1. The Applicant as beneficiary of the Credit hereby irrevocably requests the Bank to effect the transfer of the Credit to the Transferee. The transfer shall not become effective until the Bank advises the Transferee and no portion of the Credit or of any amendments may be further transferred.

2. The Applicant will pay the Bank on demand all transfer charges and any expenses which may be incurred by the Bank in connection with the transfer of the Credit.

3. The Applicant irrevocably and unconditionally undertakes and agrees that any taxes levies or charges whatsoever that are now or hereafter required imposed or enforced by law or required to be paid on or in respect of any monies (including fees payable to the Bank or its agents or any fees costs and expenses incurred by the Bank or its agents) shall be borne by or chargeable to the Applicant and payable by the Applicant to the Bank on demand in addition to all other monies payable to the Bank and the Bank is entitled to debit any of the Applicant's account with the Bank for payment of the Bank's commissions, expenses, costs (legal or otherwise) and agent’s charges if any together with such taxes under or in connection with or in respect of the transfer of the Credit.

4. The Transferee shall be advised of any amendments only in accordance with the Applicant’s instructions as indicated herein. The Applicant agrees to indemnify the Bank for all consequences that may arise from any delay and/or omission in the Applicant's said instruction. After noting this transfer on the original Credit, the Bank will retain the Credit and will provide to the Applicant a copy of the Bank's advice to the Transferee.

5. The Bank is under no obligation to negotiate or honour any drawing(s) under the Credit.

6. For Transfers with substitution of Drafts, Documents and Invoices, the Applicant agrees that at any time on the Bank’s demand, the Applicant will deliver to the Bank the Applicant’s draft(s), documents and/or invoices drawn in accordance with the terms of the original advice of the Credit. The Bank may in its absolute discretion elect to pay to the Applicant either immediately or only after the Bank has received the proceeds from the Issuing Bank.

7. In these Terms and Conditions the singular includes the plural and vice versa and references to persons include references to companies or corporations and vice versa.

8. The Transfer of the Credit would be subject to the version of the ICC Customs and Practice for Documentary Credits, International Chamber of Commerce, Paris, France, stated in the Credit.

9.  This Agreement and Indemnity for Documentary Credit Transfer shall be governed by and construed in accordance with the laws of Singapore and we hereby irrevocably submit to the non-exclusive jurisdiction of the courts in Singapore.  A person who is not a party to this Agreement and Indemnity for Documentary Credit Transfer has no right under the Contracts (Rights of Third Parties) Act (Cap 53B) to enforce any of the terms and conditions herein.

Updated as of July 2007.