By this transfer, all rights of the undersigned beneficiary in such Letter of Credit are transferred to the transferee (up to the amount aforesaid) and the transferee shall (up to the amount aforesaid) he the sole rights as beneficiary thereof, provided however, that any amendments hereafter made must be approved by the undersigned beneficiary before being advised to the transferee for action thereof.
The undersigned beneficiary agrees to deliver to you on or before the date on which the transferee’s draft and documents are presented to you for payment (1) its draft in an amount equal to the difference b广告een the amount of the applicable drawing authorized and the amount of the draft drawn by the transferee, so presented; and (2) its commercial invoice(s) to be substituted for the commercial invoice(s) presented to you with the draft drawn by the transferee.??In each case, you are requested to pay to the undersigned beneficiary the amount of the draft of the undersigned beneficiary as described above together with the commercial invoice(s) of the transferee referred to above provided, of course, that you he honored the Transferee’s draft and also provided that our draft and invoices conform with the conditions of the credit.
Should the undersigned beneficiary fail to deliver to you its draft and commercial invoice(s), as above provided, you are hereby authorized to forward to the issuing bank, or as instructed by the party on whose request you acted in the Letter of Credit transaction, the commercial invoice(s) and other relative documents accompanying the draft drawn by the transferee and to use such documents as fully complying with the terms of the Letter of Credit as then in force.??In each such case, you shall he no responsibility to make payment to the undersigned beneficiary of the amount or any single or multiple drawings as referred to above and you shall he no other responsibility to the undersigned beneficiary.
Kindly notify the Transferee in such form as you deem advisable of the terms and conditions of the credit as transferred and after notice of the transfer on the original instrument which we are forwarding to you herewith, together with any amendments.??Kindly return to us the credit and amendments together with a copy of you notification to the Transferee.
We agree to indemnify and hold you harmless from and against any and all claims, losses or damages of any nature whatsoever (including but not limited to attorney and paralegal fees and disbursements, including, without limitation, any such fees and disbursements arising in any bankruptcy case or proceeding), arising directly or indirectly from the transfer requested herein or from any other matters related to this Agreement, except as may be attributable to Bank’s gross negligence or??willful misconduct.[收起]
