APPLICATION FOR IRREVOCABLE DOCUMENTARY LETTER OF CREDIT ( LOCAL )

Date: To HDFC Bank Ltd. ________________________ ________________________ SUB: a) Issuance of Letter for Credit. Place:

a) I/we request you to kindly issue a Letter of Credit for Rs. ______________________________ ( Rupees __________________________________________ ) favouring _____________________ at the earliest and to the needful. Your charges for the same may be debited to my/our Account No. ________________________________ Branch __________________________ Place ____________________________ Branch Code _________________________________ To HDFC Bank Ltd. We request you to issue an irrevocable documentary letter of credit as shown on this application by Applicants name _______________________________________________________________________ Address _______________________________________________________________________________ ______________________________________________________________________________________ Importers code no __________________________________ Full Telex Air mail Airmail with short cable

Beneficiarys Name _________________________________________________________________ Address _________________________________________________________________________ ________________________________________________________________________________ Beneficiary Advising Bank ________________________________________________ _________ Telex/Fax No. ______________________________________

LC Amount (In figures) _____________________________________________ (In words) ___________________________________________________________________________________ Merchandise ___________________________________________________________________________________________________________________ ____________________________________________ DESCRIPTION LC Terms Tenor of drafts Drafts Last date of shipment Last date of negotiation Partial Shipment Trans Shipment from Shipment from : Shipment to : Country of Origin LC Confirmation Required Confirmation Fee DOCUMENTS REQUIRED 1. Beneficiarys manually signed commercial invoices 2. Packing List 3. Receipted challan / PPR / RTR 4. Insurance : Air/Marine Insurance Policy of Certificate, full set in negotiable form in the currency of the credit covering 110% of invoice value. Insurance to include - Institute Cargo Clauses (A) Institute War Clauses (Cargo - Air Cargo) & Institute Strike Clauses (Cargo - Air Cargo) with claims payable in India. Insurance to cover from suppliers warehouse to openers warehouse at ________________________________________ Yes / No Openers / Beneficiaries No. of Copies ________________ ________________ ________________ ________________ CIF/F & F/C & I/FOB/ Sight/ _____________________ No. of days from Bill of/ ___________ days sight Not required (NR);drawn On Us (U$) On You or Your Correspondents (YC) / / / / TICK WHICHEVER IS APPLICABLE

Allowed / Disallowed Allowed / Disallowed

5. Other documents _____________________________________________________________________________________________________________________________________________________________

This documentary credit is subject to the uniform customs and practice for documentary credit (1993 Revision) International Chamber of Commerce, (Publication 500). This Letter of Credit application is covered under the continuing agreement cum indemnity dated ______________________ signed in your favour by us.

Authorised Signatory

FOR BANK USE ONLY CHECKLIST FOR ISSUANCE OF LOCAL LETTER OF CREDIT
Sr. No. 1 Items to be checked Application form along with General Undertaking / Indemnity for LC / Third Party Guarantor cum Request for Facility duly signed by the account holder / applicant Purchase Order / Proforma Invoice Insurance Copy on FOB basis If Partnership firm a. Certified copy of deed b. Consent letter by all partners should cover avail the LC facility, pledging of security and authorizing any of the existing partners to execute bank security documents on behalf of the firm If Company - (Recommended Board Resolution Format) a. BR should indicate the place and date of the meeting held b. BR should be passed in a meeting of Board of Directors and not by circulation c. BR should resolve to avail facility with HDFC Bank Ltd., pledging of security and list the officials authorised to execute the documents singly / jointly Signature of the Applicant duly verified by PB / RM / BM in pencil on the document below the customers signature In case of third party fixed deposits, a. If third party is a Company, then BR and MOA is required b. If third party is a Partnership firm, consent letter of all partners with certified copy of deed c. If HUF, consent of co-paceners required Approval required (by mail) for issuance of LC a. Is the approval for the issuance of the facility requested, enclosed as per circular b. Is the approval for the waivers enclosed as per circular Stamp Paper a. Should be purchased in the name of the Company / Firm / Customer or HDFC Bank b. Should be before the date of execution of Counter Indemnity and Letters of Credit c. Should not be more than 6 months from the date of execution of document Status Yes Yes Yes Yes Yes

2 3

Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes

GENERAL UNDERTAKING AND INDEMNITY CUM MEMORANDUM OF CHARGE ON FIXED DEPOSITS FOR COMMERCIAL LETTERS OF CREDIT
THIS GENERAL UNDERTAKING AND INDEMNITY CUM MEMEORANDUM is executed at ..................... this .......... day of..................................Two Thousand and .......... by Mr./Ms/Messrs. , I {hereinafter referred to as the Obligor an individual/proprietorship/Hindu Undivided Family (HUF)/partnership/Company (which expression shall unless repugnant to the context or meaning thereof, in the case of an individual/proprietorship be deemed to mean and include his/her heirs, executors, administrators and assigns OR in the case of HUF all the member/s for the time being of the HUF OR in the case of partnership, the partner/s for the time being of the firm, the survivor/s of them and the heirs, executors, administrators and assigns of the last surviving partner OR in the case of a Company its successors and assigns). AND Mr./Ms/Messrs. , I {hereinafter referred to as the Depositor -an individual/proprietorship/Hindu Undivided Family (HUF)/partnership/Company (which expression shall unless repugnant to the context or meaning thereof, in the case of an individual/ proprietorship be deemed to mean and include his/her heirs, executors, administrators and assigns OR in the case of HUF all the member/s for the time being of the HUF OR in the case of partnership, the partner/s for the time being of the firm, the survivor/s of them and the heirs, executors, administrators and assigns of the last surviving partner OR in the case of a Company its successors and assigns). in favour of H D F C Bank Ltd., a Banking Company incorporated and registered under the Companies Act, 1956 and having its Registered Office at HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai 400 013 and a branch office inter-alia at hereinafter called the Bank (which expression shall unless it be repugnant to the context or meaning thereof shall mean and include its successors in title and assigns ) : NOTE: The term Depositor is applicable in case additional security in the form of Cash Deposit is provided by the Obligor or Third party Depositor). IN CONSIDERATION of the Bank agreeing to open from time to time at the request of the Obligor and the Depositor (wherever applicable) but at the option of the Bank, Letters of Credit (the said credit/s) in favour of such beneficiaries as may be specified by the Obligor it is hereby irrevocably agreed and undertaken by the Obligor and the Depositor (wherever applicable) as follows: PAYMENT 1. The Obligor shall unconditionally accept and pay all bills of exchange drawn or purported to be drawn pursuant to the terms of the said credits and take up and pay for all the documents negotiated thereunder in accordance with the terms thereof, also for any disbursement made or liability incurred by the Bank for and on the account of the Obligor under the said credits, together with interest, cost, charges and expenses due to the Bank in respect thereof as hereinafter mentioned. 2. The liability of the Obligor to pay the amount of the bills drawn under the said credits and to reimburse payment to the Bank shall be unconditional and absolute and the Obligor shall not refuse payment on the grounds of; The description, quantity, or value of goods covered by such said credit(s) do not conform to the terms of the contract or the stipulated specifications; or The documents received against the credit(s) are not in conformity with the provisions thereof provided the same have been found acceptable by the Bank, its decision in that behalf being conclusive and binding; or Any disputes or differences exist or may arise between the Obligor and the shipper, carrier or any other person or party relating to the liability for payment; or On any other ground without prejudice to the aforesaid. 3. Although any credit(s) which the Obligor may request the Bank to open may provide that the beneficiary will draw an usance bill(s) on the Obligor, the Bank is irrevocably authorised to negotiate the documents sent under the said credit/s and make payment to the beneficiary of the amount of the bill(s) drawn by the beneficiary upon receipt by the Bank of the said documents without reference to the Obligor or obtaining acceptance of the Obligor of such bill(s), provided the Bank considers the same to be in accordance with the terms of the said credit(s) and the Banks decision will be conclusive and binding on the Obligor. COMPLIANCE OF RULES AND REGULATIONS AND IMPORT LICENCE 1. The Obligor agrees and accepts to comply with all rules and regulations in force and applicable from time to time relating to purchase of foreign exchange under the said credit/s, import, clearing and storage of the goods. 2. The Obligor shall ensure that the imports under the said credits will be under and in conformity with valid import licences obtained in favour of the Obligor (copies of the same to be handed over to the Bank whenever called upon). 3. The Obligor assures that the goods imported under the said credits shall be freely importable and are not in the negative or restricted import list. INSURANCE: The Obligor agrees to: Keep the said goods insured and further insured from time to time of expiry of insurance cover under the initial policy or policies of insurance, against all risks which are normally covered for goods of the nature purchased under the said credits as also against such other risks as may be required by the Bank and in the event of the Obligor failing to do so, the Bank shall be at liberty (but not obliged to) to insure the said goods at the Obligors cost and expense without prejudice to the Banks rights hereunder, until all dues in respect of the said credits are paid in full to the Bank. The Obligor shall assign the policies of insurance to the Bank or make the amount payable under the said policies to the Bank and to furnish to the Bank with evidence of acceptance by the insurers of such assignment. The Obligor agrees to pay to the Bank forthwith all moneys if received by the Obligor under any policy or policies of insurance and until payment to the Bank of such insurance moneys, the Obligor undertakes to hold the same in trust for the Bank. Sign, execute and deliver to you from time to time on demand made by you, such further or other deeds, documents and writing and all such acts, matters as may be required by you for better perfecting your title to the said goods and the documents covered under the credit and or to render the same really saleable or transferable by you to any purchaser(s) at all times. COSTS AND COMMISSIONS: The Obligor agrees to pay to the Bank on your first demand: The charges that may be levied as notified by the Bank from time to time for any early/late delivery of the relevant foreign exchange/currency under the forward exchange contract, if any booked by the Obligor. The commission or handling charges at the rate at such as may be specified by the Bank from time to time on the amount of the bill(s) drawn under the credit. All costs (legal costs on full indemnity basis), customs duty, penalty, demurrage, storage charges, clearing and forwarding charges and all other charges and expenses which the Bank may be put to or suffer or incur in connection with or arising out of advising or confirming or amending the terms of the letters of credit and/or the relative drawings thereunder and/or the goods and/or the documents of title to goods covered by the credit including for re-shipment thereof for any reason whatsoever, or in the exercise or enforcement of any right or power hereby conferred or otherwise however, and further agree and undertake to hold the Bank safe, harmless and indemnified from and against any claim, action or proceeding made or brought against the Bank , its correspondents or agents as also against any liability or loss incurred or suffered by the Bank , its correspondent or agents by reason of the Bank having established the credit pursuant to the Obligors application or otherwise howsoever in the premises. To provide to the Bank at or before maturity with funds to meet all disbursements at acceptances together with commission, interest and all other costs, charges and expenses as may be levied and notified by the Bank. GUARANTEES TO BE ISSUED BY THE BANK IN RESPECT OF MISSING BILLS (S). In respect of the guarantees/indemnities agreed to be issued/ issued by the Bank, at the request and for the benefit of the Obligor and for such sums as the Bank may decide in its absolute discretion, to enable the Obligor to obtain delivery of goods in case of missing bill(s): To discharge in full all obligations and liabilities in respect of all such indemnities/guarantees. On demand to do, perform and execute and cause to be done, performed and executed any acts, deeds, matters or things as further security as may be required by the Bank. The Bank may pay any amount demanded from the Bank by the beneficiaries under the said guarantees/indemnities without reference to the Obligor and notwithstanding any dispute raised by the Obligor as to the liability or instructions from the Obligor to the contrary and the Obligor shall not question the propriety or otherwise of the payments made by the Bank pursuant to the said guarantees/indemnities and to pay the same on demand by the Bank without raising any question or dispute whatsoever, and shall accept the same as just and correct and fully binding on the Obligor. To reimburse to the Bank on demand any amount paid or cause to be paid by the Bank under the said guarantees/indemnities together with costs, charges and expenses that the Bank may be put to or that the Bank may incur in connection with the said guarantees/indemnities and interest thereon at the maximum rate for the time being charged by the Bank to its Borrowers from the date of payment till reimbursement by the Obligor regardless of the legality or validity of such claims and without questioning the correctness or otherwise of such payment made by the Bank and shall accept such demand from the Bank as just, correct and fully binding on the Obligor. SECURITY 1. As security for any and all the obligations and/or liabilities of the Obligor hereunder or otherwise, which may be absolute or contingent, due or to become due, and/or are now, or may at any time(s) hereafter be owing by the Obligor to the Bank under any and all credit(s) or guarantees/indemnities issued by the Bank hereunder as aforesaid, the Obligor hereby acknowledges and admits the Banks ownership in and unqualified right to the possession, disposal, retention by way of lien and appropriation of any and all shipping documents, warehouse receipts, policies or certificates of insurance and other documents accompanying or relating to drafts drawn under the said credit(s) and in and to any and all properties shipped under or pursuant to or in connection with the said credit(s), or in any way relating thereto or to any of the drafts drawn thereunder (whether or not such documents, goods or other properties be released to or upon our order on trust or bailee receipt), and in and to the proceeds of each and all of the foregoing, and to any monies received under any insurance policy or policies, until such time as all the obligations and/or liabilities of the Obligor to you at any time existing under or pursuant hereto, or the said credit(s) hereunder, or any other obligations or liabilities to the Bank, now existing or hereafter arising, have been fully paid and discharged. 2. The Obligor further agrees that all or any of such properties and/or documents, and the proceeds thereof, and monies receivable under insurance policy or policies coming into Banks possession or that of any of its correspondents, may be held and disposed off by the Bank as hereafter provided it being understood that the receipt by the Bank, or by any of its correspondents, at any time of any other security of whatsoever nature, including cash shall not constitute or be deemed a waiver by the Bank of any of its rights or powers hereunder. 3. Any property and/or documents, which may be held by the Bank, or for its account, as collateral hereunder, may be realised by the Bank to or upon order in trust. The Obligor will sign and deliver to the Bank on demand such form(s) of trust receipt or writing as may be required by the Bank, the intention being that the Banks rights herein or therein shall be in furtherance of and/or in addition to, but not in limitation of Banks rights under any applicable law. Upon any transfer, sale, delivery, surrender or endorsement of any bill of lading, warehouse receipt or other document at any time(s) held by the Bank or held for account of the Bank or any of its correspondents, relating to any draft(s) drawn or purported to be drawn under the said credit(s), the Obligor will indemnify and hold the Bank harmless from and against each and every claim, demand, action or suit which may be made or commenced or arise against the Bank, or any such correspondents by reason thereof. 4. At any sale as aforesaid, the Bank may, in its discretion, purchase the whole or any part of the property sold, free from any right of redemption on the part of the Obligor/Depositor, all such rights being also hereby waived and released. The Bank shall not be responsible or accountable for any loss or deficiency that may be occasioned by reason of exercise by the Bank of any of the aforesaid powers. In the event of any sale or other disposition of any of the property aforesaid, after deducting all costs, or expenses of every kind for care, safekeeping, collection, sale, delivery or otherwise, the Bank may apply the residue of the proceeds of the sale(s) or other disposition thereof, to the payment or reduction either in whole or in part of all or any of the aforesaid obligations and/or liabilities, whether or not then due, making proper allowance for interest on obligations or liabilities not then due, and return the surplus, if any, to the Obligor/Depositor whose property may have yielded the surplus: all without prejudice to the Banks rights as against the Obligor with respect to any and all amounts which may be or remain unpaid on any of the aforesaid obligations and/or liabilities at any time(s). 5. As a continuing security for the said credits, the Obligor and/or the Depositor as the case may be shall place Fixed Deposits with the Bank to the extent of such amount as may be prescribed by the Bank. The Obligor/Depositor hereby irrevocably and unconditionally agree that the Bank shall have a first charge on the Fixed Deposits so placed with the Bank and that the Obligor/Depositor shall not be entitled to withdraw the said Fixed Deposits unless and until all the dues of the Bank are completely paid and the Bank has issued a discharge in full in respect of the same. The Bank is irrevocably authorised without prior notice to the Obligor/Depositor or requiring prior consent from the Obligor/Depositor to terminate all or any part of the Fixed Deposits at any time as the Bank may deem fit and to appropriate and apply and/or set off the whole or part of the Fixed Deposits towards payment of dues or discharge of our liabilities to the Bank in respect of the said credits. The Obligor/Depositor shall not at any time assign, transfer or create any encumbrances over the said Fixed Deposits. RIGHT OF SET OFF The Obligor/Depositor agrees that, strictly without prejudice to what is contained above, in addition to a general lien or similar right to which the Bank as bankers are entitled by law, the Bank may at any time and without notice to the Obligor/Depositor, in its absolute discretion combine or consolidate all or any of our accounts and/or fixed deposits, with any liabilities due to the Bank from the Obligor, upon non-performance of the Obligors promises to pay herein above set forth and set off or transfer any sum or sums standing to the credit of any one or more of such accounts and/or fixed deposits including any interest thereon, in or towards satisfaction of any of the Obligors liabilities to the Bank and the Bank will have the right to sell/realize all such securities and properties as aforesaid towards that purpose whether such liability be actual, contingent, primary or collateral and several or joint. INDEMNITY 1. Neither the Bank or any of its correspondents shall be required to look into or be responsible for: a. the use which may be made of the said credit(s) or for any acts or omissions of the beneficiary (ies) in connection therewith; b. the existence, character, quality, condition, packing, value of delivery of the property purporting to be represented by the documents; c. any difference in character, quality, quantity, conditions or value of the property from that expressed in documents and/or for any difference between the description of the property as contained in the said credit and that contained in the invoice and/or other relative shipping documents and for any discrepancy between the terms of the said credit and any other document; d. the validity, sufficiency, genuineness, form of correctness, if any, of documents, or of any endorsement(s) thereon, even if such documents or endorsements should in fact prove to be in any or all respects invalid, insufficient, fraudulent or forged; e. the time, place, manner or order in which shipment is made; f. partial or incomplete shipment, or failure or omission to ship any or all of the properties referred to in the said credit; g. the character, adequacy, validity or genuineness of any insurance; h. the solvency or responsibility of any insurer, or for any other risk connected with insurance; i. any deviation from instructions, delay default or fraud by the shipper and/or any other(s) in connection with the property or the shipping thereof; j. the solvency, responsibility or relationship to the property of any party issuing any documents in connection with the property; k. delay in arrival, or failure to arrive, of either the property or any of the documents relating thereto for whatever reason; l. delay in giving, or failure to give, notice of arrival or any other notice; m. any breach of contract between the shipper(s) or vendor(s) and the consignee(s) or buyer(s); n. failure of any draft to bear any reference or adequate reference to the said credit or failure of documents accompanying any draft at negotiation or failure of any person to surrender or to take up the said credit or to send forward documents or to draw and negotiate drafts and/or the failure of your Branch or Correspondents to send forward drafts each of which provisions, if contained in any credit itself, it is agreed may be waived by you or; errors, omissions, interruptions or delays in transmission or delivery of any message by mail, cable, telegraph, wireless or otherwise whether or not they may be in cipher; p. towards Indian Income-tax interest or any other dues under the said letter (s) of credit That the Bank shall not be responsible for and shall be entitled to be indemnified notwithstanding any act, error, neglect or default, omission of any of the Banks Branch and/or its correspondents or insolvency or failure of business of any of its correspondents, and that the happening of any one or more of the contingencies referred to herein before in this clause shall not affect, impair or prevent the vesting of any of the Banks rights or powers hereunder or accrual of the liability of the Obligor/Depositor to pay to the Bank unconditionally the amount due under the said credit together with interest and all costs, charges and expenses which liability is hereby irrevocably and unconditionally accepted and acknowledged and the Obligor/Depositor agrees that the Bank shall have no liability in respect of any such matters and that the Obligor/Depositor will hold the Bank harmless and indemnified in respect of any and all damage and loss whatsoever suffered by the Bank by reason of any and all action taken by the Bank or any of its Branch or Correspondents in furtherance of the above request for opening the said credit in furtherance and extension and not in limitation of the specific provisions herein before set forth, it is hereby further agreed that by action, inaction or omission, mistake or oversight taken or suffered or made by the Bank, or by any of its Branch or Correspondents under or in connection with the said credit or the relative drafts, documents or properties if in good faith, and in conformity with such foreign or domestic laws, customs or regulations as the Bank or any of its branch or correspondents may deem to be applicable thereto, shall be binding upon the Obligor/Depositor and shall not place the Bank or any of its Branch or Correspondents under any resulting liability to the Obligor/Depositor. It is expressly agreed that the Bank be entitled to debit the cash credit or current or any other account of the Obligors or the Depositors as the case may be for any amounts due to the Bank pursuant to these presents. ASSIGNMENT That the Bank may assign or transfer the agreement or any instrument(s) evidencing all or any of the aforesaid obligations and/or liabilities, and deliver all or any of the property then held as security therefor to the transferee(s), who shall thereupon become vested with all the powers and rights in respect thereto given to the Bank herein or in the instrument(s) transferred, and the Bank shall thereafter be forever relieved and fully discharged from any liability or responsibility with respect thereto, but the Bank shall retain all rights and powers hereby given with respect to any and all instrument(s), right or property not so transferred. WAIVER No delay on part of the Bank in exercising any power of sale or any other rights or options hereunder, and no notice or demand, which may be given to or made upon the Obligor/Depositor by the Bank with respect to any power of sale or other right or option hereunder, shall constitute a waiver thereof, or limit or impair banks right to take any action or to exercise any power of sale, or any other rights or options hereunder, without notice or demand, or prejudice the Banks rights as against the Obligor/Depositor in any respect. OTHER CONFIRMATIONS maintained by the Borrower/Guarantor with your 1. The applicable charges in respect of the said credits be debited to the Account No. branch. 2. The entries in the Banks books kept in the ordinary course of business of the Bank with regard to the payments made by Bank on behalf of the Borrower/ Guarantor as aforesaid as also with regard to interest, commission, costs, charges and expenses debited to us shall be conclusive evidence against the Borrower/Guarantor of the transactions and matters therein appearing and of the liability of the Borrower/Guarantor for the same as shown to be due by such entries. 3. If the Bank holds a guarantee from another party guaranteeing the due performance of the obligations of the Borrower/Guarantor hereunder, the Bank shall be at liberty, without affecting its rights against him/her/it in any manner whatsoever, to present the drafts under the said letter(s) of credit to the guarantor without first presenting them to the Borrower/Guarantor and to accept payment from the guarantor and to hand over the discharged drafts and documents to him, at the Banks option. 4. The Borrower/Guarantor understand that as a pre-condition, relating to grant of the loans/advances/other non-fund-based credit facilities to the Borrower/ Guarantor, the Bank requires Borrowers/Guarantors consent for the disclosure by the Bank of, information and data relating to the Borrower/Guarantor, of the credit facility availed of / to be availed, by Borrower/Guarantor, obligations assumed / to be assumed, by the Borrower/Guarantor, in relation thereto and default, if any, committed by the Borrower/Guarantor, in discharge thereof. 5. Accordingly, the Borrower/Guarantor hereby agrees and gives consent for the disclosure by the Bank of all or any such (a) Information and data relating to the Borrower/Guarantor. (b) The information or data relating to any credit facility availed of / to be availed, by the Borrower/Guarantor and (c) Default, if any, committed by the Borrower/Guarantor, in discharge of the Borrowers/Guarantors such obligations, as the Bank may deem appropriate and necessary to disclose and furnish to Credit Information Bureau (India) Limited and any other agency authorised in this behalf by RBI. 6. The Borrower/Guarantor declare that the information and data furnished by the Borrower/Guarantor to the Bank are true and correct. 7. The Borrower/Guarantor undertakes that (a) the Credit Information Bureau (India) Limited and any other agency so authorised may use and process the said information and data disclosed by the Bank in the manner as deemed fit by them; and (b) the Credit Information Bureau (India) Limited and any other agency so authorised may furnish for consideration, the processed information and data or products thereof prepared by them, to banks/financial institutions and other credit grantors or registered users, as may be specified by the Reserve Bank in this behalf. 8. If the Borrower/Guarantor requests to include in the said credit(s) any provision for Clean Advance(s) to the beneficiary, you may make a provision to that effect therein only if you may deem it appropriate, on a specific application from the Borrower/Guarantor. Under this arrangement any bank entitled to negotiate drafts under the said credit(s), may grant in each case, at its discretion any one or more Clean Advances at any time prior to the date of negotiation of Bills of Exchange under the said credit(s) against proper written request and receipt from the Beneficiary. Provided that the aggregate of such advance(s) shall in no event be more than the amount specified in the Application for Clean Advances and exceed the amount remaining available under the said credit(s) at the time of advance. Further, each such advance will be repaid to the bank(s) that made the advance(s) by the beneficiary from the proceeds of any draft(s) drawn under the said credit(s), should any such advance(s) not be thus repaid, the Borrower/Guarantor will on demand immediately pay you without demur or dispute the amount(s) thereof as if such advance(s) were evidenced by the draft(s) drawn under the said credit(s), together with interest for the period that the same shall have been outstanding at such rate as you may determine at the time of demand to be payable. It is understood that neither you nor any bank(s) which makes such advance(s) shall be obliged to inquire into the utilisation of the funds by the beneficiary and you and such bank shall not be liable for any wrongful use by the beneficiary of any funds so advanced. 9. Except when contrary instructions are given to you by the Borrower/Guarantor in writing expressly with regard to and prior to the opening of the said credit(s), you and/or any of your correspondents may receive and accept: a) as Bills of Lading relative to the said credit any document(s) issued or purporting to be issued by or on behalf of any carrier which acknowledge(s) receipt of merchandise for transportation. Irrespective of the provisions of such document(s), the date of each such document shall be deemed to be the date of shipment of the merchandise mentioned herein, and any such document(s) issued by or on behalf of an ocean carrier may be accepted by you as an Ocean bill of lading whether or not the entire transportation is by water; (b) the relative drafts for honouring the same in case of part shipment(s) and or shipment(s) in excess of the quantity called for in the said credit(s) which may be made. The liability of the Borrower/Guarantor to reimburse you for payments made or obligations incurred on such drafts will be limited to the amount of the said credit(s); (c) if the said credit(s) specify shipments in installments within stated periods, and the shipper fails to ship in any designated period, shipment of subsequent installments may nevertheless be made in their respective designated periods, the relative drafts may be accepted for honouring the same; (d) as documents of insurance under the said credit(s), either insurance policies or insurance for higher amounts than the amounts paid by you under the relative credit(s); (e) for the purpose of payment as complying with the terms of the said credit(s), any drafts or other documents, otherwise in order which may be signed by, or signed by, or issued to, the administrator or executor of the trustee in bankruptcy of, or the receiver appointed for any of the property of, the party in whose name the said credit(s) stands. 10. That in the event of any change or modification with respect to (a) the amount or duration of the said credit(s); (b) the time or place of shipment of any relative property; (c) the drawing, negotiation, presentation, acceptance, or maturity of any drafts, acceptances or other documents; or (d) any of the other terms or provisions of the said credit(s), such being done at our request, this Agreement shall nevertheless be binding upon the Borrower/Guarantor in all respects with regard to the said credit(s) so changed or modified, inclusive of any action taken by you or any of your branches or correspondents relative thereto. 11. The Borrower/Guarantor agree to be liable not withstanding the fact that the Bank has dispensed with recourse to any other third party at whose instance the credit(s) may have been issued by the bank at the request of the Borrower/Guarantor. 12. As per RBI regulations of January 1, 1984 bill(s) under letter(s) of credit not retired within 10 days from receipt of documents by the Bank will be crystallised on the 10thday and usance bill(s) will be crystallised on their maturity dates. 13. The word property as used herein inter alia includes goods and merchandise, as any and all documents relative thereto, also securities, funds and any of the right or interest therein or thereto of the Borrower/Guarantor. 14. The obligations of the Obligor and the Depositor and the Banks rights hereunder shall be in addition to and shall not affect or prejudice any other or further security required or obtained by the bank in relation to the liability of the Obligor to the Bank with respect to the said credit(s) and shall be a continuing indemnity until all obligations covered by the said credit(s) are discharged. 15. Except as otherwise expressly stated, the said credit(s) and all amendments thereto are subject to the Uniform Customs and Practices for Documentary Credits (1983 revisions), International Chamber of Commerce Publications Number 500 or any other modifications or amendments thereof for the time being in force thereof. 16. The applications shall be deemed to have been accepted and the said credit(s) deemed to have been issued when written advice thereof has been sent to the beneficiary. 17. All amounts payable by the Obligor/Depositor hereunder shall be payable in Mumbai/ .......................... These presents and all the matters/issues arising thereunder shall be construed in all respect by Indian Laws and shall be subject to the exclusive jurisdiction of the courts at....................... 18. The headings herein above are given for ease of reference only and shall have no legal reference whatsoever. In case of Prop. Concern IN WITNESS WHEREOF the said Proprietor (the Applicant) has set and subscribed his/her hand hereto, the day and year first hereinabove mentioned at........................................... For................. (name of the Prop. Concern) ) ) ) Proprietor In case of HUF IN WITNESS WHEREOF the said Karta (the Applicant) has set and subscribed his/her hand hereto, the day and year first hereinabove mentioned at........................................... For................. (name of the HUF) ) ) ) Karta In case of Partnership firm IN WITNESS WHEREOF the Partners of the Applicant Firm have set and subscribed their respective hands hereto, the day and year first hereinabove mentioned at................................. For................( Name of the Partnership Firm) ) ) ) (Partners) ) In case of a Company IN WITNESS WHEREOF the common seal of the Applicant Company has been hereunto affixed the day and year first hereinabove mentioned at................................ The Common Seal of.......... Ltd. has been affixed ) hereunto pursuant to the Resolution of the Board of ) Directors dated.............in the presence of : ) Common 1. ) Seal 2. ) the Director/s and /or the............., who have in token ) 1 thereof , subscribed their signature hereto. ) o.