Reso 2009-1489 - Laserfiche WebLink

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If you elect transfer with substitution of invoices, then, on our demand, you will deliver to us within one (1) Business Day your draft, commercial invoice and any other required documents in compliance with the terms of the original Export Letter of Credit. The draft and documents are in substitution of those presented by the second beneficiary. When (i) the documents of the second beneficiary and the substitution documents from the first beneficialyare determined to comply with the terms of the Export Letter of Credit or, if determined to be discrepant., are taken up by the issuing bank and (ii) we are in receipt of funds, we will pay you in accordance with your instl1lctions for the amount of the difference between yoU!' draft and the draft of the second beneficiary, less any fees due and payable to us in connection therewith. If you fail, at our demand, to deliver to us your drafts, invoices and other required documents as stated above, you acknowledge our right to present invoices and other documents received from the second beneficiary in accordance with the instructions of the original Export Letter of Credit. You also understand that we will not pay you the difference between the amount of the draft of the second beneficiary and the amount authorized to be paid to you under the original Export Letter of Credit. Full Transfers. You may request the transfer, withou t substitution of invoices, of all of your rights as beneficialY of Export Letters of Credit by submitting to us, for each transfer, a request providing the following information: . Export Letter of Credit number . name of issuing bank . our advice number · name and address of second beneficiary's advising bank · name and address of second beneficiary . date of application If we approve the transfer, we will place the appropriate endorsement on the EXPOlt Letter of Credit and send it to the second beneficiary or send the second beneficiary a transferred letter of credit document prepared by us. The second beneficiary will have sole lights as beneficiary, whether existing now or in the future, including sole rights to agree to any amendments, including increases or extensions or other changes. General. The Export Letter of Credit and the transfer must be subject to UCP and our rights hereunder are in addition to rights we have under UCP. You must provide us the original Export Letter of Credit and any existing amendments. You understand that we may, at our sole discretion, refuse to approve any full or partial tl'ansfer to a second beneficiary. You acknowledge that due to conditions of the original Export Letter of Credit., certain proprietaIY information may be disclosed to the second beneficiluy and/or to the buyer under the original Export Letter of Credit. We will have no liability to you in the event of such disclosure and, in such event, you will indemnify and hold us harmless from all claims of third parties. You acknowledge that your rights as beneficiary in the original Export Letter of Credit (up to the amount shown in your request with respect to partial transfers) are irrevocably transferred to the second beneficialy(ies) who shall have sole rights (but only up to the amount shown in your request in the case of a partial transfer). In that connection, your approval is not required for us to honor a discrepant presentation made by the second beneficiary. For our transfer fee, we may debit your account(s) with us, which you may designate subject to our reasonable approval. You also agree to pay us on demand any expenses which may be incurred by us in connection with this transfer. AD-AG-0455B (2004-2) 46