Stand-by Letter Of Credit

By | August 15, 2010

SBI,

Hyderabad.

4th August 2010.

Irrevocable Standby Letter of Credit No [87654321]

Beneficiary:

United States Department of Agriculture

Rural Utilities Service

1400 Independence Ave, SW

Washington, D.C, 2500-150

James

Gouthaminagar,


587 Bentely,

Hyderabad.

Account Party:

Dennis

Srinagar,

Hyderabad.

Gentlemen,

We, State Bank of India hereby open our unconditional, irrevocable standby credit on behalf of James in favour of rural utilities service and for the sum or sums not to exceed the aggregate amount of $250,000 to be made available by either of your requests for payment at sight.

The bank has been informed by the account party that this letter of credit is issued to secure obligations as set forth in that certain loan agreement, entered in between the borrower and rural utilities service, dated as of date 25.07.2010. The bank also acknowledges that the pursuant to said loan agreement. This letter of credit may not be secured, guaranteed, or serviced by any asset of the borrower.

This letter of credit is issued subject to the uniform customs and practices for documentary credits, 1993 revision, and international chamber of commerce publication no: 500.

Yours Truly,

SBI