EXHIBIT 10.16
PLEDGE AGREEMENT
AGREEMENT made this 9th day of November, 1995 between and among EQUITY
ONE (XXXX XXXX) INC., a Florida corporation, having its principal office at 777
- 17th Street PENTHOUSE, Xxxxx Xxxxx, Xxxxxxx 00000 (the "Borrower") and THE
MUTUAL LIFE INSURANCE COMPANY OF NEW YORK, a New York corporation, having its
principal office at 0000 Xxxxxxxx, Xxx Xxxx, Xxx Xxxx 00000 (the "Lender").
W I T N E S S E T H:
WHEREAS, in connection with the sale of that certain real property
located in Seminole County, Florida commonly known as Xxxx Xxxx Centre (the
"Property") from 1740 Ventures, Inc. (the "Seller"), a subsidiary of Lender to
the Borrower, Lender has agreed to provide a first mortgage loan in the amount
of $13,422,500.00 (the "Loan"); and
WHEREAS, in connection with the sale of the Property and as a
condition of the making of the Loan, Borrower has agreed to pledge to the Lender
an irrevocable letter of credit in the amount of One Million Five Hundred
Thousand and no/100 ($1,500,000.00) Dollars the proceeds of which shall be
pledged as additional security for Borrower's obligation to: (i) perform certain
tenant improvement work for the space currently occupied by General Cinema (the
"Tenant Improvement Pledge"); and (ii) perform capital improvements to the
Phase IV land (the "Capital Improvement Pledge") the legal description for the
Phase IV land is attached hereto on EXHIBIT A; and
WHEREAS, Borrower and Lender desire to set forth their understanding
with respect to the terms and conditions pursuant to which the letter of credit
may be released either in whole or in part.
NOW, THEREFORE, in consideration of the Lender granting to the Borrower
the Loan secured by the aforesaid Property and for other good and valuable
consideration, the Lender and the Borrower agree as follows:
1. Borrower has this date provided Lender with an unconditional
irrevocable letter of credit (the "Letter of Credit") in the
amount of One Million Five Hundred Thousand and No/100
($1,500,000.00) Dollars issued by THE CHASE MANHATTAN BANK,
N.A. in favor of the Lender and having an initial expiration
date no sooner than December 1, 1996. A copy of the Letter of
Credit is attached hereto as EXHIBIT B. The Letter of Credit
shall be pledged for a term of seven (7) years beginning as of
the date set forth above and shall be automatically renewed
annually. All expenses incurred relating to the issuance and
maintenance of the Letter of Credit shall be paid by the
Borrower. At all times during the term of this pledge, the
Letter of Credit must be in form and content and issued by a
bank whose senior debt
is rated either A- by Standard & Poors (S&P) or A3 by Xxxxx'x
and which bank is acceptable to Lender. The Letter of Credit
must not require any documentation to be drawn upon and must
contain an explicit waiver by the issuing bank of any
statutory, UCP or other rights to delay or defer payment upon
demand, including but not limited to, a waiver of such rights
as are set forth in Article 5, Section 5-112(1)(a) and (b) of
the Uniform Commercial Code and Article 15-c of the Uniform
Customs Publication Number 400.
2. From the proceeds of the Letter of Credit the sum of Five
Hundred Thousand and No/100 ($500,000.00) shall be allocated
to the Tenant Improvement Pledge. The term of the Tenant
Improvement Pledge shall be for seven (7) years from the date
hereof. Proceeds will be used for the purpose of performing
tenant improvement work within the General Cinema Space which
work may include improvements to the sound system; visual
system; seating; the concession area; the exterior; the
facade; the marquee; and interior cosmetics. Lender
acknowledges that General Cinema may seek rental concessions
of up to One Hundred Thousand and No/100 ($100,000.00) Dollars
annually over the term of the existing General Cinema lease
which concessions are approved by Lender provided that the
proceeds of the Letter of Credit allocated to the Tenant
Improvement Pledge are used in accordance with this Agreement
to perform the tenant improvement work described above in the
space currently occupied by General Cinema. Borrower hereby
agrees to keep Lender apprised of its negotiations with
General Cinema which communications shall be directed to Xx.
Xxxx Xxxxxxx; ARES Realty Capital, Inc., 0000-X Xxxxxxxxx
Xxxxx, Xxxxx 000, Xxxxxxx, Xxxxxxx 00000, Telephone: (404)
256-5775. The proceeds allocated to the Tenant Improvement
Pledge will be made available to the Borrower provided that:
(i) the improvements to the General Cinema space are
approved by Lender in its reasonable discretion and
further provided that the Loan is not in default
beyond any applicable notice and cure period;
(ii) the Lender will authorize release of the proceeds
from the Letter of Credit provided that it
simultaneously receives a substitute letter of credit
that meets the requirements set forth in paragraph 1
above in a reduced amount taking into account the
amount approved by the Lender for release;
(iii) disbursements may be made in one lump sum after the
work has been completed or in increments, as work
progresses, but if in increments the letter of credit
shall be reduced in amounts of not less than
$25,000.00 and not more than once per month;
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(iv) prior to the reduction or release of the Letter of
Credit, Borrower shall provide Lender with
appropriate lien waivers; title date down endorsement
and such other documentation as Lender may request to
evidence that no mechanics and/or materialmens liens
have been filed against the Property and that the
work has been performed in a good and workmanlike
manner; and
(v) if such proceeds allocated to the Tenant Improvement
Pledge from the Letter of Credit have not reduced to
a zero balance at the end of such seven (7) year
period, the Lender shall have the right without
notice to Borrower to draw on the Letter of Credit
and deliver the proceeds thereof to the Seller as an
addition to the "Base Purchase Price" (as defined in
that certain Purchase and Sale Agreement dated
October 24, 1995) it being acknowledged by the
Borrower that said sum is an inducement for the
Seller to sell the Property and to agree to this
Tenant Improvement Pledge and said sum if paid to
Seller shall not be deemed a penalty.
3. From the proceeds of the Letter of Credit the sum of one
million and no/100 ($1,000,000.00) dollars will be allocated
to the Capital Improvement Pledge. Proceeds shall be utilized
for development costs to the Phase IV land which costs may
include: soft costs; construction costs; and tenant
improvement work to the Phase IV land (hereinafter the
"Capital Improvements"). The term of the Capital Improvement
Pledge shall be for five (5) years from the date hereof.
Proceeds from the Letter of Credit will be made available to
Borrower or on behalf of Borrower for Capital Improvements on
the Phase IV land provided that:
(i) such improvements are approved by Lender in its
reasonable discretion and the Loan is not in default
beyond any notice and cure period;
(ii) Lender will authorize release of the proceeds from
the Letter of Credit provided that it simultaneously
receives a substitute Letter of Credit that meets the
requirements set forth in paragraph 1 above in a
reduced amount taking into account the amount
approved by the Lender for release;
(iii) disbursements may be made in whole or in part but if
in part, in increments of not less than $25,000.00
per month and not more than once per month;
(iv) prior to reduction of the Letter of Credit, Borrower
shall provide Lender with appropriate lien waivers,
title date down and such other documentation as
Lender may request to evidence that no mechanics
3
liens have been filed against the Property and that
the work has been performed in a good and
workmanlike manner; and
(v) if the Capital Improvement Pledge has not been
reduced to a zero balance at the end of such five
(5) year period, or if the Loan is in default at any
time beyond the applicable notice and cure period,
the Lender shall have the right without notice to
Borrower to draw upon the Letter of Credit and to
apply the proceeds of the Capital Improvement Pledge
to reduction of the principal balance of the Loan
which reduction shall be made without payment of any
prepayment premium.
4. In connection with the disbursal of proceeds from the Letter
of Credit, Borrower shall submit supporting documentation
together with its request for disbursal so as to allow ten
(10) business days for the processing of such request. Lender
shall have the right to approve in its reasonable discretion
all work performed in connection with the Tenant Improvement
Pledge and the Capital Improvement Pledge. In the event Lender
determines, in its sole judgment, to make an inspection of
such work, the Borrower shall pay a fee for such inspection to
ARES, Inc., in the amount that is reasonable and customarily
charged by engineers and architects in the area where the
Property is located. In the alternative, Lender may designate
a local engineer or architect acceptable to Lender, to make
such inspections, in which case all reasonable fees, costs and
expenses of such engineer or architect shall be paid for by
the Borrower. No proceeds from the Letter of Credit shall be
released until all funds required to be paid hereunder have
been paid in full.
5. Prior to final disbursal of proceeds from the Tenant
Improvement Pledge and the Capital Improvement Pledge, Lender
shall be provided with tenant estoppel statements current as
of the date of the requested disbursal which certify that the
respective lease(s) for the tenant occupying the General
Cinema Space or the tenant(s) occupying the Phase IV land are
in full force and effect on the terms specified in such lease
and that all requirements to be performed on the Borrower's
part as landlord have been duly performed.
6. This Agreement cannot be orally modified, discharged, or
terminated.
IN WITNESS WHEREOF, Borrower and Lender have caused this Agreement to
be signed as of the day and year first written above.
(SIGNATURES APPEAR ON THE FOLLOWING PAGE)
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AS TO BORROWER:
EQUITY ONE (XXXX XXXX) INC.,
WITNESS: a Florida corporation
/s/ XXXX XXXXXX By: /s/ XXXXX XXXXXX
------------------------------------- -------------------------------
Xxxxx Xxxxxx
Print Name: Xxxx Xxxxxx Vice President
-------------------------
/s/ XXXXX X. XXXX
-------------------------------------
Print Name: Xxxxx X. Xxxx
-------------------------
AS TO LENDER:
THE MUTUAL LIFE INSURANCE
COMPANY OF NEW YORK,
WITNESS: a New York corporation
/s/ XXXX X. XXXXXXXX By: /s/ XXXXX X. XXXXXXX
------------------------------------- ------------------------------
Xxxxx Xxxxxxx
Print Name: Xxxx X. XxXxxxxx Vice President-Real Estate
-------------------------
/s/ X.X. XXXXXX
-------------------------------------
Print Name: X.X. XxXxxx
-------------------------
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EXHIBIT A
PHASE IV
Part of the Northeast Quarter of the Northwest Quarter of Section 18, Township
20 South, Range 30 East, Seminole County, Florida, being described as follows:
Commence at the southeast corner of the Northeast Quarter of the Northwest
Quarter of said Section 18; thence run North 89 degrees 50 minutes 52 seconds
West, along the South line of the Northeast Quarter of the Northwest Quarter of
said Section 18, a distance of 1237.15 feet to the Easterly line of a 10 foot
wide additional Right of Way as recorded in Official Records Book 1776, Page
1293 for Lake Emma Road formerly a 100 foot wide Right of Way as per Official
Records Book 1217, Page 413, all being in the Public Records of Seminole County,
Florida; thence run North 00 degrees 10 minutes 40 seconds East, along said
Easterly line of the 10 foot wide additional Right of Way, 82.70 feet to the
POINT OF BEGINNING; thence continue along said Easterly line of a 10 foot wide
additional Right of Way the following two (2) courses and distances: North 00
degrees 10 minutes 40 seconds East, 64.18 feet to the point of curvature of a
curve, concave Easterly, having a radius of 894.93 feet; thence run 376.02 feet
along the arc of said curve, thru a central angle of 24 degrees 04 minutes 26
seconds to a point; thence departing said Right of Way and from a tangent
bearing of South 24 degrees 15 minutes 06 seconds West, run South 76 degrees 18
minutes 30 seconds East, 33.26 feet to a point of curvature of a curve, concave
Northerly, having a radius of 266.00 feet; thence run 185.70 feet along the arc
of said curve, thru a central angle of 40 degrees 00 minutes 00 seconds to the
point of tangency thereof; thence North 63 degrees 41 minutes 30 seconds East,
47.86 feet; thence North 77 degrees 51 minutes 57 seconds East, 81.08 feet;
thence South 89 degrees 36 minutes 38 seconds East, 110.77 feet; thence South 00
degrees 23 minutes 22 seconds west, 270.38 feet; thence South 89 degrees so
minutes 52 seconds East, 35.00 feet; thence South 00 degrees 23 minutes 22
seconds West, 126.52 feet; thence North 89 degrees 32 minutes 23 seconds West,
5.31 feet; thence South 00 degrees 27 minutes 37 seconds West, 124.84 feet;
thence North 89 degrees 50 minutes 52 seconds West, 404.53 feet to the point of
curvature of a curve, concave northerly, having a radius of 150.00 feet and a
central angle of 27 degrees 32 minutes 22 seconds; thence run 72.10 feet along
the arc of said curve to a point of reverse curvature of a curve, having a
radius of 150.00 feet and a central angle of 21 degrees 46 minutes 55 seconds;
thence run 57.03 feet along the arc of said curve to a point of reverse
curvature of a curve, having a radius of 50.00 feet and a central angle of 28
degrees 35 minutes 14 seconds; thence run 24.95 feet along the arc of said curve
to the POINT OF BEGINNING.
AND .
Area between Phase 2 and Phase 4:
Continued
LEGAL DESCRIPTION CONTINUED
Part of the Northeast Quarter of the Northwest Quarter of Section 18, Township
20 South, Range 30 East, Seminole County, Florida, being described as follows:
Commence at the Southeast corner of the Northeast Quarter of the Northwest
Quarter of said Section 18; thence run North 89 degrees 50 minutes 52 seconds
West, along the South line of the Northeast Quarter of the Northwest Quarter of
said Section 18, a distance of 1237.15 feet to the Easterly line of a 10 foot
wide additional Right of Way as recorded in Official Records Book 1776, Page
1293 for Lake Emma Road formerly a 100 foot wide Right of Way as per Official
Records Book 1217, Page 413, all being in the Public Records of Seminole County,
Florida; thence run North 00 degrees 10 minutes 40 seconds East, along 6aid
Easterly line of the 10 foot wide additional Right of Way, 82.70 feet; thence
continue along said Easterly line of a 10 foot wide additional Right of Way the
following two (2) courses and distances: North 0 degrees 10 minutes 40 seconds
East 64.18 feet to the point of curvature of a curve, concave Easterly, having a
radius of 894.93 feet; thence run 376.02 feet along the arc of said curve, thru
a central angle of 24 degrees 04 minutes 26 seconds to a point; thence departing
said Right of Way and from a tangent bearing of South 24 degrees 15 minutes 06
seconds West, run South 76 degrees 18 minutes 30 seconds East, 33.26 feet to the
point of curvature of a curve, concave Northerly, having a radius of 266.00
feet; thence run 185.70 feet along the arc of said curve, thru a central angle
of 40 degrees 00 minutes 00 seconds to the point of tangency thereof, thence
North 63 degrees 41 minutes 30 seconds East, 47.86 feet; thence North 77 degrees
51 minutes S7 seconds East, 81.08 feet; thence South 89 degrees 36 minutes 38
seconds East, 110.77 feet; thence South 00 degrees 23 minutes 22 seconds West,
270.38 feet; thence South 89 degrees 50 minutes 52 seconds East, 35.00 feet;
thence South 00 degrees 23 minutes 22 seconds West, 126.52 feet for the POINT OF
BEGINNING; thence continue South 00 degrees 23 minutes 22 seconds West, 124.81
feet; thence North 89 degrees 50 minutes 52 seconds West, 5.47 feet; thence
North 00 degrees 27 minutes 37 seconds East, 124.84 feet; thence South 89
degrees 32 minutes 23 seconds East, 5.31 feet to the POINT OF BEGINNING.
ALSO BEING DESCRIBED AS FOLLOWS:
PHASE IV (Including area between Phase 2 and Phase 4)
Part of the Northeast Quarter of the Northwest Quarter of Section 18, Township
20 South, Range 30 East, Seminole County, Florida, being described as follows:
Commence at the Southeast corner of the Northeast Quarter of the Northwest
Quarter of said Section 18; thence run North 89 degrees 50 minutes 52 seconds
west, along the South line of the Northeast Quarter of the Northwest Quarter of
said Section 18, a distance of 1237.15 feet to the Easterly line of a 10 foot
wide additional Right of Way as recorded in Official Records Book 1776, Page
1293 for Lake Emma Road, formerly a 100 foot wide Right of Way as per Official
Records Book 1217, Page 413, all being in the Public Records of Seminole County,
Florida; thence run North 00 degrees 10 minutes 40 seconds East, along said
Easterly line of the 10 foot wide additional Right of Way, 82.70 feet to the
POINT OF BEGINNING; thence continue along said Easterly line of a 10 foot wide
additional Right of Way the following two (2) courses and distances; North 00
degrees 10 minutes 40 seconds East,
Continued
LEGAL DESCRIPTION CONTINUED
64.18 feet to the point of curvature of a curve, concave Easterly, having a
radius of 894.93 feet; thence run 376.02 feet along the arc of said curve, thru
a central angle of 24 degrees 04 minutes 26 seconds to a point; thence departing
said Right of Way and from a tangent bearing of South 24 degrees 15 minutes 06
seconds West, run South 76 degrees 18 minutes 30 second6 East, 33.26 feet to a
point of curvature of a curve, concave Northerly, having a radius of 266.00
feet; thence run 185.70 feet along the arc of said curve, thru a central angle
of 40 degrees 00 minutes 00 seconds to the point of tangency thereof; thence
North 63 degrees 41 minutes 30 seconds East, 47.86 feet; thence North 77 degrees
51 minutes 57 6econds East, 81.08 feet; thence South 89 degrees 36 minutes 38
seconds East, 110.77 feet; thence South 00 degrees 23 minutes 22 seconds West,
270.38 feet; thence South 89 degrees 50 minutes 52 seconds East, 35.00 feet;
thence South 00 degrees 23 minutes 22 seconds West 251.33 feet; thence North 89
degrees 50 minutes 52 seconds West, 410.00 feet to the point of curvature of a
curve, concave Northerly, having a radius of 150.00 feet and a central angle of
27 degrees 32 minutes 22 seconds; thence run 72.10 feet along the arc of said
curve to a point of reverse curvature of a curve, having a radius of 150.00 feet
and a central angle of 21 degrees 46 minutes 55 seconds; thence run S7.03 feet
along the arc of said curve to a point of reverse curvature of a curve, having a
radius of 50.00 feet and a central angle of 28 degrees 35 minutes 14 seconds;
thence run 24.95 feet along the arc of said curve to the POINT OF BEGINNING.
NORTH AMERICAN TRADE OPERATIONS
0 Xxxxx Xxxxxxxxx Xxxxxx - 0xx Xxxxx
Xxxxxxxx, XX 00000
PAGE 1 PN080577
EXHIBIT B
CONFIRMED IRREVOCABLE STRAIGHT CREDIT NO.PN080577
NOVEMBER 8 1995
BENEFICIARY:
THE MUTUAL LIFE INSURANCE COMPANY
OF NEW YORK (BENEFICIARY)
0000 XXXXXXXX
XXX XXXX, XXX XXXX 00000
C/O ARES REALTY CAPITAL, INC.
0000-X XXXXXXXXX XXXXX, XXXXX 000
XXXX: SENIOR VICE PRESIDENT, ARES REALTY CAPITAL
GENTLEMEN:
WE ARE INSTRUCTED BY:
UNITED MIZRAHI BANK LTD
TEL AVIV, ISRAEL
TO ADVISE YOU THAT THEY HAVE OPENED THEIR IRREVOCABLE LETTER OF CREDIT IN YOUR
FAVOR FOR THE ACCOUNT OF:
UNITED MIZRAHI BANK LTD.,
ACTING ONE BEHALF OF
EQUITY ONE INC. (BORROWER)
UNDER THEIR CREDIT NUMBER G/1069
FOR A SUM NOT EXCEEDING A TOTAL OF ONE MILLION FIVE HUNDRED THOUSAND U.S.
DOLLARS AND NO CENTS ($1,500,000.00)
AVAILABLE BY YOUR DRAFTS AT SIGHT DRAWN ON THE CHASE MANHATTAN BANK, N.A., 4
CHASE XXXXXXXXX XXXXXX, 0XX XXXXX, XXXXXXXX, XXX XXXX 00000.
ALL DRAFTS DRAWN HEREUNDER MUST BE MARKED: "DRAWN UNDER UNITED MIZRAHI BANK LTD.
IRREVOCABLE LETTER OF CREDIT NO. G/1069 AND THE CHASE MANHATTAN BANK, N.A.
CONFORMATION NUMBER PN080577". PLEASE MENTION THESE NUMBERS IN ALL
CORRESPONDENCE. ALL DRAFTS DRAWN MUST BE ENDORSED ON THE REVERSE HEREOF FOR THE
AMOUNTS PAID UNDER THIS LETTER OF CREDIT.
THE ABOVE MENTIONED CORRESPONDENT ENGAGES WITH YOU THAT ALL DRAWINGS DRAWN UNDER
AND IN COMPLIANCE WITH THE TERMS OF THIS CREDIT WILL DULY HONORED ON DELIVERY OF
DOCUMENTS AS SPECIFIED IF PRESENTED AT
NORTH AMERICAN TRADE OPERATIONS
0 Xxxxx Xxxxxxxxx Xxxxxx - 0xx Xxxxx
Xxxxxxxx, XX 00000
PAGE 2 PN080577
THIS XXXXXX 0 XXXXX XXXXXXXXX XXXXXX, XXXXXXXX, XXX XXXX 00000 ATTN: STANDBY
LETTER OF CREDIT XXXX-0XX XXXXX XXXXXX XXX XXXXX XX XXXXXXXX XX NOVEMBER 30,
1996.
THE ISSUING BANK HEREBY AGREES WITH THE DRAWERS, ENDORSERS, AND BONA FIDE
HOLDERS OF ALL DRAFT(S) DRAWN ON AND IN COMPLIANCE WITH THE TERMS OF THIS CREDIT
THAT SUCH DRAFT WILL BE DULY HONORED UPON PRESENTATION TO THE DRAWEE AND THAT
ANY STATUTORY, UCP, OR OTHER RIGHTS TO DELAY HONOR OF SIGHT DRAFT(S) INCLUDING
SUCH RIGHTS UNDER ARTICLE 5, SECTION 5112 (I)(A) AND (B) OF THE UNIFORM
COMMERCIAL CODE, ARE HEREBY SPECIFICALLY WAIVED.
THE ISSUING BANK FURTHER AGREES, UPON THE PRESENTATION OF SUCH DRAFT TO THE
DRAWEE, TO HONOR SUCH DRAFT THE SAME DAY IF DOCUMENTS ARE RECEIVED BY THE DRAWEE
BY 12:00 NOON ON THAT BUSINESS DAY. IF DOCUMENT ARE RECEIVED BY THE DRAWEE AFTER
12:00 NOON PAYMENT WILL BE MADE ON THE NEXT BUSINESS DAY. THE AMOUNT OF THE
DRAFT MAY BE PAID, BY OFFICIAL BANK OR CASHIER'S CHECK, TO THE MUTUAL LIFE
INSURANCE COMPANY OF NEW YORK ("MONY") OR, AT MONY'S SOLE OPTION BY WIRING
FEDERAL FUNDS IN THE AMOUNT OF THE DRAFT INTO SUCH ACCOUNT(S) AS MONY MAY
SPECIFICALLY DIRECT, IN WRITING.
ALL NOTICES AND OTHER WRITING DIRECTED TO THE MUTUAL LIFE INSUANCE COMPANY OF
NEW YORK SHALL BE SENT TO ARES REALTY CAPITAL, INC. 0000-X XXXXXXXXX XXXXX,
XXXXX 000/XXXXXXX, XXXXXXX 00000, ATTN: SENIOR VICE PRESIDENT, ARES REALTY
CAPITAL WITH A COPY TO THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK. THE
UNDERTAKING OF THE ISSUING BANK WILL REMAIN IN FORCE AT ALL TIMES FOR A PERIOD
OF 15 (FIFTEEN) DAYS BEYOND THE EXPIRY DATE OF THEIR LETTER OF CREDIT NO. 6/1069
IN FAVOR OF THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK AND ANY EVENTUAL
EXTENSION(S) THEREON. IT IS THE PREROGATIVE OF THE CHASE MANHATTAN BANK, N.A. TO
WITHHOLD THE GRANTING OF ITS CONFIRMATION TO SUCH EVENTUAL EXTENSIONS THAT MAY
BE ISSUED BY UNITED MIZRAHI BANK LTD. IN FUTURE.
WE CONFIRM THIS CREDIT AND THEREBY UNDERTAKE THAT ALL DRAFTS DRAWN UNDER AND IN
COMPLIANCE WITH THE TERMS SPECIFIED SHALL BE DULY HONORED BY US.
THIS LETTER OF CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR
DOCUMENTARY CREDITS (1993 REVISION) INTERNATIONAL CHAMBER OF COMMERCE
PUBLICATION NO. 500.
VERY TRULY YOURS,
/s/ ILLEGIBLE
---------------------------------
AUTHORIZED SIGNATURE
PLEASE PRESENT ORIGINAL LETTER OF CREDIT AND RELEVANT AMENDMENTS AT THE TIME OF
PRESENTATION OF DOCUMENTS.
NORTH AMERICAN TRADE OPERATIONS
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Xxxxxxxx, XX 00000
PAGE 3 PN080577
THE CHASE MANHATTAN BANK, N.A.
0 XXXXX XXXXXXXXX XXXXXX
XXXXXXXX, XXX XXXX 00000
ATTN: STANDBY LETTER OF CREDIT DEPT-8TH FLOOR
TELEPHONE: (000) 000-0000
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TO ASSIST US IN EXPEDITING YOUR TRANSACTIONS, PLEASE PROVIDE THE
CHASE LETTER OF CREDIT REFERENCE NUMBER AND DEPARTMENT'S NAME ON
THE OUTSIDE OF ENVELOPES/COURIER RECEIPT LABEL WHEN FORWARDING
DOCUMENTS.
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"This is an exact copy which we issued/advised today in accordance with your
instruction(s). Prompt notice to us is required if you do not agree that our
action was in accordance with your instruction(s)."
