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Conditional L/C

HANG SENG BANK LTD.

FOREIGN DIVISION
INWARD BILLS DEPARTMENT

CABLE ADDRESS
HASEBA xxxxxx
xxxxx, 27th April, 1996
This credit confirms our cable
of today's date.

SPECIMEN

Irrevocable Letter of Credit advised through The Cho-Heung Bank Ltd., xxxx.
Gentlemen :

We hereby open our Irrevocable Letter of Credit bo.86-4134 in the following terms in your favour for account of Hudson & Co., xxxxx (hereinafter referred to as. "the accountee")
to the extent of US & 150,000.00 say Us Dollars One hundred fifty thousand only available at the advising bank by your draft(s) drawn on the accountee at 90 day's sight for 100% invoice value covering shipment(s) as detailed below and subject to the condition herein contained.
Drafts are to be drawn in duplicate to our order bearing the clauses :"Drawn under Hang Seng Bank Ltd., xxxxx Irrevocable Letter of Credit no.(as above stated ) dated (as above stated)" and "Documents against payment", accompanied by the following documents specifying shipment of goods indicated hereunder:

- 10,000 (Ten thousand) doz. pcs. of Ladies 100% Polyester knit blouses.
Signed invoice at least in quadruplicate.
Clean "Shipped on Board " Ocean Bills of Lading in complete set of at least three signed copies made out to order of shipper and endorsed to the order of Hang Seng Bank Ltd., xxxxx, marked "Freight/Collect" and evidencing shipment from S. xxxxx Port to xxxxx.
Shipment must be effected not later than 25th June, 1996.
Partial shipments are allowed. Transhipment is Forbidden.
Draft(s) drawn under this credit must be negotiated in S. xxxxx on or before 25th June, 1996 after which date this credit expires.

OTHER TERMS & CONDITIONS :

	-	This credit is available for negotiation only until receipt by the beneficiary of an amendment nominated by Hang Seng Bank Ltd., Hongkong, the name of vessel, its sailing date, on which the goods to be shipped, quantity, the credit amount to be negotiated and notify party. This amendment will be sent by Hang Seng Bank Ltd., xxxxx to the beneficiary through the advising bank. We hereby engage with drawers, endorsers and bona fide holders of draft(s) drawn under and in compliance with the terms of the credit that such draft(S) shall be duly honoured on due presentation and delivery of documents as specified.
	-	Negotiation under Letter of Indemnity not acceptable.
	-	Insurance covered in Hongkong.

Yours very truly,
HANG SENG BANK LTD.

SUBJECT TO UNIFORM CUSTOMS AND PRACTICE FOR
DOCUMENTARY CREDITS (1993 REVISION). INTERNA-
TIONAL CHAMBER OF COMMERCE PUBLICATION NO. 500.