Common use of Standby Letter of Credit Clause in Contracts

Standby Letter of Credit. The Bonds will have the benefit of the Standby Letter of Credit in favour of the Trustee, on behalf of itself and the holders of the Bonds, issued by the LC Bank. The Standby Letter of Credit shall be drawable by the Trustee as beneficiary under the Standby Letter of Credit on behalf of itself and the holders of the Bonds upon the presentation of a demand by authenticated SWIFT (or by such other method of communication permitted under the Standby Letter of Credit) sent by or on behalf of the Trustee to the LC Bank in accordance with the Standby Letter of Credit (the “Demand”) stating that (i) the Issuer has failed to comply with Condition 4(b) in relation to pre-funding the amount that is required to be pre-funded under the Conditions and/or failed to provide the Required Confirmations (as defined below) in accordance with Condition 4(b), (ii) an Event of Default (as defined in Condition 10) has occurred and the Trustee has given notice to the Issuer that the Bonds are immediately due and payable in accordance with Condition 10, or (iii) the Issuer has failed to pay the fees, costs, expenses and other amounts it is obligated to pay under the Conditions or in connection with the Bonds, the Trust Deed, the Agency Agreement and/or any other transaction documents relating to the Bonds when due and such failure has continued for a period of seven days from the date of the Trustee delivering its demand therefor to the Issuer in accordance with the Conditions. Only one drawing under the Standby Letter of Credit is permitted. Such drawing on the Standby Letter of Credit will be payable in U.S. dollars to or to the order of the Trustee at the time and to the account specified in the Demand presented to the LC Bank. Payment received by the Trustee in respect of the Demand will be deposited into the LC Proceeds Account. The payment made under the Standby Letter of Credit in respect of any amount payable under the Conditions or in connection with the Bonds, the Trust Deed and/or the Agency Agreement shall, to the extent of the drawing paid to or to the order of the Trustee, satisfy the obligations of the Issuer and the Guarantor in respect of such amount payable under the Conditions or in connection with the Bonds, the Trust Deed or the Agency Agreement. The LC Bank’s liability under the Standby Letter of Credit shall be expressed and payable in U.S. dollars and shall not exceed U.S.$56,577,500. The Standby Letter of Credit expires at 6:00 p.m. (Hong Kong time) on 21 July 2022. See “Terms and Conditions of the Bonds — Standby Letter of Credit and Pre-funding — Standby Letter of Credit”, and “Appendix A — Form of Irrevocable Standby Letter of Credit”.

Standby Letter of Credit. Bank agrees from time to time during the term thereof to issue or cause an affiliate to issue standby letters of credit for the account of Borrower for the purposes of providing a performance guarantee for certain work to be performed by Borrower or its affiliates in accordance with the Specific Export Order(s) (“Standby LCs”); provided however, that the aggregate amount of all outstanding Standby LCs shall not at any time exceed Nine Million Five Hundred Thousand and No/100 Dollars ($9,500,000.00). The Bonds will form and substance of each Standby LC shall be subject to approval by Bank, in its sole discretion. No Standby LC shall have an expiration date later than one year from the benefit date of issuance, subject to any extension or renewal that may be agreed to by Bank; provided that no Standby LC shall have an expiration date subsequent to the maturity date of the Line of Credit. The outstanding amount of all Standby LCs shall be reserved under the Line of Credit, draws thereon applied to and considered advances on the Line of Credit, which Line of Credit shall not otherwise be available for any other extensions of credit thereunder. Each Standby LC shall be subject to the additional terms and conditions of Bank's standard Standby Letter of Credit agreement and all applications and related documents required by Bank in favour of connection with the Trustee, on behalf of itself and issuance thereof. Each drawing paid under a Standby LC shall be deemed an advance under the holders of the Bonds, issued by the LC Bank. The Standby Letter Line of Credit and shall be drawable repaid by the Trustee as beneficiary under the Standby Letter of Credit on behalf of itself and the holders of the Bonds upon the presentation of a demand by authenticated SWIFT (or by such other method of communication permitted under the Standby Letter of Credit) sent by or on behalf of the Trustee to the LC Bank Borrower in accordance with the Standby Letter terms and conditions of this Agreement applicable to such advances; provided however, that if advances under the Line of Credit (are not available, for any reason, for the “Demand”) stating that (i) full amount of the Issuer has failed drawing at the time any drawing is paid, then Borrower shall immediately pay to comply Bank the full amount drawn, together with Condition 4(b) in relation to pre-funding the amount that is required to be pre-funded under the Conditions and/or failed to provide the Required Confirmations (as defined below) in accordance with Condition 4(b), (ii) an Event of Default (as defined in Condition 10) has occurred and the Trustee has given notice to the Issuer that the Bonds are immediately due and payable in accordance with Condition 10, or (iii) the Issuer has failed to pay the fees, costs, expenses and other amounts it is obligated to pay under the Conditions or in connection with the Bonds, the Trust Deed, the Agency Agreement and/or any other transaction documents relating to the Bonds when due and such failure has continued for a period of seven days interest thereon from the date of the Trustee delivering its demand therefor such drawing is paid to the Issuer in accordance with date such amount is fully repaid by Borrower, at the Conditions. Only one drawing rate of interest applicable to advances under the Standby Letter of Credit is permitted. Such drawing on the Standby Letter of Credit will be payable in U.S. dollars to or to the order of the Trustee at the time and to the account specified in the Demand presented to the LC Bank. Payment received by the Trustee in respect of the Demand will be deposited into the LC Proceeds Account. The payment made under the Standby Letter of Credit in respect of any amount payable under the Conditions or in connection with the Bonds, the Trust Deed and/or the Agency Agreement shall, to the extent of the drawing paid to or to the order of the Trustee, satisfy the obligations of the Issuer and the Guarantor in respect of such amount payable under the Conditions or in connection with the Bonds, the Trust Deed or the Agency Agreement. The LC Bank’s liability under the Standby Letter of Credit shall be expressed and payable in U.S. dollars and shall not exceed U.S.$56,577,500. The Standby Letter of Credit expires at 6:00 p.m. (Hong Kong time) on 21 July 2022. See “Terms and Conditions of the Bonds — Standby Letter of Credit and Pre-funding — Standby Letter Line of Credit”, and “Appendix A — Form of Irrevocable Standby Letter of Credit”.

Standby Letter of Credit. The Bonds will have the benefit of the Standby Letter of Credit in favour of the Trustee, on behalf of itself and the holders of the Bonds, issued by the LC Bank. The Standby Letter of Credit shall be drawable by the Trustee as beneficiary under the Standby Letter of Credit on behalf of itself and the holders of the Bonds upon the presentation of a demand by authenticated SWIFT (or by such other method of communication permitted under the Standby Letter of Credit) sent by or on behalf of the Trustee to the LC Bank in accordance with the Standby Letter of Credit (the “Demand”) stating that (i) the Issuer has failed to comply with Condition 4(b) in relation to pre-funding the amount that is required to be pre-funded under the Conditions and/or failed to provide the Required Confirmations (as defined below) in accordance with Condition 4(b), (ii) an Event of Default (as defined in Condition 10) has occurred and the Trustee has given notice to the Issuer that the Bonds are immediately due and payable in accordance with Condition 10, or (iii) the Issuer has failed to pay the fees, costs, expenses and other amounts it is obligated to pay under the Conditions or in connection with the Bonds, the Trust Deed, the Agency Agreement and/or any other transaction documents relating to the Bonds when due and such failure has continued for a period of seven days from the date of the Trustee delivering its demand therefor to the Issuer in accordance with the Conditions. Only one drawing under the Standby Letter of Credit is permitted. Such drawing on the Standby Letter of Credit will be payable in U.S. dollars to or to the order of the Trustee at the time and to the account specified in the Demand presented to the LC Bank. Payment received by the Trustee in respect of the Demand will be deposited into the LC Proceeds Account. The payment made under the Standby Letter of Credit in respect of any amount payable under the Conditions or in connection with the Bonds, the Trust Deed and/or the Agency Agreement shall, to the extent of the drawing paid to or to the order of the Trustee, satisfy the obligations of the Issuer and the Guarantor in respect of such amount payable under the Conditions or in connection with the Bonds, the Trust Deed or the Agency Agreement. The LC Bank’s liability under the Standby Letter of Credit shall be expressed and payable in U.S. dollars and shall not exceed U.S.$56,577,500U.S.$51,600,000. The Standby Letter of Credit expires at 6:00 p.m. (Hong Kong time) on 21 July 25 February 2022. See “Terms and Conditions of the Bonds — Standby Letter of Credit and Pre-funding — Standby Letter of Credit”, and “Appendix A — Form of Irrevocable Standby Letter of Credit”.

Standby Letter of Credit. The Bonds will have the benefit of the Standby Letter of Credit which is issued in favour of the Trustee, on behalf of itself and the holders of the Bonds, issued by the LC Bank. The Standby Letter of Credit shall be drawable by the Trustee as beneficiary under the Standby Letter of Credit on behalf of itself and the holders of the Bonds upon the presentation of a demand by authenticated SWIFT (or by such other method of communication otherwise as permitted under the Standby Letter of Credit) sent by the Trustee or on behalf a delegate of the Trustee to the LC Bank in accordance with the Standby Letter of Credit (the a “Demand”) stating that (i) the Issuer has failed to comply with Condition 4(b2(c) in relation to pre-funding the amount that is required to be pre-funded under the these Conditions and/or failed to provide the Required Confirmations (as defined below) in accordance with Condition 4(b2(c), ; or (ii) an Event of Default (as defined in Condition 109) has occurred and the Trustee has given notice to the Issuer that the Bonds are immediately due and payable in accordance with Condition 10, or (iii) the Issuer has failed to pay the fees, costs, expenses and other amounts it is obligated to pay under the Conditions or in connection with the Bonds, the Trust Deed, the Agency Agreement and/or any other transaction documents relating to the Bonds when due and such failure has continued for a period of seven days from the date of the Trustee delivering its demand therefor to the Issuer in accordance with the Conditions9. Only one drawing is permitted under the Standby Letter of Credit is permittedCredit. Such drawing on the Standby Letter of Credit will be payable in U.S. dollars to or to the order of the Trustee at the time and to the account specified in the Demand presented to the LC Bank. Payment Payments received by the Trustee in respect of the a Demand will be deposited into the LC Proceeds Account. The payment made under the Standby Letter of Credit in respect of any amount payable under the these Conditions or in connection with the Bonds, the Trust Deed and/or the Agency Agreement shall, to the extent of the drawing paid to or to the order of the Trustee, satisfy the obligations of the Issuer and the Guarantor in respect of such amount payable under the Conditions or in connection with the Bonds, the Trust Deed or the Agency Agreementthese Conditions. The LC Bank’s liability under the Standby Letter of Credit shall be expressed and payable in U.S. United States dollars and shall not exceed U.S.$56,577,500U.S.$90,858,850, representing only (i) the aggregate principal amount of the Bonds plus interest payable for one Interest Period (as defined below) and (ii) U.S.$1,000,000 for any fees, costs, expenses and other amounts payable by the Issuer under or in connection with the Bonds, the Trust Deed and/or the Agency Agreement. The Standby Letter of Credit expires at 6:00 takes effect from the Issue Date and shall remain valid and in full force until 5:00 p.m. (Hong Kong Beijing time) on 21 July 202230 August 2024 unless extended in accordance with its terms. See “Terms and Conditions The form of the Bonds — Standby Letter of Credit and Pre-funding — Standby Letter of Credit”, and is scheduled to the Offering Circular. See “Appendix A — – Form of Irrevocable Standby Letter of Credit”.

Standby Letter of Credit. The Bonds will have the benefit of the Standby Letter of Credit issued in favour of the Trustee, on behalf of itself and the holders of the Bonds, issued by the LC Bank. The Standby Letter of Credit shall be drawable by the Trustee as beneficiary under the Standby Letter of Credit on behalf of itself and the holders of the Bonds upon the presentation of a demand by authenticated SWIFT (or by such other method of communication permitted under the Standby Letter of Credit) sent by the Trustee or on behalf a delegate of the Trustee to the LC Bank in accordance with the Standby Letter of Credit (the a “Demand”) stating that (i) the Issuer has failed to comply with Condition 4(b2(c) in relation to pre-funding the amount that is required to be pre-funded under the these Conditions and/or has failed to provide the Required Confirmations (as defined below) in accordance with Condition 4(b2(c), ; or (ii) an Event of Default (as defined in Condition 109 (Events of Default)) has occurred and the Trustee has given notice to the Issuer that the Bonds are immediately due and payable in accordance with Condition 10, or 9 (iii) the Issuer has failed to pay the fees, costs, expenses and other amounts it is obligated to pay under the Conditions or in connection with the Bonds, the Trust Deed, the Agency Agreement and/or any other transaction documents relating to the Bonds when due and such failure has continued for a period Events of seven days from the date of the Trustee delivering its demand therefor to the Issuer in accordance with the ConditionsDefault). Only one drawing is permitted under the Standby Letter of Credit is permittedCredit. Such drawing on the Standby Letter of Credit will be payable in U.S. dollars to or to the order of the Trustee at the time and to the account specified in the Demand presented to the LC Bank. Payment received by the Trustee in respect of the a Demand will be deposited into the LC Proceeds Account. The payment made under the Standby Letter of Credit in respect of any amount payable under the these Conditions or in connection with the Bonds, the Trust Deed and/or Deed, the Agency Agreement and/or any other transaction document relating to the Bonds shall, to the extent of the drawing paid to or to the order of the Trustee, satisfy the obligations of the Issuer and the Guarantor in respect of such amount payable under the these Conditions or in connection with the Bonds, the Trust Deed or Deed, the Agency AgreementAgreement and/or any other transaction document relating to the Bonds. The LC Bank’s liability under the Standby Letter of Credit shall be expressed and payable in U.S. United States dollars and shall not exceed U.S.$56,577,500U.S.$90,858,850, representing only (i) the aggregate principal amount of the Bonds plus interest payable for one Interest Period (as defined below) and (ii) U.S.$1,000,000 for any fees, costs, expenses and other amounts payable by the Issuer under or in connection with the Bonds, the Trust Deed and/or the Agency Agreement. The Standby Letter of Credit expires at 6:00 takes effect from the Issue Date and shall remain valid and in full force until 5:00 p.m. (Hong Kong Beijing time) on 21 July 2022. See “Terms and Conditions of the Bonds — Standby Letter of Credit and Pre-funding — Standby Letter of Credit”, and “Appendix A — Form of Irrevocable Standby Letter of Credit”30 August 2024.