Application for Standby Letter of Credit - Terms and Conditions

 

Please take a moment to read through the Terms and Conditions and download the form at the bottom of the page.

In consideration of you, your correspondent bank or your overseas branch agreeing to issue or issuing on our behalf or for our account and on behalf of the third party referred to overleaf a Standby Letter of Credit (“SBLC”) in favour of the Beneficiary according to the details overleaf, we agree to the following terms and conditions:-

  1. (a) All references in this Agreement and Indemnity to “SBLC” include any fresh or renewed Standby Letter of Credit which we request you, your correspondent bank or your overseas branch to issue in replacement of a Standby Letter of Credit issued by you, your correspondent bank or your overseas branch;
    (b) All references in this Agreement and Indemnity to “Counter-Guarantee” shall include any Counter-Guarantee/Counter Letter of Indemnity/Counter Standby Letter of Credit issued or to be issued by you to your correspondent bank or overseas branch in respect or furtherance of any “SBLC” (as defined above) issued or to be issued by such correspondent bank or overseas branch, as well as any fresh or renewed Counter-Guarantee/Counter Letter of Indemnity/Counter Standby Letter of Credit given or to be given by you in replacement thereof.
  2. (a) Clause as 3 set out below shall apply whether the SBLC is issued or renewed by you or your correspondent bank / overseas branch at our request.
    (b) Clause 4 as set out below shall apply in respect of any Counter-Guarantee issued / renewed or to be issued / renewed by you to your correspondent bank/overseas branch in furtherance of or consequential to our request or our request on behalf of the third party named overleaf to you to instruct your correspondent bank/overseas branch to issue / renew the SBLC.
    (c) All other Clauses set out below shall apply generally irrespective of whether the SBLC is issued / renewed by you or your correspondent bank, overseas branch, whether the SBLC is issued / renewed at our request for us or at our request and on behalf of the third party (named overleaf) and whether a Counter-Guarantee is issued / renewed by you to your correspondent bank or overseas branch in furtherance of or consequential to our request or our request on behalf of the third party (named overleaf) to you to instruct your correspondent bank or overseas branch to issue / renew the SBLC.
  3. In consideration of your agreeing at our request to issue / renew the SBLC or at our request to sign and issue / renew for our account and on behalf of the third party named overleaf the SBLC or to instruct your correspondent bank or your overseas branch to issue / renew the SBLC either for our account or for our account on behalf of the third party named overleaf, we and our successors-in-title and assigns hereby agree and undertake to indemnify you, your successors and assigns and at all times to keep you, your successors and assigns fully and completely indemnified from and against all liabilities, claims and demands, actions and proceedings, losses, damages and expenses including but not limited to all legal costs on an indemnity basis which may be incurred by you and all bank charges, costs, disbursements, expenses and other liabilities of whatsoever nature or description which may be made, levied or taken or suffered by you in relation to or arising out of the SBLC issued / renewed or to be issued / renewed by you, your correspondent bank or your overseas branch. This indemnity shall extend to any substitute(s) for the SBLC and any amendments or modifications thereto and any letters or documents made supplemental thereto.
  4. In consideration of your agreeing to sign and issue / renew a Counter-Guarantee to your correspondent bank or your overseas branch in furtherance of or consequential to or as security for the SBLC issued / renewed or to be issued / renewed by the said correspondent bank or overseas branch at your instructions and on our request or on our request, for our account and on behalf of the third party named overleaf, we, our successors-in-title and assigns hereby agree and undertake to indemnify you, your successors and assigns and at all times to keep you fully and completely indemnified from and against all liabilities, claims and demands, actions and proceedings, losses and expenses including but not limited to all legal costs on an indemnity basis which may be incurred by you and all bank charges, costs, disbursements, expenses and other liabilities of whatsoever nature or description which may be made or taken or suffered by you in relation to or arising out of the Counter-Guarantee, issued or to be issued by you or the SBLC issued / renewed or to be issued / renewed by your correspondent bank/your overseas branch. This indemnity shall extend to any substitute(s) for the Counter-Guarantee and/or the SBLC and any amendments or modifications thereto and any letters or documents made supplemental thereto.
  5. You, your correspondent bank or your overseas branch shall at all times be entitled to make any payment under the SBLC upon a request or demand by the Beneficiary and you shall at all times be entitled to make any payment under the Counter-Guarantee upon a request or demand by your correspondent bank or your overseas branch, without further investigation or enquiry and need not concern yourself/itself with the propriety of any such request or demand and it shall not be a defence to any demand made on us under this Agreement, nor shall any of our obligations hereunder be affected or impaired by the fact that you, your correspondent bank or your overseas branch were/was or might have been justified in refusing payment, in whole or in part, of the amount or amounts so requested or demanded on any grounds whatsoever.
  6. 6. We hereby irrevocably authorise and direct you/your correspondent bank/your overseas branch to make any payments and comply with any request or demand made to you, your correspondent bank or your overseas branch under the SBLC or Counter-Guarantee without any further reference to or further authority, confirmation or verification from us or the third party and whether or not we or the third party dispute such request or demand or you, your correspondent bank or your overseas branch have/has notice of any dispute relating to any contract between us or the third party and the Beneficiary and without enquiry into the justification for such payment or such request or demand or into the validity, genuineness or accuracy of any statement or certificate or other documents received by you, your correspondent bank or your overseas branch with respect to or in connection with or under the SBLC or Counter-Guarantee and any such request or demand shall be binding upon us and the third party and shall be accepted as conclusive evidence by us and the third party that you, your correspondent bank or your overseas branch were/was liable to make such payment or comply with such request or demand, as the case may be.
  7. We shall forthwith on demand pay to you the full amount (without any set-off, deduction or counterclaim) which has been requested or demanded from you, your correspondent bank or your overseas branch by the Beneficiary (regardless of whether you, your correspondent bank or your overseas branch has made any payment to the Beneficiary) under and/or in connection with the SBLC or which has been requested or demanded from you by your correspondent bank/your overseas branch under and/or in connection with the Counter-Guarantee and any other payments payable by or incurred or paid by you, your correspondent bank or your overseas branch under and/or in connection with the SBLC and/or the Counter-Guarantee including without limitation payments of any taxes levies duties or charges or any payments howsoever incurred to obtain a complete and unconditional release of your/your correspondent bank’s/your overseas branch’s obligations under and/or in connection with the SBLC or Counter-Guarantee together with interest thereon calculated in accordance with Clause 9 from the date of such request or demand on you, your correspondent bank or your overseas branch until the date of payment by us and all costs expenses charges and commissions at such rate as you may determine.
  8. We shall not be released, relieved or discharged from any of our obligations under this Agreement nor shall any such obligations be prejudiced or affected by any reason, including without limitation that :-
    • the SBLC or Counter-Guarantee or any provision thereof, the Beneficiary’s request or demand under the SBLC for payment, your correspondent bank’s/your overseas branch’s request or demand under the Counter-Guarantee for payment, any document accompanying the Beneficiary’s/your correspondent bank’s/your overseas branch’s request or demand for payment or any other document in connection with the SBLC or Counter-Guarantee is void, voidable or invalid or is not binding on or enforceable against us, you, your correspondent bank or your overseas branch, the Beneficiary or any party thereof for any reason whatsoever, whether known to you, your correspondent bank or your overseas branch or not, including, without limitation, illegality, disability, lack of authorisation or capacity, or lack of powers on the part of the members, officers or agents of ours, yours/your correspondent bank/your overseas branch, the Beneficiary or any other party or any failure by us, you, your correspondent bank or your overseas branch, the Beneficiary or any other party to comply with the laws or regulations in their respective countries; or
    • the Beneficiary’s request or demand for payment under the SBLC, your correspondent bank’s/your overseas branch’s request or demand under the Counter-Guarantee for payment, or any document accompanying such request or demand or any other document required in connection with the SBLC or Counter-Guarantee or any particulars stipulated, described or quantified in any such request or demand or documents is/are not in proper form, sufficient, accurate, genuine or legal; or
    • any other cause or circumstance, foreseen or unforeseen affecting any transaction contemplated under the SBLC or Counter-Guarantee or any document in connection with the SBLC or Counter-Guarantee.
    • any court injunction obtained against the Beneficiary of the SBLC, you, your correspondent bank or your overseas branch in connection with the SBLC.
  9. For the purpose of Clause 7 above, we shall pay to you interest as well after as before judgment at such rate or rates and for such period or periods as you may determine. Such interest shall be payable forthwith to you.
  10. 10. To secure all our obligations and/or liabilities hereunder, and also for any and all other obligations and/or liabilities, absolute or contingent, due or to become due which are now or may at any time hereafter be owing by us to you, we grant to you a continuing security interest in/pledge to you/assign to you all of our property in your/your correspondent bank’s/your overseas branch’s possession or control, deposits and credits maintained with you, your correspondent bank or your overseas branch, and all other property that now or hereafter secures our other obligations to you until such time as all the obligations and/or liabilities to you at any time existing under or pursuant to this Agreement, or any other obligations or liabilities incurred by us to you, now existing or hereafter arising, have been fully paid and discharged. All or any of such property and the proceeds thereof, coming into your/your correspondent bank’s/your overseas branch’s possession, may be held and disposed of by you, it being understood that the receipt by you, your correspondent bank or your overseas branch, at any time of other security of whatsoever nature, including cash, shall not be deemed a waiver of any of your rights or powers hereunder.
  11. 11. The issuance of the SBLC by you, your correspondent bank or your overseas branch is subject to your right to require a deposit or deposits of a sum or sums of moneys, cash cover or any other security from us on demand for prospective and contingent liabilities that you, your correspondent bank or your overseas branch may be exposed to from time to time under or in connection with the issuance of the SBLC or for any other reason for which you may think it advisable or necessary.
  12. Our liabilities and obligations under this Agreement shall not be diminished or extinguished by any act, omission, default, matter or thing including without limitation any indulgence forbearance or extension of time granted by you, your correspondent bank or your overseas branch to us or to any other persons which would but for this Clause have discharged us (wholly or in part) or would have afforded us any legal or equitable defence to the full, prompt and complete performance of all the terms of this Agreement, including the due and punctual payment of all amounts that may become due to you hereunder and the final discharge of the indemnity contained herein.
  13. All sums payable by us to you under this Agreement shall be paid (i) free of any present or future taxes, levies, duties, charges, fees or any restriction or condition, (ii) free and clear of and (except to the extent required by law) without any deduction or withholding on account of any tax and (iii) without deduction or withholding (except to the extent required by law) on account of any other amount, whether by way of set-off counterclaim or otherwise now or subsequently imposed by any country or any subdivision or taxing authority of or in such country or any federation or organization of which such country is a member. If any such payment shall be subject to any such tax or if we are required to make any such deduction or withholding, we shall pay as required and shall simultaneously pay to you such additional amount as may be necessary to enable you to receive, after all such payments, deductions and withholdings, a total amount equal to the full amount payable under this Agreement. If we shall make any such payment, deduction or withholding we shall within 7 days forward to you an official receipt or other official documentation evidencing such payment or the payment of such deduction or withholding. As used in the Clause the term “tax” includes all levies, imposts, duties, charges, fees, deductions, withholdings, turnover tax, transaction tax, stamp tax and any restrictions or conditions resulting in a charge.
  14. Our obligations under this Agreement shall survive the repayment of all or any moneys whether for principal, interest, default interest, fees or any other monies and liabilities due and payable by us to you hereunder and the termination of this Agreement.
  15. Upon the non-performance or non-satisfaction of any obligations or liabilities (including the obligation to make payment) herein mentioned, or upon our failure forthwith, with or without notice, to furnish satisfactory additional collateral or to make payments on account as herein agreed, or to perform or comply with any of the other terms or provisions of this Agreement, or in the event of the Applicant’s death, failure in business, dissolution or termination of existence, or in case any petition in bankruptcy or for winding up or any application for receivership or judicial management should be filed by or against us, or any proceedings in bankruptcy or for winding up, or under any Acts relating to the relief of debtors, should be commenced for the relief or readjustment of any of our indebtedness, either through reorganisation, composition, restructuring, extension or otherwise, or if we should make an assignment for the benefit of creditors, or if a receiver of any of our property should be appointed at any time, or if any of our funds or other property which may be in or come into your/your correspondent bank’s/your overseas branch’s possession or control or that of any third party acting on your/your correspondent bank’s/your overseas branch’s behalf as aforesaid, should be attached or distrained or should be or become subject to any mandatory order of court or other legal process, then, or at any time after the happening of any such event, any or all of our aforesaid obligations and/or liabilities whether actual, contingent or prospective shall become due or mature immediately, without demand or notice. You shall also be entitled to demand that we obtain the issuance of substitute standby letter of credit, letter of guarantee or letter of indemnity from another financial institution or otherwise arrange for the prompt release by the Beneficiary of your/your correspondent bank’s/your overseas branch’s obligations under the SBLC and to pursue any other remedy available to you under this Agreement or otherwise.
  16. Without prejudice to other provisions of this Agreement, you shall be entitled at your absolute discretion to debit, at any time and without prior notice to us, the current account or any other account of ours maintained with you, for any purpose including obtaining reimbursement, security or otherwise, for all or any moneys whether for principal, interest, default interest, fees or any other moneys and liabilities due and payable by us to you hereunder Provided Always that any such debiting shall not constitute nor be deemed to be a payment of any moneys to which it relates (except to the extent of any amount in credit in the said current account or other account of ours with you) nor shall it be deemed a waiver of an event of default or any other default under this Agreement.
  17. In addition to any lien, right of set-off or other right which you may have, you shall be entitled at any time and without notice to us to combine or consolidate all or any of our accounts with you anywhere in the Republic of Singapore or outside the Republic of Singapore or set-off or transfer any sum or sums standing to the credit of one or more of such accounts in or towards satisfaction of any of our obligations and liabilities to you on any other account or accounts whether in the Republic of Singapore or outside the Republic of Singapore or in any other respect whether such liabilities be actual or contingent, primary or collateral, several or joint, notwithstanding that the credit balances on such accounts and the liabilities on any other accounts may not be expressed in the same currency and you are hereby authorised to effect any necessary conversions at your own rate of exchange then prevailing and to charge us interest in connection therewith at such rate or rates and for such period or periods as you may deem fit.
  18. You, your correspondent bank or your overseas branch shall not be liable to us for, and your right to reimbursement, indemnity, and any other payments under this Agreement shall not be impaired by :-
    • any recommendation, or failure to recommend, the inclusion or exclusion of any particular term or wording in the SBLC or Counter-Guarantee;
    • honour of any demand under the SBLC or Counter-Guarantee that does not strictly comply with its terms;
    • any delay in paying the amount demanded from you, your correspondent bank or your overseas branch by the Beneficiary and/or any other person under and/or in connection with the SBLC or Counter-Guarantee
  19. In the event of any change or modification with respect to the amount or duration of the SBLC, or any of the other terms or provision of the SBLC, this Agreement shall be binding upon us in all respects with regard to the SBLC so changed or modified, inclusive of any action taken by you, your correspondent bank or your overseas branch relative thereto.
  20. In the event that we request and authorize you, your correspondent bank or your overseas branch to accept and act on our telephone and/or faxed instructions pertaining to any changes or modifications to the terms and conditions of the SBLC or the application for SBLC, we hereby undertake to mail to you the original letter (for confirmation purposes only) signed by our duly authorised officers within 7 working days after such instructions were given to you. Failure to confirm as aforesaid shall not affect the aforesaid request, authorisation and/or instructions.
  21. In consideration of you, your correspondent bank or your overseas branch agreeing to act on our telephone and/or faxed instructions, we hereby undertakes to indemnify you, your correspondent bank or your overseas branch from and against all liabilities, claims, demands, actions, proceedings, losses, expenses and all other liabilities of whatsoever nature or description which may be suffered by you, your correspondent bank or your overseas branch in relation to you, your correspondent bank or your overseas branch acting on such authorisation and we hereby waive any rights, claims, actions or proceedings we may have against you, your correspondent bank or your overseas branch for any losses, expenses or liabilities we may suffer as a consequence of you, your correspondent bank or your overseas branch acting on such instructions.
  22. We shall pay all legal fees (on an indemnity basis) and other costs and disbursements incurred in connection with demanding and enforcing payment of monies due hereunder, or otherwise howsoever in enforcing this Agreement or any of the covenants, undertakings, stipulations, terms, conditions or provisions of this Agreement.
  23. You may assign or transfer this Agreement, or any instrument(s) evidencing all or any of the aforesaid obligations and/or liabilities and may deliver all or any of the property then held as security therefore, to the transferee(s), who shall thereupon become vested with all the powers and rights in respect thereto given to you herein or in the instrument(s) transferred and you shall thereafter be forever relieved and fully discharged from any liability or responsibility with respect thereto but you shall retain all rights and powers hereby given with respect to any and all instrument(s), rights or property not so transferred.
  24. A demand for payment of moneys or any other demand or notice under this Agreement may be made by any officer employed by you, your correspondent bank or overseas branch or solicitors acting for you, your correspondent bank or your overseas branch by letter addressed to us and sent by post to or delivered to our address stated overleaf or by telex, facsimile or other electronic transmission to the numbers stated overleaf and any and every demand or notice shall be deemed to have been delivered, made or given on the date of dispatch notwithstanding that the letter may be returned through the post office undelivered or if sent by telex or facsimile transmission immediately after transmission thereof.
  25. Any certificate, notification or demand given by you to us as to any rate of interest or any amount payable under or in connection with this Agreement shall in the absence of manifest error be final conclusive and binding on us.
  26. In case any provision or part thereof in this Agreement shall be, or at any time shall become or deemed to be invalid, illegal or unenforceable in any respect under any law, such invalidity, illegality or unenforceability shall not in any way affect or impair any other provisions of this Agreement but this Agreement shall be construed as if such invalid or illegal or unenforceable provision or part thereof had never been contained herein.
  27. We further agree that our liability aforesaid is irrevocable and shall remain in full force and effect until the liability under the SBLC and/or Counter-Guarantee given by you, your correspondent bank or your overseas branch is fully and unconditionally discharged to your or their satisfaction, notwithstanding any variation of the obligation underlying the SBLC and/or Counter-Guarantee, or any defect in or other restriction as to the enforceability of the obligation underlying the SBLC and/or Counter-Guarantee.
  28. If under any applicable law or regulation, or pursuant to a judgement or order being made or registered against us or our bankruptcy or liquidation, or, without limitation, for any other reason, any payment under or in connection with this Agreement and Indemnity is made or fails to be satisfied in a currency (the “currency of payment”) other than the currency in which such payment is expressed to be due under or in connection with this Agreement and Indemnity (the “currency of obligation”) then, to the extent that the amount of such payment actually received by you, when converted into the currency of obligation, at the rate of exchange, falls short of the amount due under or in connection with this Agreement and Indemnity, we, as a separate and independent obligation, shall indemnify you and hold you harmless against the amount of such shortfall. For the purposes of this clause, “rate of exchange” means the rate at which you are able on or about the date of such payment to purchase, in accordance with your normal practice, the currency of obligation with the currency of payment and shall take into account (and we shall be liable for) any premium and other costs of exchange including any taxes or duties incurred by reason of any such exchange.
  29. Where the format and text of the SBLC were supplied by us or the third party named overleaf, you, your correspondent bank or your overseas branch are under no responsibility or liability to us or the third party to ensure the accuracy, completeness of legality of the SBLC. We are fully aware of the contents of the SBLC and the consequences thereof and we agree that we would not at any time deny liability hereunder on the basis that you have a duty to advise and failed to do so. Where the translation of the SBLC is forwarded by us or the third party named overleaf to you, your correspondent bank or your overseas branch (whether translated by us or otherwise), we confirm that we shall bear the risk of such translation and shall at all times keep you, your correspondent bank or your overseas branch fully and completely indemnified from and against all liability, claims and demands, actions and proceeds, losses and expenses including but not limited to all legal costs on an indemnity basis which may be incurred by you, your correspondent bank or your overseas branch and all bank charges, costs, disbursements, expenses and other liabilities of whatsoever nature or description which may be made or taken or suffered by you, your correspondent bank or your overseas branch in relation to or arising out of such translation.
  30. For avoidance of doubt and subject to the proviso appearing below, it is the intention of the parties that any terms, interests, rights, benefits, defences, exemptions or limitations in this Agreement and Indemnity shall not be enforceable by a third party including that named overleaf (save and except for a third party as defined below) against you pursuant to the Contract (Rights of Third Parties) Act of Singapore (“the Act”), provided always that nothing herein operates to prevent or limit your right to assign, novate, otherwise confer any benefit or interest in favour of any other party, apart from the Act. The terms, interests, rights and benefits referred to above shall include but are not confined to any banking facilities, advances, loans, financing or any other form of financial accommodation that you provide or may provide under this Agreement and Indemnity. Provided always that it shall be the intention of the parties that all defences and limitations in this Agreement and Indemnity shall be enforceable by you, your successors in title or assigns, entities into or with which you may merge or consolidate, any entities formed as a result of acquisition, of or by you as well as your employees, sub-contractors and agents, all of whom or which shall be deemed as third parties for the purposes of the Contracts (Rights of Third Parties) Act of Singapore. For the purposes of this Act, consent of any of these parties is not required for any variation, rescission or termination of this Agreement and Indemnity.
  31. We confirm that the issuance of the SBLC to the Beneficiary on behalf of the third party for our account is of commercial benefit to us and we acknowledge that the issuance of the SBLC is in reliance on our confirmation herein. We further confirm that we will not dispute the existence of such commercial benefit.
  32. In the event that a SBLC is issued / renewed by your correspondent bank or your overseas branch against or with a Counter-Guarantee which you issue / renew in favour of your correspondent bank or your overseas branch, we agree that such a SBLC shall for the purposes of this Indemnity be deemed to be issued / renewed by you on our application and we remain liable to indemnify you in full and in accordance with the terms herein in respect of such SBLC, in the event of any judgment, finding or determination that the Counter-Guarantee issued / renewed by you in favour of your correspondent bank/your overseas branch is invalid.
  33. For the avoidance of doubt, it shall be deemed good and sufficient consideration for you to issue / renew a Counter-Guarantee to your correspondent bank/your overseas branch in consideration of their issuing / renewing a SBLC at your instructions and on our request whether acting for ourselves or the third party. For further avoidance of doubt, we agree that any Counter-Guarantee given by you to your correspondent bank/your overseas branch shall in all respects be considered valid and enforceable.
  34. In the event the SBLC to be issued / renewed by you, your correspondent bank or your overseas branch and/or Counter-Guarantee to be issued / renewed by you to your correspondent bank/your overseas branch is subject to and is to be governed by the laws of a jurisdiction other than the Republic of Singapore and should a request or demand be subsequently made by the Beneficiary under the SBLC and/or by your correspondent bank/your overseas branch under the Counter-Guarantee, we agree and authorise you, your correspondent bank or your overseas branch to obtain at your/your correspondent bank’s/your overseas branch’s discretion, an opinion from legal counsel on the validity, legality and enforceability of the SBLC and/or Counter-Guarantee and all other legal matters relating to the SBLC, prior to you, your correspondent bank or your overseas branch making payment in accordance with the aforesaid request or demand. We further agree that we shall bear the entire cost of you, your correspondent bank or your overseas branch obtaining such an opinion and that we shall indemnify you, your correspondent bank or your overseas branch for any loss or expense whatsoever suffered you, your correspondent bank or your overseas branch due to any delay in the payment to the Beneficiary under the SBLC and/or to your correspondent bank/your overseas branch under the Counter-Guarantee caused by you, your correspondent bank or your overseas branch having to obtain such an opinion.
  35. This Agreement and Indemnity shall be governed by and construed in accordance with the laws of Singapore. In the event of any proceedings or suits commenced against us arising out of or in connection with this SBLC, we agree to submit to the non-exclusive jurisdiction of the Courts of Singapore. Without prejudice to the foregoing, we undertake not to commence proceedings or suits against you in the courts of any other jurisdiction. In the event of any proceedings or suits commenced by us against you, we agree that Singapore Courts shall have exclusive jurisdiction in respect of any disputes arising out of or in connection with the SBLC. We agree to waive and do so waive any right vested on us by the laws of the jurisdiction in which we carry on business to challenge the validity or legality of any part of this provision.
  36. In the event that the original SBLC which the bank has issued is returned without any accompanying letter or instructions, the Bank will determine in its sole discretion whether to treat the returned SBLC as indicating that it is no longer required by the beneficiary. We will treat your liabilities thereunder as conditionally discharged, subject to the Bank not receiving any further demands from the beneficiary under the SBLC by the latest date by which all demands in writing must be received by us, or upon our receipt of a letter purporting to be from the beneficiary or his bank, advising of release from our SBLC obligations, at which time your liabilities hereunder will be fully discharged. Should such demands be received before full discharge, your obligations under this application form shall continue in full force and effect and the Bank reserves the right to exercise all its rights hereunder including its right of set-off as provided for in this application form, against any accounts you maintain with the Bank domestically or overseas.

By ticking on this box and by printing and submitting to you the Irrevocable Standby Letter Of Credit Application form which follows, we have read, understood and acknowledged the Terms and Conditions for Irrevocable Standby Letter of Credit Application and fully authorize the Bank to proceed with the provision of the service. We also understand and agree that the Bank may modify the Terms and Conditions for Irrevocable Standby Letter of Credit Application without prior notice to us at any time.