to certain
quantitative factors as further described below. The quantitative portion of
the Executive Incentive Plan is based on a formula that considers the Company’s
achievement and/or each group’s achievement and/or each operating unit’s
achievement and/or each individual’s achievement of performance targets and/or
goals. The targets and/or goals include revenue, operating income, operating
cash flow, return on investment, return on sales, organic growth and
contribution to growth in earnings per share (“EPS”). Quantitative factors
considered in the formula include accomplishment against budget, balance sheet
management including cash flow, new market/new product positioning, operating
unit and group contribution to total Company performance, and/or other specific
individual objectives impacting Company performance, customer satisfaction,
cost reductions, productivity improvement and quality management.

 

Results of the formula are
then applied against a target bonus which is expressed as a fixed percentage of
base salary paid. The maximum payment to an eligible employee for any
performance period is two times the target bonus. The maximum Award any
eligible Employee may receive under the Executive Incentive Plan for any
performance period is $4.0 million. The performance period will be the
fiscal year of the Company. The Committee may adjust performance based payments
if unusual and unanticipated market conditions materially impact the Company’s
or an operating unit’s growth and/or performance. The Committee has sole
discretion to determine when such an adjustment should be made.

 

5.     Cash Bonus Incentive Award.  Awards are intended to provide payment of
additional compensation to an Employee as determined by the Committee in its
sole discretion. The Committee may grant Awards to Employees only. Any Award
shall be paid as soon as practicable upon the Committee’s determination to make
such Award but in no event no later than ninety (90) calendar days
following the end of the Plan year.

 

6.     Unfunded Plan; No Interest in
Company Assets.  No Employee
or other person shall have any right, title or interest in any Award prior to
the payment thereof or in any property of the Company. All Awards shall be paid
from the general assets of the Company. To the extent that any Employee, former

 

 

Employee, or any other person acquires a
right to receive an Award or payment of an Award under the Executive Incentive
Plan, such right shall be no greater than the right of a general unsecured
creditor of the Company. Nothing contained in the Executive Incentive Plan, and
no actions taken in operation of the Executive Incentive Plan, shall create or
be construed to create a trust of any kind, require the segregation or set
aside of any funds or other property for the purposes of paying any amounts
under the Executive Incentive Plan or create a fiduciary relationship between
the Company and any Employee, former Employee or any other person.

 

7.     No Alienation of Benefits.  Except as otherwise determined by the
Committee, with the exception of transfer by will or the laws of descent and
distribution, Awards shall not be assignable or transferable, either
voluntarily or involuntarily, and, during the lifetime of the Employee, payment
of an Award shall be made only to the Employee.

 

8.     Withholding for Taxes.  Notwithstanding any other provision of the
Executive Incentive Plan, the Company reserves the right to withhold from any
Award such amount or amounts as may by required for purposes of complying with
the tax withholding provisions of the Internal Revenue Code of 1986, as
amended, any state’s income tax act or any applicable similar local, foreign or
other laws.

 

9.     Amendment and Termination.  The Committee has the right to amend,
suspend, modify or terminate the Executive Incentive Plan in whole or in part
and for any reason and without the consent of the Employees. No amendment,
suspension, modification or termination of any provision of the Executive
Incentive Plan shall change the terms and conditions of any Award to which an
Employee has otherwise become entitled under the provisions of the Executive
Incentive Plan without the Employee’s consent.

 

10.   Governing Law.  The Executive Incentive Plan shall be
governed by and construed in accordance with the laws of the State of Delaware,
without giving effect to principles of conflict of laws.

 

11.   Non-ERISA Plan.  The Executive Incentive Plan is intended to
be a cash bonus plan and is not intended to be an employee benefit plan subject
to the Employee Retirement Income Security Act of 1974, as amended.

 

12.   No Right to Continued
Employment.  Nothing contained
in the Executive Incentive Plan shall be construed as a contract of employment
between the Company and any Employee, or as a right of any Employee to be
continued in the employment of the Company or any subsidiary, or as a
limitation of the rights of the Company or any subsidiary to discharge any of
its Employees, with or without cause, or as to affect or enlarge the employment
rights, if any, of any Employee.Exhibit 10.36

 

	
   

  	
  Deutsche
  Bank AG

  New York Branch

  	
  

  	
  Amphenol

  

 

CONTINUING
AGREEMENT FOR STANDBY LETTERS OF CREDIT

 

March 4, 2009

 

Deutsche Bank AG, New
York Branch

60 Wall Street

New York, New York 10005

	
  Attention:

  	
   

  	
   

  

 

To induce you, in your
sole and absolute discretion from time to time, to issue one or more
irrevocable letters of credit (each, a “Credit”)
at the request of the party signing below (“Applicant”) for the account of such Applicant and, in
certain cases, also for the account of one or more of its affiliates or
subsidiaries (each of whom shall either execute and deliver this Agreement as a
joint and several applicant or execute and deliver to you such other documents
(such as a guaranty) as you may require), in substantially such form as Applicant
shall request, Applicant unconditionally and irrevocably agrees with you (“Issuer”) as to each Credit as follows:

 

1.                                       Defined Terms. As used in this agreement (as amended, supplemented
or otherwise modified from time to time, including the application for the
Credit, this “Agreement”), the
following terms have the respective meanings specified below, unless the
context requires otherwise:

 

“Applicant”
has the meaning
specified in the introductory paragraph hereof.

 

“Base
Rate” means a
variable interest rate per annum equal to the greater at any time of Issuer’s
Prime Lending Rate or one-half percent (0.5%) per annum above Issuer’s
Overnight Federal Funds Rate.

 

“Beneficiary”
means any
beneficiary of the Credit, including any second or substitute beneficiary or
transferee under a transferable letter of credit and any successor of a
beneficiary by operation of law.

 

“Business
Day” means any
day that is not a Saturday, Sunday or other day on which commercial banks are
authorized or required to close in New York City or at such other place where
Issuer is obligated to honor a presentation or otherwise act under the Credit
or this Agreement.

 

“Collateral”
refers
collectively to all of Applicant’s present and future right, title and interest
in, to and under the following property: (i) all property received or
receivable by Issuer under or in connection with the Credit, and (ii) all
supporting obligations and all proceeds and products of any and all of the
foregoing, together with any other property in which Applicant has granted or
hereafter grants a security interest to Issuer to secure any or all of the
Obligations. For the avoidance of doubt, Collateral shall include only such
property which Applicant furnishes to Issuer as security for the Obligations in
accordance with the provisions of Section 13.

 

“Credit” has the meaning specified in the
introductory paragraph hereof and includes any amendment or replacement thereof
authorized by its terms or by consent of Applicant and, at Issuer’s option, any
pre-advice thereof.

 

“Deposits”
refers
collectively to any and all deposits (whether general or special, time or
demand, provisional or fmal) at any time held and any other indebtedness at any
time owing by Issuer or its affiliates to or for the credit or the account of
Applicant.

 

“Dollars”
or “$” mean the lawful currency for the time being of the United
States of America.

 

“Event
of Default” has
the meaning specified in Section 17 hereof.

 

“Indemnified
Party” means
Issuer and each officer, director, affiliate, employee, attorney and agent
thereof. 

 

“ISP” means the International Standby Practices
1998, International Chamber of Commerce Publication No. 590. 

 

“Issuer”
has the meaning
specified in the introductory paragraph hereof.

 

“Issuer’s
Office” means
Issuer’s address for notices under this Agreement.

 

“Material
Adverse Effect” has
the meaning specified in Section 15 hereof.

 

 

“Obligations”
refers
collectively to Applicant’s obligations to Issuer under this Agreement or in
respect of the Credit, whether absolute or contingent, present or future,
joint, several or independent, including interest accruing at the rate provided
in the applicable agreement on or after the commencement of any bankruptcy or
insolvency proceeding, whether or not allowed or allowable.

 

“Overnight
Federal Funds Rate” means,
at any time, the rate per annum at which Issuer’s New York Branch, as a branch
of a foreign bank, in its sole discretion, can acquire Federal funds in the
interbank overnight federal funds market including through brokers of
recognized standing.

 

“Person”
means any natural
person, corporation, limited liability company, trust, joint venture,
association, company, partnership, government (including any subdivision,
agency, court, central bank, or other entity exercising executive, legislative,
judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government) or other entity.

 

“Prime
Lending Rate” means
the rate of interest Issuer announces from time to time as Issuer’s prime
lending rate for unsecured commercial loans within the United States of America
(but is not intended to be the lowest rate of interest Issuer charges in
connection with extensions of credit to borrowers).

 

“Taxes” means all present and future taxes,
levies, imposts, deductions, charges, withholdings and related liabilities,
excluding income and franchise taxes imposed by the jurisdiction of Issuer’s
head office or the office issuing the Credit or any of its political
subdivisions.

 

“UCC” means the Uniform Commercial Code promulgated
by the National Conference of Commissioners on Uniform State laws and The
American Law Institute, as in effect from time to time in the applicable
jurisdiction.

 

“UCP” means the Uniform Customs and Practice
for Documentary Credits, 2007 Revision, International Chamber of Commerce
Publication No. 600.

 

2.                                       Reimbursement. Applicant will reimburse Issuer, without demand, the
amount of each payment Issuer makes against a presentation under the Credit.
Each such reimbursement shall be without prejudice to Applicant’s rights under Section 8(b) hereof
and due on the day on which Issuer pays; provided
that if the Credit provides for acceptance of a time draft or incurrence of a
deferred payment obligation, reimbursement shall be due sufficiently in advance
of its maturity to enable Issuer to arrange for its cover in same day funds to
reach the place where it is payable no later than the date of its maturity.

 

3.                                       Fees, Costs and Expenses. Applicant will pay Issuer (i) fees in respect of
the Credit at such rates and times as Applicant and Issuer may agree in writing
or, in the absence of such an agreement, in accordance with Issuer’s standard
fees then in effect (including, if applicable, application fees, issuance fees,
maintenance fees, amendment fees, drawing fees, discrepancy fees, acceptance or
deferred payment obligation fees, transfer fees, and assignment of letter of
credit proceeds fees), and (ii) on demand, all costs and expenses that
Issuer incurs in connection with the Credit or this Agreement, including (A) reasonable
attorneys’ fees and disbursements, (B) costs and expenses in connection
with any requested amendment to or waiver under the Credit or this Agreement, (C) costs
and expenses in complying with any governmental exchange, currency control or other
laws, rules or regulations of any country now or hereafter applicable to
the purchase or sale of, or dealings in, foreign currency, (D) any stamp
taxes, recording taxes, or similar taxes or fees payable in connection with the
Credit or this Agreement, and (E) any adviser’s, confirmer’s, or other
nominated person’s or correspondent’s fees and expenses that are chargeable to
Applicant or Issuer. References in this Agreement to attorneys’ fees and
disbursements shall include any reasonably allocated costs of internal counsel.

 

4.                                       Payments; Currency; Interest; Charging Accounts;
Computations, Etc.

 

(a)                                  All amounts due from Applicant under this
Agreement shall be paid to Issuer at Issuer’s Office without defense, set-off,
or counterclaim of any kind, in Dollars and in immediately available funds; provided that if the amount due is based
upon Issuer’s payment in a currency other than Dollars, Applicant will pay the
equivalent of such amount in Dollars computed at Issuer’s selling rate for
cable transfers to the place where and in the currency in which Issuer paid,
or, at Issuer’s option, Applicant will pay in such other currency, place, form
and manner as Issuer reasonably specifies in writing. Applicant’s obligation to
make payments in Dollars shall not be discharged or satisfied by any tender, or
any recovery pursuant to any judgment or otherwise, which is expressed in or
converted into any currency other than Dollars, except to the extent that such
tender or recovery results in the actual receipt by Issuer at Issuer’s Office
of the full amount of Dollars payable under this Agreement. Applicant’s
obligation to make payments in Dollars as aforesaid shall be enforceable as an
alternative or additional cause of action to the extent that such actual
receipt is less than the full amount of Dollars expressed to be payable
hereunder, and shall not be affected by judgment being obtained for other sums
due hereunder.

 

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(b)                                 Without limiting Applicant’s obligation
to make all payments hereunder when due, Applicant will pay to Issuer, on
demand, interest on all unpaid amounts hereunder from the due date through the
payment date at a variable interest rate equal to the sum of two percent (2%)
per annum plus Issuer’s Base Rate from time to time; provided that in
the case of any unpaid amount due under Section 2 hereof as to which
Applicant has not been notified by Issuer, the applicable variable interest
rate shall be equal to the Base Rate from time to time. Any change in the
interest rate resulting from a change in the Base Rate shall take effect on the
date of such change in the Base Rate. If any payment shall be due on a day that
is not a Business Day, such payment shall be made on the next Business Day and
interest shall be paid for each additional day elapsed. No provision of this
Agreement shall require the payment or permit the collection of interest in
excess of the maximum rate permitted by applicable law.

 

(c)                                  Issuer is authorized to charge any
account of Applicant maintained with Issuer or any of its affiliates from time
to time for any amount due under this Agreement.

 

(d)                                 All computations of fees and interest
under this Agreement shall be based on a 360-day year for the actual number of
days elapsed (including the first day but excluding the last day in the case of
interest, and including both the first day and last day in the case of fees).
All computations of fees based upon the available or face amount of the Credit
at any time shall be calculated by reference to the greatest amount for which
Issuer may be contingently liable under any circumstances under the Credit at
such time.

 

5.                                       Capital
Adequacy; Additional Costs. If Issuer determines that the
introduction or effectiveness of, or any change in, any treaty, international
agreement, law, rule or regulation or compliance with any directive,
guideline or request from any central bank or other governmental or
quasi-governmental authority (whether or not having the force of law), or any
change in generally accepted accounting principles or in Issuer’s accounting
for the Credit (including changing the capital adequacy conversion factor), or
any change in the interpretation of any of the foregoing, affects the amount of
capital, insurance or reserves (including special deposits, deposit insurance
or similar requirements) to be maintained by Issuer or any corporation
controlling Issuer or otherwise increases the costs of, or reduces the amount
received or receivable by, Issuer or any corporation controlling Issuer, and Issuer
determines that the amount of such capital, insurance or reserve (including any
special deposit, deposit insurance or similar requirement) or other increased
cost (including any tax or insurance premium) or reduction, as the case may be,
is increased by or based upon the existence of this Agreement or the Credit,
then Applicant shall pay Issuer on demand from time to time additional amounts
sufficient in Issuer’s judgment to compensate for the increase or reduction, as
the case may be; provided that Issuer computes the amount due from
Applicant under this paragraph on a reasonable basis.

 

6.                                      Taxes. All
payments to Issuer hereunder shall be made free and clear of and without
deduction for any Taxes. If any Taxes shall be required to be deducted from any
sum payable under this Agreement, then: (i) the sum payable under this
Agreement shall be increased so that after making all required deductions
Issuer receives an amount equal to the sum Issuer would have received had no
such deductions been required; (ii) Applicant shall be responsible for
payment of the amount to the relevant taxing authority; (iii) Applicant
shall indemnify Issuer on demand for any Taxes paid by Issuer and any liability
(including penalties, interest and expenses) arising from its payment or in
respect of such Taxes, whether or not such Taxes were correctly or legally
asserted; and (iv) Applicant shall provide Issuer upon request with the
original or a certified copy of the receipt evidencing each Tax payment.

 

7.                                       Indemnification. Applicant will indemnify and hold
harmless each Indemnified Party from and against any and all claims,
liabilities, losses, damages, costs and expenses (including reasonable
attorneys’ fees and disbursements) that arise out of or in connection with: (i) the
Credit or any transaction(s) underlying the Credit, (ii) any payment
or action taken or omitted to be taken in connection with the Credit or this
Agreement, (iii) the enforcement of this Agreement or any rights or
remedies under or in connection with this Agreement or the Credit, or (iv) any
act or omission, whether rightful or wrongful, of any present or future de jure
or de facto government or governmental authority (including with respect to any
document or property received under this Agreement or the Credit) or any other
cause beyond Issuer’s control, except in each case to the extent such
liability, loss, damage, cost or expense is found in a final, non-appealable
judgment by a court of competent jurisdiction to have resulted directly from
such Indemnified Party’s gross negligence or willful misconduct. Applicant will
pay on demand from time to time all amounts owing under this section.

 

8.                                       Obligations
Absolute; Claims Against Issuer; Waivers; Exculpations; Limitations of
Liability; Ratification.

 

(a)                                  Applicant’s Obligations shall be
absolute, unconditional and irrevocable and shall be performed strictly in
accordance with the terms of this Agreement, irrespective of: (i) if any
other Person shall at any time have guaranteed any of the Obligations or granted
any security therefor, any change in the time, manner or place of payment of or
any other term of the obligations of such other Person, (ii) any exchange,
change or release of any Collateral or other collateral security, or any
release or waiver of any guarantee, for any of the Obligations, (iii) the
existence of any claim,

 

3

 

setoff, defense or other
right that Applicant or any other Person may have at any time against any
Beneficiary, any assignee of proceeds of the Credit, Issuer or any other
Person, whether in connection with any transaction contemplated by this
Agreement or the Credit or any unrelated transaction, (iv) any
presentation under the Credit being forged, fraudulent, or abusive or any
statement therein being untrue or inaccurate, or (v) any other
circumstance that might, but for the provisions of this section, constitute a
legal or equitable discharge of or defense to any or all of the Obligations.

 

(b)                                 Without limiting the foregoing, it is expressly
agreed that the absolute, unconditional and irrevocable obligation of Applicant
to reimburse or pay Issuer pursuant to this Agreement will not be excused by
ordinary negligence, gross negligence, wrongful conduct or willful misconduct
of Issuer. However, the foregoing shall not excuse Issuer from liability to
Applicant in any independent action or proceeding brought by Applicant against
Issuer following such reimbursement or payment by Applicant to the extent of
any unavoidable direct damages suffered by Applicant that are caused directly
by Issuer’s gross negligence or willful misconduct; provided
that (i) Issuer shall be deemed to have acted with due diligence and
reasonable care if it acts in accordance with standard letter of credit
practice of commercial banks located in New York City; and (ii) Applicant’s
aggregate remedies against Issuer for wrongfully honoring a presentation or
wrongfully retaining honored documents shall in no event exceed the aggregate
amount paid by Applicant to Issuer with respect to the honored presentation,
plus interest.

 

(c)                                  Without limiting any other provision of
this Agreement, Issuer and, as applicable, its correspondents (if any):

 

(i)                                     may rely upon any oral, telephonic,
facsimile, electronic, written or other communication honestly believed, to
have been authorized by Applicant, whether or not given or signed by an
authorized Person,

 

(ii)                                  shall not be responsible for errors,
omissions, interruptions or delays in transmission or delivery of any message,
advice or document in connection with the Credit, whether transmitted by
courier, mail, telex, any other telecommunication, or otherwise (whether or not
they be encrypted), or for errors in interpretation of technical terms or in
translation (and Issuer and its correspondents may transmit Credit terms
without translating them),

 

(iii)                               shall not be responsible for the identity
or authority of any signer or the form, accuracy, genuineness, falsification or
legal effect of any presentation or payment instruction under the Credit if
such presentation or instruction appears on its face to be in compliance with
the Credit, even if the purported signer is a customer of Issuer or its
signature is otherwise known to Issuer,

 

(iv)                              may honor any presentation under the
Credit which appears on its face to substantially or reasonably comply with the
terms and conditions of the Credit,

 

(v)                                 may replace an original Credit, waive a
requirement for its presentation, or provide a replacement or copy to any
Beneficiary,

 

(vi)                              may accept as a draft any written or
electronic demand or request for payment under the Credit, even if
nonnegotiable or not in the form of a draft, and may disregard any requirement
that such draft, demand or request bear any or adequate reference to the
Credit,

 

(vii)                           may purchase or discount an accepted
draft or deferred payment obligation incurred under the Credit without
affecting the amount or timing of the reimbursement due from Applicant,

 

(viii)                        may pay any paying or negotiating bank
(designated or permitted by the terms of the Credit) claiming that it
rightfully honored or is entitled to reimbursement or indemnity under the laws
or practice of the place where it is located,

 

(ix)                                may make any payment under or in
connection with the Credit by any means it chooses, including by wire transfer
or by check,

 

(x)                                   may select any branch or affiliate of
Issuer or any other bank to act as advising, transferring, confirming and/or
nominated bank under the law and practice of the place where it is located (if
the application submitted by Applicant for the Credit does not prohibit advice,
transfer, confirmation and/or nomination or such selection),

 

(xi)                                may amend the Credit to reflect any
change of address or other contact information of any Beneficiary,

 

(xii)                             shall not be obligated to examine, and
may disregard for purposes of determining compliance of any presentation with
the terms and conditions of the Credit, (A) any presented document not
called for by the terms and conditions of the Credit and (B) that portion,
if any, of any other presented document that contains data not called for by
the terms and conditions of the Credit, and

 

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(xiii)                          shall not be responsible for any other
action or inaction taken or suffered by Issuer or its correspondents under or
in connection with the Credit or any presentation or Collateral, if required or
permitted under any applicable domestic or foreign law or letter of credit
practice.

 

None of the circumstances
described in this Section 8(c) shall impair or waive Issuer’s rights
and remedies against Applicant or place Issuer or any of its correspondents
under any liability to Applicant.

 

(d)                                 Applicant will notify Issuer in writing
of any objection Applicant may have to Issuer’s issuance or amendment of the
Credit, Issuer’s honor or dishonor of any presentation under the Credit, or any
other action or inaction taken or proposed to be taken by Issuer under or in
connection with this Agreement or the Credit. Applicant’s notice of objection
must be delivered to Issuer by expeditious means within three Business Days
after Applicant receives notice of the action or inaction it objects to.
Applicant’s failure to give timely notice of objection shall automatically
waive Applicant’s objection, authorize or ratify Issuer’s action or inaction,
and preclude Applicant from raising the objection as a defense or claim against
Issuer.

 

(e)                                  Applicant’s acceptance or retention of
any documents presented under or in connection with the Credit or of any
property for which payment is supported by the Credit, shall ratify Issuer’s
honor of the documents and preclude Applicant from raising a defense, set-off
or claim with respect to Issuer’s honor of the documents.

 

(f)                                    Neither Issuer nor any of its
correspondents shall be liable in contract, tort, or otherwise for any punitive,
exemplary, consequential, indirect or special damages (including for any
consequences of forgery or fraud by the Beneficiary or any other Person).

 

9.                                       Applicant Responsibility, Etc. Applicant is responsible for preparing or approving the text of the
Credit. Applicant’s ultimate responsibility for the final text shall not be
affected by any assistance Issuer may provide such as drafting or recommending
text. Issuer shall have no duty to notify Applicant of Issuer’s (i) receipt
of a request for an amendment, termination, transfer of drawing rights, or
assignment of letter of credit proceeds, (ii) receipt of a presentation
under the Credit, (iii) detection of any discrepancy, (iv) facilitation
of a cure of any discrepancy, (v) decision to honor or dishonor or (vi) any
other action or inaction toward any Beneficiary or any nominated person, except
after honor to notify Applicant of honor. Issuer may, without incurring any
liability to Applicant or impairing its entitlement to reimbursement or
indemnity under this Agreement, (i) honor the Credit despite notice from
Applicant of, and without any duty to inquire into, any defense to honor or any
adverse claim or other right against any Beneficiary or any other Person, or (ii) dishonor
the Credit for fraud or forgery. Issuer shall have no duty to seek any waiver
of discrepancies from Applicant, nor any duty to grant any waiver of
discrepancies which Applicant approves or requests.

 

10.                                 Transfers. If the Credit is in transferable form,
Issuer shall have no duty to determine the proper identity of anyone appearing
in any transfer request, draft or other document as transferee, nor shall
Issuer be responsible for the validity or correctness of any transfer made
pursuant to documents that appear on their face to be substantially in
accordance with the terms and conditions of the Credit.

 

11.                                 Extensions and Modifications; Waivers of Discrepancies. This Agreement shall be binding upon Applicant with respect to any replacement,
extension or modification of the Credit or waiver of discrepancies authorized
by Applicant. The Obligations shall not be reduced or impaired by any agreement
by Issuer and any Beneficiary extending or shortening Issuer’s time after
presentation to examine documents or to honor or give notice of discrepancies.
Except as may be provided in the Credit or otherwise specifically agreed to in
writing by Issuer in its sole and absolute discretion, Issuer shall have no
duty to (i) extend the expiration date or term of the Credit, (ii) issue
a replacement letter of credit on or before the expiration date of the Credit
or the end of such term, (iii) issue or refrain from issuing notice of its
election not to renew or extend the Credit, (iv) issue or refrain from
issuing any notice, if the Credit permits it to do so, of its election to
terminate or cancel the Credit prior to its stated expiration date, (v) issue
or refrain from issuing any notice of its election to refuse to reinstate the
amount of any drawing under the Credit or (vi) otherwise amend or modify
the Credit.

 

12.                                 Collateral. To secure all the Obligations, Applicant
grants Issuer a first priority lien on and security interest in the Collateral.
Issuer (i) is authorized, at its option at any time and with or without
notice, to transfer to or register in the name of Issuer or any of its nominees
all or part of the Collateral, (ii) shall be deemed to have exercised
reasonable care with respect to the Collateral if the Collateral is accorded
treatment comparable to that which Issuer gives to its own property of a
similar type and (iii) shall not be obligated to enforce or preserve its
rights or Applicant’s rights against any Person or otherwise with respect to
any Collateral. This lien on and security interest in the Collateral (including
any Collateral requested pursuant to Section 13(b) hereof) shall
remain in effect until Issuer’s liability under the Credit is extinguished and
all of Applicant’s Obligations are irrevocably and finally paid. Collateral
securing a negotiable Credit will be retained for 30 days (or more, if the
above conditions are not satisfied) following expiry of the Credit.

 

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13.                                 Additional Bond or Collateral or
Release of Letter of Credit.

 

(a)                                  If Applicant or any other Person shall
seek to restrain or preclude any presentation under or honor of the Credit or
take any other action which has a similar effect or if any court shall do any
of the foregoing or extend the term of the Credit or take any other action
which has a similar effect, then, in each case, Applicant shall provide Issuer
with a bond or other collateral of a type and value reasonably satisfactory to
Issuer as security for the Obligations.

 

(b)                                 If at any time there shall be continuing (i) any
Event of Default, (ii) any material adverse change in Applicant’s
financial condition, business or assets, (iii) any actual or threatened
material change in the direct or indirect ownership or control of Applicant, or
(iv) any applicant injunction action, beneficiary wrongful dishonor
action, or other event that threatens to extend or increase Issuer’s contingent
liability beyond the time, amount or other limit provided in the Credit or this
Agreement, Applicant will, on demand from time to time, (A) assign and
deliver to Issuer, as security for the Obligations, additional Collateral of a
type and value reasonably satisfactory to Issuer or (B) procure any
Beneficiary’s release of the Credit by procuring another bank’s substitute
letter of credit or by other means.

 

14.                                 Further Assurances; Subrogation;
Delivery or Release of Collateral.

 

(a)                                  Applicant will, at its own expense upon
request from time to time, sign any instrument or document and take any other
action as Issuer may reasonably deem necessary or desirable to preserve,
perfect, protect and maintain the Collateral and the priority of Issuer’s
security interests therein and to realize upon Issuer’s rights and remedies as
secured party, as issuer of the Credit and, following any unreimbursed honor,
as assignee/subrogee of the rights and remedies of Applicant against the
Beneficiary and of the Beneficiary against Applicant in both the letter of
credit transaction and any underlying transaction. Applicant agrees that Issuer’s
subrogation rights may be asserted whether Issuer’s honor satisfies all or only
part of the underlying obligation.

 

(b)                                 Applicant will sign and deliver to Issuer
on demand a trust receipt or other security agreement reasonably satisfactory
to Issuer for any Collateral released to Applicant. Issuer shall be deemed to
have disclaimed all engagements, representations and warranties upon delivery
of any Collateral to Applicant, including any implied by law upon delivery
(with or without indorsement) of any instrument, investment security or
document of title, except that Issuer has not voluntarily created any lien on
or security interest in such Collateral in favor of any third party that has
not been terminated or released.

 

15.                                 Covenants of Applicant. Applicant will (i) comply with all foreign and
domestic laws, rules and regulations now or hereafter applicable to the
Credit, transactions related to the Credit, or Applicant’s execution, delivery
and performance of this Agreement, (ii) comply with all foreign and domestic
laws, rules and regulations now or hereafter applicable to Applicant or
its properties except where the failure to do so could not reasonably be
expected to have a material adverse effect (“Material  Adverse
Effect”) on (A) Applicant’s financial condition, business or
assets, (B) Applicant’s ability to perform any of its obligations under
this Agreement or any other agreement relating to the transactions contemplated
herein or (C) the validity or enforceability of this Agreement or any such
other agreement or the rights of or benefits available to Issuer hereunder or
thereunder, (iii) deliver to Issuer, upon request from time to time,
satisfactory evidence of compliance and financial statements and such other
information concerning Applicant’s financial condition, business and prospects
as Issuer may reasonably request, (iv) permit Issuer to inspect Applicant’s
books and records and audit any Collateral on reasonable notice, (v) promptly
upon obtaining knowledge of the occurrence of (A) any Event of Default, (B) any
event which with notice or lapse of time or both would constitute an Event of
Default or (C) any other event or condition that would permit Issuer to
demand collateral under Section 13(b) hereof, notify Issuer thereof
in writing, specifying the nature of such event, the date on which such event
occurred, and the action Applicant proposes to take with respect thereto, (vi) not
enter into or permit or suffer to exist any agreement containing any provision
that would be violated or breached by the performance of any Obligations, and (vii) provide
Issuer not less than thirty days’ prior written notice of any change in
Applicant’s legal name, Social Security number or Federal tax identification
number (if applicable), state or type of organization or any organization
number (if Applicant is not an individual), chief executive office, principal
place of business, or residence (if Applicant is an individual).

 

16.                                 Representations and Warranties. Applicant represents, warrants and covenants on a
continuing basis that: (i) if Applicant is not an individual, it is and
will remain duly organized, validly existing and in good standing with the
power and authority to carry on its business; (ii) its execution, delivery
and performance of this Agreement and any underlying agreement or transaction, (A) are
and will remain within its powers, (B) have been and will remain duly
authorized, (C) do not and will not contravene any charter provision,
by-law, resolution, contract or other undertaking binding on or affecting Applicant
or any of its properties, (D) do not and will not violate any domestic or
foreign law, rule or regulation, or any order, writ, judgment, decree,
award or permit of any arbitration tribunal, court or other governmental
authority applicable to Applicant or any of its properties, and (E) do not
and will not require any notice, filing or other action to or by any
governmental authority; (iii) this Agreement is and will remain the legal,
valid and binding obligation of

 

6

 

Applicant, enforceable
against Applicant in accordance with its terms; (iv) the financial
statements received by Issuer from Applicant present fairly Applicant’s
financial condition as of the dates and for the periods therein indicated, in
accordance with generally accepted accounting principles, consistently applied,
and there has been no material adverse change in such financial condition or
Applicant’s business or prospects; (v) no other information furnished by
Applicant to Issuer is or shall be materially false or misleading when
furnished; (vi) there is no pending or threatened action or investigation
which is reasonably likely to materially adversely affect Applicant’s financial
condition, business or prospects or which purports to affect the validity or
enforceability of this Agreement, the Credit or any transaction related to the
Credit; (vii) the Credit is not being obtained on account of an antecedent
debt owed by Applicant before issuance of the Credit, except if such antecedent
debt was fully secured by Applicant immediately before issuance of the Credit,
and neither the granting of any collateral security for the Obligations, nor
the issuance of the Credit, nor the making of any payment thereunder or the use
of any proceeds thereof, constitutes or will constitute, or be part of, a
preferential or fraudulent transfer or conveyance to anyone (including Issuer
and any Beneficiary) under any applicable law, including Sections 544, 547, 548
or 550 of the United States Bankruptcy Code, or exceed (alone or together with
any other payments or credit support for any transaction underlying the Credit)
the maximum amount that would be allowed for any claim against Applicant under
any applicable subsection of United States Bankruptcy Code Section 502(b) if
Applicant were the subject of any proceeding thereunder; (viii) Applicant
is not an investment company within the meaning of the Investment Company Act
of 1940, as amended, or, directly or indirectly, controlled by or acting on
behalf of any party which is such an investment company; (ix) immediately
after giving effect to the issuance of the Credit, no Event of Default has
occurred and is continuing or would exist with the giving of notice or lapse of
time or both; and (x) Applicant is subject to civil law with respect to
the Obligations; its execution, delivery and performance hereof constitute
private rather than public or government acts; and neither Applicant nor any of
its property has any immunity from jurisdiction of any court or from set-off or
any legal process under the laws of the State of New York or the laws of its
jurisdiction of organization (if not an individual).

 

17.                                 Events of Default. Each of the following shall be an “Event of Default” under this
Agreement: (i) Applicant’s failure to pay any Obligation when due, (ii) Applicant’s
failure to perform or observe any term or covenant of this Agreement (not
otherwise an Event of Default) for more than twenty days after Issuer notifies
Applicant of the failure, (iii) Applicant’s breach in any material respect
of any representation or warranty made in this Agreement or any document
delivered by Applicant under or in connection with this Agreement, (iv) (A) Applicant’s
failure to pay when due (whether at scheduled maturity, upon demand or
acceleration, or otherwise) any payment in respect of any indebtedness or other
obligation (other than the Obligations) of Applicant to Issuer or another, or (B) any
event shall occur under the terms of any such indebtedness or other obligation,
and as a result thereof, such indebtedness or other obligation is, or becomes
capable of being, declared due and payable prior to the stated maturity
thereof, or any such indebtedness or other obligation shall be required to be
prepaid, redeemed or purchased, or an offer to prepay, redeem or purchase shall
be required to be made, in each case prior to the stated maturity thereof, (v) Applicant’s
violation of or default under any other agreement or obligation with or in
favor of Issuer, (vi) Applicant’s repudiation of, or assertion of the
unenforceability of, this Agreement or any separate security agreement or other
agreement or undertaking supporting this Agreement, (vii) Applicant’s
dissolution or termination, (viii) Applicant’s (A) merger or
consolidation with any third party unless Applicant is the survivor, (B) sale,
lease or other conveyance of a material part of its assets or business outside
the ordinary course of business or (C) agreement to do any of the
foregoing, (ix) institution by Applicant of any proceeding under any law
relating to bankruptcy, insolvency or reorganization or relief of debtors or
seeking or consenting to the appointment of a custodian, receiver,
rehabilitator, trustee or other similar official for Applicant or for any
substantial part of its property, or consent by Applicant to the institution
of, or failure to contest in a timely and appropriate manner, any proceeding
described in Section 17(x), or filing by Applicant of an answer admitting
the material allegations of a petition filed against it in any proceeding
described in Section 17(x), or Applicant shall take any action for the
purpose of effecting any of the foregoing, (x) institution against
Applicant of any proceeding under any law relating to bankruptcy, insolvency or
reorganization or relief of debtors or seeking the appointment of a custodian,
receiver, rehabilitator, trustee or other similar official for Applicant or for
any substantial part of its property, and any such proceeding or case shall be
unstayed and in effect for more than thirty days, or an order for relief shall
be entered therein, (xi) Applicant’s making an assignment for the benefit of
creditors, (xii) Applicant’s insolvency or inability to pay its debts as they
become due, (xiii) any actual or threatened seizure, vesting or intervention by
or under authority of a government by which Applicant’s management is displaced
or its authority or control of its business is curtailed, (xiv) entry of a
final judgment against Applicant which remains unstayed and unsatisfied for
more than thirty days, (xv) attachment or restraint of any material portion of
the Collateral or the issuance of any order of any court or other legal process
against the same, (xvi) any event or occurrence not otherwise described in this
Section 17 that has had or could reasonably be expected to have a Material
Adverse Effect, (xvii) if Applicant is an individual, Applicant’s death or
incompetency, (xviii) if Applicant is not an individual, any change in
ownership of Applicant that Issuer deems material, (xix) issuance of a
temporary restraining order, injunction (preliminary or permanent), or any
similar order in connection with the Credit or any presentation (present or
future) or payment thereunder which may

 

7

 

apply to Issuer, or (xx)
the occurrence of any of the above events with respect to any Person other than
Applicant that has heretofore or hereafter guaranteed or provided any
collateral security for any Obligations.

 

18.                                 Remedies. If any Event of Default shall have
occurred and be continuing, Issuer may take any one or more of the following
actions: (i) make the amount of the Credit and any or all other
Obligations then outstanding or accrued become due and payable immediately,
without demand upon or notice to Applicant (provided that if the Event of
Default is described in Section 17(ix), (x) or (xi) hereof, then the
amount of the Credit and all other Obligations then outstanding or accrued
shall become due and payable immediately and automatically), (ii) exercise
in respect of the Collateral any and all of the rights and remedies of a
secured party on default under the UCC, (iii) require Applicant to (and
Applicant agrees that it shall) use its best efforts to cause Issuer to be
immediately released from all its obligations under the Credit, (iv) notify
any Beneficiary or any other Person that an Event of Default has occurred and
is continuing, whether or not such notice might directly or indirectly
precipitate or require any drawing or payment under the Credit, and (v) exercise
any and all other rights and remedies available at law, in equity, or otherwise
to secure, collect, enforce or satisfy the Obligations. At Issuer’s request,
Applicant will assemble the Collateral and make it available to Issuer at a
place to be designated by Issuer which is reasonably convenient to Issuer and
Applicant. In addition, Issuer may, without notice except as specified below, (i) obtain,
cancel and adjust and settle losses under any insurance on any Collateral and
endorse and negotiate any drafts, documents or instruments constituting
Collateral, in each case in its own name or in the name and as agent of and
attorney-in-fact for Applicant, or (ii) sell any or all of the Collateral
at public or private sale, at any of Issuer’s offices or elsewhere, for cash,
on credit or for future delivery (but without credit risk to Issuer), and at a
price or prices and upon other terms and conditions as Issuer may deem
commercially reasonable. To the extent notice of sale of the Collateral shall
be required by law, Applicant agrees that written notice at least five days
prior to the date of public sale or prior to the date after which private sale
is to be made constitutes reasonable notification. The foregoing shall not be deemed
to imply that any other notice would not constitute reasonable notification. In
connection with any sale or other disposition of any Collateral, Issuer may
disclaim warranties of title, possession, quiet enjoyment or the like without
affecting the commercial reasonableness of such sale or other disposition.
Applicant shall pay to Issuer on demand all costs and expenses (including
reasonable attorneys’ fees and disbursements) in connection with the custody,
preservation or sale of, or collection from, or other realization upon, the
Collateral or the establishment, perfection, preservation or enforcement of
Issuer’s rights in the Collateral. Issuer may hold the proceeds of the
Collateral as additional collateral under this Agreement or then or at any time
thereafter apply the proceeds to the payment of the costs and expenses referred
to above and the other Obligations, whether or not then due, at such times and
in such order as Issuer may determine. Issuer shall pay any surplus to
Applicant or to whomever may be lawfully entitled to receive the surplus, and
Applicant shall be liable for any deficiency.

 

19.                                 Set-off. To the fullest extent permitted by law,
if any Event of Default shall occur and be continuing, Issuer may set off and
apply any and all Deposits against any and all of the Obligations, without
notice and irrespective of whether such Deposits or Obligations may be
unmatured or contingent or payable at different places or in different
currencies.

 

20.                                 Waiver
of Immunity. Applicant acknowledges that this Agreement is, and
the Credit will be, entered into for commercial purposes. To the extent that
Applicant or any of its assets has or hereafter acquires any right of immunity,
whether characterized as sovereign immunity or otherwise, from any legal proceedings,
whether in the United States, Applicant’s domicile or elsewhere, to enforce or
collect upon any Obligation or any other liability or obligation of Applicant
related to or arising from the transactions contemplated by this Agreement or
any other agreement relating to the transactions contemplated herein, including
immunity from service of process, immunity from jurisdiction or judgment of any
court or tribunal, immunity from execution of a judgment, and immunity of any
of its property from attachment prior to any entry of judgment, or from
attachment in aid of execution upon a judgment, Applicant hereby expressly and
irrevocably waives any such immunity and agrees not to assert any such right or
claim in any such proceeding, whether in the United States, Applicant’s
domicile or elsewhere.

 

21.                                 Notices;
Multiple Applicants; Applicant Status; Interpretation; Severability; Multiple
Roles.

 

(a)                                  All notices and other communications
under this Agreement shall be sent, if to Applicant, to its address or fax
number indicated below the signature line of this Agreement, and, if to Issuer,
to its address shown above, Attention: Letter of Credit Department, or by fax
to (212) 797-0780, or as to either, to such other address or fax number as
either may notify to the other in writing. No such notice shall be effective
until actually received by Issuer’s Letter of Credit Department or Applicant,
unless the intended recipient fails to maintain, or fails to notify, the other
party of any relevant change of its name, address or number(s), in which case
such notice shall be effective when sent in accordance with this Agreement. In
addition to the foregoing methods of communication, notices and other
communications hereunder, including a signed application for a Credit, may be
delivered or furnished by other methods of electronic communications such as
email; provided that, unless otherwise agreed in writing by Applicant
and Issuer, the recipient thereof shall have the

 

8

 

option in its sole and
absolute discretion of treating it as received and effective under this
Agreement or of treating it as ineffective under this Agreement despite its
receipt.

 

(b)                                 If this Agreement is signed by two or
more Persons, (i) each shall be deemed an “Applicant” hereunder and be jointly and
severally liable for all the Obligations, (ii) the release, waiver,
instruction or consent of any Applicant shall be sufficient to bind each
Applicant with respect to this Agreement, the Credit or any claims arising
under or in connection with this Agreement or the Credit (including
instructions as to the disposition of documents and waivers of any
discrepancies), (iii) any Event of Default, regardless of fault, shall be
deemed an Event of Default as to all Applicants, (iv) delivery by Issuer
of any document, notice or other communication to any Applicant named below
shall be deemed delivery to each Applicant and shall satisfy any obligation of
Issuer to deliver such document, notice or other communication to any other
Applicant, and (v) each of them agrees that, without notice to or further
consent by the other(s), the liability of any Applicant hereunder may from time
to time, in whole or in part, be extended, modified, released or reduced by
Issuer without affecting or releasing in any way any liability of any other
Applicant. Each Applicant signing this Agreement agrees that its obligations
hereunder are primary, waives all discharge defenses available to a secondary
obligor and forgoes negotiation of a separate guaranty and security agreement
providing for secondary liability to Issuer.

 

(c)                                  Issuer may treat each Person that signs
this Agreement and each other Person authorized to act generally for Applicant
or specifically in the matter as actually authorized to act singly for
Applicant in amending this Agreement, in authorizing Issuer to amend the
Credit, waive any discrepancy, pay or otherwise act under the Credit, in
receiving any notice (including service of process) in connection with this
Agreement, and in agreeing to indemnify Issuer for any action or inaction taken
or proposed. Any change in the identity of Persons authorized to act for
Applicant shall be ineffective until notified in writing to Issuer.

 

(d)                                 The Person identified in this Agreement
as Applicant represents and warrants that, except as may be otherwise agreed in
writing by Issuer (i) it acts for itself and for no other Person in
requesting issuance of the Credit for its account and (ii) it may be
identified in the Credit as the “applicant”, “account party”, or “customer” at
whose request and for whose account the Credit is issued.

 

(e)                                  In this Agreement: (i) headings are
included only for convenience and are not interpretative; (ii) the term “including”
means “including without limitation”; (iii) references to a specific
article or rule of the UCP or ISP include any equivalent article or rule in
any successor revision of the UCP or ISP or the equivalent provision in any
other practice rules; and (iv) references to actions Issuer or its correspondents
“may” take or omit to take mean “may in its sole and absolute discretion” (and
use of such discretion in any one or more instances shall not establish a
course of conduct on which Applicant may rely or impair the ability to exercise
such discretion differently in any other similar or dissimilar instances);

 

(f)                                    If any provision of this Agreement is
held illegal or unenforceable, the validity of the remaining provisions shall
not be affected.

 

(g)                                 Issuer and its affiliates offer a wide
range of financial and related services, which may at any time include
back-office processing services on behalf of financial institutions, letter of
credit beneficiaries, and other customers. Some of these customers may be
Applicant’s counter-parties or competitors. Applicant acknowledges and agrees
that Issuer and its affiliates may perform more than one role in relation to
the Credit.

 

22.                                 Successors and Assigns; Etc. This Agreement shall be binding upon Applicant and
its successors and assigns, and shall inure to the benefit of and be
enforceable by Issuer and its successors and assigns, whether or not Issuer
issues any letter of credit for Applicant. Applicant agrees that delivery of a
signed copy or signature page of this Agreement by facsimile transmission
shall be as effective as delivery of a manually signed original of this
Agreement. Applicant shall not transfer or otherwise assign any of its rights
or obligations under this Agreement without Issuer’s prior written consent.
Issuer may transfer or otherwise assign or grant participations in its rights
and obligations under this Agreement or the Credit, in whole or in part.
Applicant acknowledges that information pertaining to Applicant as it relates
to this Agreement or the Credit may be disclosed to actual or prospective
participants, transferees or assignees. This Agreement shall not be construed
to confer any right or benefit upon any Person other than Issuer, the
Indemnified Parties and Applicant and their respective successors and permitted
assigns, and no such Person shall be deemed a third-party beneficiary hereof,
except that Applicant’s obligations under Section 5 hereof may be enforced
directly against Applicant by a participant.

 

23.                                 Modification; No Waiver. None of the terms of this Agreement may be waived,
terminated or amended orally, by course of dealing, or otherwise, except in a
writing signed by the party against whose interest the term is waived,
terminated or amended. Forbearance, failure or delay by Issuer in the exercise
of a right or remedy shall not constitute a waiver, nor shall any exercise or
partial exercise of any right or remedy preclude any further exercise of that
or any other right or remedy. Any waiver or consent by Issuer shall be
effective only in the specific instance and for the specific purpose for which
it is given.

 

9

 

24.                                 Entire Agreement; Remedies Cumulative. This Agreement constitutes the entire agreement
between the parties concerning the subject matter hereof and supersedes all
prior or simultaneous agreements, written or oral, with respect to the subject
matter hereof. All rights and remedies of Issuer and all obligations of
Applicant under or connection with this Agreement and any other documents
delivered in connection with this Agreement are cumulative and in addition to
those provided or available at equity or under any applicable law, including
the practices specified in Section 26 hereof and the law relative to
estoppel, mistake, unjust enrichment, subrogation, reimbursement, restitution,
warranties on presentation, and mitigation of loss or damage. Issuer may pursue
its rights and remedies separately, successively in any order, or concurrently.

 

25.                                 Continuing Agreement; Termination. This is a continuing agreement and shall remain in
full effect until the earlier of (a) Issuer’s receipt of written notice of
termination from Applicant specifically referring to this Agreement or (b) Issuer’s
delivery to Applicant of a written notice of termination specifically referring
to this Agreement (which notice Issuer may deliver without regard to whether
any Event of Default exists). Termination shall not release Applicant from any
liability for Obligations existing on the date on which Issuer receives or
delivers the termination notice, as applicable, or resulting from or incidental
to a Credit issued on or before such date or issued pursuant to any Issuer
commitment existing on such date. Upon termination of this Agreement, (i) Applicant
shall cease to request the issuance of any further Credit hereunder or any
increase or extension of any outstanding Credit hereunder and (ii) Issuer
shall have all the rights and remedies provided in Section 18 hereof.
Provisions of this Agreement relating to Taxes, indemnities, payment of costs
and expenses, exculpations and limitations on liability, waivers of immunity,
jurisdiction, and waiver of trial by jury shall survive any termination of this
Agreement, expiration of the Credit, and irrevocable and final payment of all
the Obligations.

 

26.                                 Governing Law; Practice; UCP; ISP.

 

(a)                                  This Agreement and the
rights and obligations of Applicant and Issuer hereunder shall be governed by
and subject to the laws of the State of New York applicable to contracts made
and to be performed in such State (including, New York General Obligations Law Section 5-1401
and, as to each Credit, UCC Article 5 as in effect in such State when such
Credit is issued) and applicable federal laws of the United States of America.
In the event that the Credit expressly chooses a state or country law other
than the State of New York, Applicant shall be obligated to reimburse Issuer
for payments made under the Credit if such payment is justified under either
New York law or such other law.

 

(b)                                  Unless Applicant
specifies otherwise in its application for the Credit, Applicant agrees that
Issuer may issue the Credit subject to the UCP or ISP or, at Issuer’s option,
such later supplement to or revision of either thereof as is in effect at the
time of issuance of the Credit. Issuer’s privileges, rights and remedies under
the UCP, ISP or such later supplement or revision shall be in addition to, and
not in limitation of, its privileges, rights and remedies expressly provided
for herein. The UCP, ISP or any such supplement or revision shall serve, in the
absence of proof to the contrary, as evidence of standard practice with respect
to the subject matter thereof. Applicant acknowledges its responsibility for
knowing applicable letter of credit law and practice.

 

(c)                                  To the extent permitted
by applicable law, (i) this Agreement shall prevail in case of conflict
with the UCP, ISP or UCC; (ii) the UCP shall prevail in case of conflict
between the UCP and UCC; and (iii) the ISP shall prevail in the case of
conflict between the ISP and UCC.

 

27.                                 Jurisdiction; Service of Process; Enforcement;
Limitations Period.

 

(a)                                  Applicant consents and
submits to the non-exclusive jurisdiction of any state or federal court sitting
in New York County, in the State of New York, for itself and in respect of any
of its property. If the law of any jurisdiction other than the State of New
York has been chosen to govern the Credit, Applicant also consents and submits
to the non-exclusive jurisdiction of any state or federal court sitting in such
jurisdiction. Applicant agrees not to bring any action or proceeding against
Issuer in any court or other forum not described in the first sentence of this
paragraph. Applicant waives any objection to venue or any claim of forum non
conveniens with respect to any action or proceeding in any court described in
this paragraph.

 

(b)                                  Applicant agrees that
any service of process may be served upon it by mail or hand delivery if sent
to the Person designated on the signature page(s) of this Agreement as “Applicant’s
Authorized Agent,” which Person Applicant now designates as its authorized
agent for the service of process. Applicant also agrees that any service of
process may be served upon it by mail or hand delivery to the address for
notices to Applicant under this Agreement.

 

10

 

(c)                                  Applicant agrees that
nothing in this Agreement shall affect Issuer’s right to serve process in any
other manner permitted by law or to commence legal proceedings or otherwise
proceed against Applicant in any other jurisdiction.

 

(d)                                  Applicant agrees that
final judgment against it in any action or proceeding shall be enforceable in
any other jurisdiction within or outside the United States of America by suit
on the judgment, a certified copy of which shall be conclusive evidence of the
judgment.

 

(e)                                  Any action or proceeding
against Issuer arising under or in connection with this Agreement or the Credit
(including any claim for breach of contract, negligence, conversion, or
otherwise) must be commenced within one year after the claim for relief or
cause of action accrues. A claim for relief or cause of action accrues when the
breach occurs, regardless of the aggrieved party’s lack of knowledge of the
breach.

 

[BALANCE OF PAGE
INTENTIONALLY LEFT BLANK]

 

11

 

28.                                 JURY TRIAL WAIVER. EACH OF APPLICANT AND ISSUER (BY ITS
ACCEPTANCE OF THIS AGREEMENT OR ISSUANCE OF THE CREDIT) WAIVES ANY RIGHT IT MAY HAVE
TO A JURY TRIAL OF ANY CLAIM, COUNTERCLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING OUT OF THIS AGREEMENT, THE CREDIT, OR ANY DEALINGS WITH ONE ANOTHER
RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT.

 

	
  Very
  truly yours,

  	
   

  
	
   

  	
   

  
	
  Applicant:

  	
   

  
	
  Amphenol Corporation

  	
   

  
	
  (Print
  Name of Applicant)

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/
  David Jositas

  	
   

  
	
   

  	
  (Signature
  of Authorized Signer)

  	
   

  
	
   

  	
   

  
	
   

  	
  David
  Jositas

  	
   

  
	
   

  	
  (Print
  Name of Authorized Signer)

  	
   

  
	
   

  	
   

  
	
   

  	
  Treasurer

  	
   

  
	
   

  	
  (Title
  of Authorized Signer)

  	
   

  

 

 

Applicant’s
Authorized Agent (for service of process per Section 27(b)): 

 

	
  Print
  Name: 

  	
  CT
  Corporation System

  
	
   

  	
   

  
	
  Complete
  Address:

  	
  111
  Eighth Avenue, New York, NY 10011

  
	
   

  	
  (which
  must be in the State of New York)

  
			

 

ACCEPTED
AND AGREED TO:

 

DEUTSCHE
BANK AG, acting by and through its New York Branch

 

	
  By:

  	
  /s/
  Patrick Rittendale

  	
   

  
	
   

  	
  Name: Patrick Rittendale

  	
   

  
	
   

  	
  Title: Director

  	
   

  
	
   

  
	
   

  
	
  By:

  	
  /s/
  Katrina Krallitsch

  	
   

  
	
   

  	
  Name: Katrina Krallitsch

  	
   

  
	
   

  	
  Title: Assistant Vice President

  	
   

  

 

12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00158-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00158-of-00352.parquet"}]]