2. THIS LETTER OF CREDIT IS ISSUED AT THE REQUEST OF THE APPLICANT,
AND WE HEREBY IRREVOCABLY AUTHORIZE YOU TO DRAW ON US, IN
ACCORDANCE WITH THE TERMS AND CONDITIONS HEREOF, UP TO THE
MAXIMUM AMOUNT OF THIS LETTER OF CREDIT, SUBJECT TO REDUCTION
AS PROVIDED IN PARAGRAPH 8 HEREOF. THIS LETTER OF CREDIT MAY BE
DRAWN BY PRESENTING THE FOLLOWING DOCUMENTS:
A. YOUR SIGHT DRAFT DRAWN ON US IN THE FORM OF ANNEX 1
HERETO (THE "SIGHT DRAFT"); AND
B. A DATED PAYMENT CERTIFICATE PURPORTEDLY SIGNED BY A DULY
AUTHORIZED OFFICER OF THE BENEFICIARY IN THE FORM OF
ANNEX 2 HERETO (THE "PAYMENT CERTIFICATE").
C. IN THE EVENT THE BENEFICIARY DRAWS ON THIS LETTER OF
CREDIT, THIS INSTRUMENT WILL SERVE AS THE
[Primary/Secondary/Etc.] DRAWING INSTRUMENT.
3. DEMANDS PRESENTED BY FACSIMILE: [Insert Facsimile Number / ATTN] ARE
ACCEPTABLE. THE ORIGINAL DEMAND DRAW IS NOT REQUIRED AND
ORIGINAL LETTER OF CREDIT IS NOT REQUIRED.
4. ONLY YOU MAY MAKE ANY PAYMENT CERTIFICATE AND SIGHT DRAFT
UNDER THIS LETTER OF CREDIT.
5. ALL BANK CHARGES INCLUDING BUT NOT LIMITED TO, FEES OR
COMMISSIONS, SHALL BE FOR APPLICANT’S ACCOUNT.
6. THIS LETTER OF CREDIT SHALL AUTOMATICALLY TERMINATE AND BE
DELIVERED TO US FOR CANCELLATION ON THE EARLIEST OF (I) THE
MAKING BY YOU AND PAYMENT BY US OF THE DRAWINGS IN AN AMOUNT
EQUAL TO THE MAXIMUM AMOUNT AVAILABLE TO BE MADE HEREUNDER,
(II) THE ABOVE-STATED EXPIRATION DATE HEREOF. (III) RETURN OF THE
ORIGINAL LETTER OF CREDIT FOR CANCELLATION PLUS AN EMAIL
AUTHORIZATION FROM THE BENEFICIARY TO CANCEL THE LETTER OF
CREDIT IN LIEU OF AN EXECUTED CANCELLATION LETTER.
7. AS USED HEREIN:
“BUSINESS DAY” SHALL MEAN ANY DAY ON WHICH COMMERCIAL
BANKS ARE NOT AUTHORIZED OR REQUIRED TO CLOSE IN NEW
YORK, NEW YORK AND ANY DAY ON WHICH PAYMENTS CAN BE
EFFECTED ON THE FEDWIRE SYSTEM.
8. THE AMOUNT WHICH MAY BE DRAWN BY YOU UNDER THIS LETTER OF
CREDIT SHALL BE AUTOMATICALLY REDUCED BY THE AMOUNT OF ANY
DRAWINGS PAID THROUGH US REFERENCING THIS LETTER OF CREDIT
NO. [Insert Letter of Credit No.]. PARTIAL DRAWINGS ARE PERMITTED
HEREUNDER.
9. THIS LETTER OF CREDIT IS NOT TRANSFERABLE, AND EXCEPT AS
OTHERWISE EXPRESSLY STATED HEREIN, THIS LETTER OF CREDIT IS