Effect of the Terms and Conditions of the Agreement on the Beneficiary
12.1. If the Beneficiary of a Stand-by Letter of Credit is more than one person and the Stand-by Letter of Credit Agreement and/or Stand-by Letter of Credit Order does not provide otherwise:
12.1.1. The Bank is entitled to fulfill the obligation (payment of Stand-by Letter of Credit) in full or in part to any Beneficiary;
12.1.2. If the Bank receives the claim for reimbursement of the Stand-by Letter of Credit Amount from two or more Beneficiaries at the same time (During the 1 (one) Banking Day): (a) each such (claiming) Beneficiary will be reimbursed with the Stand-by Letter of Credit Amount upon request; or (b) the Beneficiary’s claim will be satisfied from the Stand-by Letter of Credit Amount, in proportion to the amount claimed if the Stand-by Letter of Credit Amount is less than the amount of the claim. However, the said reservation does not deprive the Bank from the right to determine at its sole discretion, the amount payable to the relevant Beneficiary;
12.1.3. If any Beneficiary requests reduction of the Stand-by Letter of Credit Amount, for the purposes of this Subparagraph that Beneficiary shall be considered as the owner of an equal share of the claim to the Bank together with the other Beneficiaries and the Stand-by Letter of Credit Amount shall be reduced in accordance with such Beneficiary’s request, up to the maximum of his share of the claim.
12.2. Any notice sent by the Bank to one of the Beneficiaries shall be deemed to have been sent to all Beneficiaries, and receipt of the notice by one of the Beneficiaries shall have deemed to have been received by all Beneficiaries.
12.3. Fulfillment of all or part of the obligation to one of the Beneficiaries by the Bank relieves the Bank from fulfillment of the same obligation to another Beneficiary.
