Agreement and Indemnity for Handling of Bills under Letters of Credit

For letters of credit that are not confirmed by the Bank, we agree that notwithstanding the terms of the letter of credit any negotiation pursuant to this application will be with full recourse to us for the bill amount in the event of non-acceptance or non-payment for any reason whatsoever. As an independent and separate stipulation we agree to indemnify you on a full indemnity basis for any loss, cost or expense suffered by you in connection with such non-payment or non-acceptance and to pay you interest thereon at the prevailing rate or at such rates as may be fixed by you from time to time from the date of incurrence to the date of full payment by us, both before and after judgment. Notwithstanding the availability of a letter of credit by sight payment, deferred payment, acceptance or negotiation, we acknowledge and agree that the Bank shall be under no obligation to honor or negotiate such letter of credit except where expressly agreed to by the Bank and so communicated to us.

We irrevocably and unconditionally undertake and agree that where any goods and services tax or other taxes levies or charges whatsoever are now or hereafter required imposed or enforced by law (including the Goods and Services Tax Act 1993) or required to be paid on or in respect of any monies (including fees payable to the Bank or its agent banks or any fees costs and expenses incurred by the Bank or its agent banks) shall be borne by or chargeable to us and payable by us to the Bank on demand in addition to all other monies payable to the Bank and the Bank is entitled to debit any of our account with the Bank for payment of the Bank's commission, expenses, costs (legal or otherwise) and agent charges if any together with such taxes under or in connection with or in respect of this transaction.

We authorize the Bank to disclose any information relating to us, the above-mentioned LC or the related bill or underlying trade as may be required by any entity which is providing the Bank with the finance for this transaction.

The negotiation/discount of the bills and handling of drafts and documents would be subject to the version of the ICC Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce, Paris, France which is stated in the Letter of Credit.

This Agreement shall be governed and construed in accordance with the laws of the Republic of Singapore and we hereby irrevocably submit to the non-exclusive jurisdiction of the courts of Singapore. A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act (Cap 53B) to enforce any of the terms and conditions herein.

Any funds and assets I/we place with the Bank and any profits that they generate, will comply with the tax laws of the countries where I/we live or of which I/we am/are citizen(s).