Common use of Payment of the Letter of Credit Amount to the Remittee Clause in Contracts

Payment of the Letter of Credit Amount to the Remittee. 3.1.5.1. A request on payment of the Letter of Credit Amount shall be submitted by the Remittee to the Bank in the venue indicated in the Letter of Credit , with the observance of form and conditions stipulated by the Letter of Credit , including through SWIFT. However, the Remittee’s request shall be accompanied with all necessary documents (if any) associated with the Letter of Credit. The Letter of Credit Document and all necessary documents (if any) can be handed over to the Bank after payment of the Letter of Credit Amount. 3.1.5.2. The Bank is authorized to accept the request for payment of the Letter of Credit Amount from the Remittee not later than the last day of the Letter of Credit validity term. However, if the last day of validity of the Letter of Credit falls on a non-business day, the Bank is authorized to accept the request of the Remittee on the next Banking day. 3.1.5.3. Term of reviewing the Letter of Credit Amount payment request and all necessary documents associated thereto makes up 5 (five) Banking days after the receipt of the relevant request/document by the Bank. 3.1.5.4. The Bank is authorized to refuse the Remittee in meeting its request if this request or the Letter of Credit Document and/or all necessary documents associated thereto do not comply with the terms of the Letter of Credit and/or they are submitted to the Bank in violation of the form and/or terms defined by the Letter of Credit. However, the Bank shall not be liable for validity (authenticity) of the documents submitted by the Remittee. The Bank shall immediately, within a reasonable term, notify the Remittee about defects related to the request and if the Remittee fails to eliminate the said defects, the Bank is authorized to return the corresponding documentation to the Remittee. 3.1.5.5. In case the Bank refuses to meet the Remittee’s request and pay the Letter of Credit, the Bank is authorized to request from the Customer reimbursement of any expenses incurred by it together with the Interest charged thereon. 3.1.5.6. The Bank’s obligation towards the Remittee under the Agreement is limited to the payment of the Letter of Credit Amount for which the Letter of Credit was issued. 3.1.5.7. In case the Bank, under the request of the Remittee, pays the Letter of Credit Amount to the Remittee (in full or partially), the Customer becomes liable for the reimbursement by resource towards the Bank pro rata the Letter of Credit Amount paid by the Bank. In addition, the Interest shall be charged on the amount payable by the Customer to the Bank on the basis of and in accordance with the terms and conditions of the Agreement in the amount defined by the Letter of Credit Agreement. 3.1.5.8. The Bank is authorized to hand over to the Customer the Letter of Credit Document and all related necessary documents in case the Customer meets in full and properly all obligations defined by the Agreement. 3.1.5.9. The Letter of Credit Amount shall be paid in the currency specified in the Letter of Credit except the cases when the Bank is unable to pay in the specified currency due to Force- Majeure circumstances and/or the payment in the specified currency contradicts the Legislation. 3.1.5.10. The Bank is authorized to request from the Customer reimbursement by recourse: a) in the same currency as the payment of the Letter of Credit Amount was made to the Remittee; or b) in the currency specified in the Letter of Credit .

Payment of the Letter of Credit Amount to the Remittee. 3.1.5.1. A request on payment of the Letter of Credit Amount shall be submitted by the Remittee to the Bank in the venue indicated in the Letter of Credit Credit, with the observance of form and conditions stipulated by the Letter of Credit Credit, including through SWIFT. However, the Remittee’s request shall be accompanied with all necessary documents (if any) associated with the Letter of Credit. The Letter of Credit Document and all necessary documents (if any) can be handed over to the Bank after payment of the Letter of Credit Amount. 3.1.5.2. The Bank is authorized to accept the request for payment of the Letter of Credit Amount from the Remittee not later than the last day of the Letter of Credit validity term. However, if the last day of validity of the Letter of Credit falls on a non-business day, the Bank is authorized to accept the request of the Remittee on the next Banking day. 3.1.5.3. Term of reviewing the Letter of Credit Amount payment request and all necessary documents associated thereto makes up 5 (five) Banking days after the receipt of the relevant request/document by the Bank. 3.1.5.4. The Bank is authorized to refuse the Remittee in meeting its request if this request or the Letter of Credit Document and/or all necessary documents associated thereto do not comply with the terms of the Letter of Credit and/or they are submitted to the Bank in violation of the form and/or terms defined by the Letter of Credit. However, the Bank shall not be liable for validity (authenticity) of the documents submitted by the Remittee. The Bank shall immediately, within a reasonable term, notify the Remittee about defects related to the request and if the Remittee fails to eliminate the said defects, the Bank is authorized to return the corresponding documentation to the Remittee. 3.1.5.5. In case the Bank refuses to meet the Remittee’s request and pay the Letter of Credit, the Bank is authorized to request from the Customer reimbursement of any expenses incurred by it together with the Interest charged thereon. 3.1.5.6. The Bank’s obligation towards the Remittee under the Agreement is limited to the payment of the Letter of Credit Amount for which the Letter of Credit was issued. 3.1.5.7. In case the Bank, under the request of the Remittee, pays the Letter of Credit Amount to the Remittee (in full or partially), the Customer becomes liable for the reimbursement by resource towards the Bank pro rata the Letter of Credit Amount paid by the Bank. In addition, the Interest shall be charged on the amount payable by the Customer to the Bank on the basis of and in accordance with the terms and conditions of the Agreement in the amount defined by the Letter of Credit Agreement. 3.1.5.8. The Bank is authorized to hand over to the Customer the Letter of Credit Document and all related necessary documents in case the Customer meets in full and properly all obligations defined by the Agreement. 3.1.5.9. The Letter of Credit Amount shall be paid in the currency specified in the Letter of Credit except the cases when the Bank is unable to pay in the specified currency due to Force- Force-Majeure circumstances and/or the payment in the specified currency contradicts the Legislation. 3.1.5.10. The Bank is authorized to request from the Customer reimbursement by recourse: a) in the same currency as the payment of the Letter of Credit Amount was made to the Remittee; or or b) in the currency specified in the Letter of Credit Credit.