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<br />'.1 <br /> <br />-- <br /> <br />With respect to all partial transfers, whether with or without substitution of invoices, you <br />may refuse to allow us to notify the second beneficiary(ies) of any future amendment(s) <br />received under the original Export Letter of Credit. <br /> <br />If you elect transfer with substitution of invoices, then, on our demand, you will deliver to <br />us within one (1) Business Day your draft, commercial invoice and any other required <br />documents in compliance with the terms of the original Export Letter of Credit. The draft <br />and documents are in substitution of those presented by the second beneficiary. When <br />(i) the documents of the second beneficiary and the substitution documents from the <br />first beneficiary are determined to comply with the terms of the Export Letter of Credit or, <br />if determined to be discrepant, are taken up by the issuing bank and (ij) we are in receipt <br />of funds, we will pay you in accordance with your instructions for the amount of the <br />difference between your draft and the draft of the second beneficiary, less any fees due <br />and payable to us in connection therewith. If you fail, at our demand, to deliver to us <br />your drafts, invoices and other required documents as stated above, you acknowledge <br />our right to present invoices and other documents received from the second beneficiary <br />in accordance with the instructions of the original Export Letter of Credit. You also <br />understand that we will not pay you the difference between the amount of the draft of <br />the second beneficiary and the amount authorized to be paid to you under the original <br />Export Letter of Credit. <br /> <br />Full Transfers. You may request the transfer, without substitution of invoices, of all of <br />your rights as beneficiary of Export Letters of Credit by submitting to us, for each transfer, <br />a request providing the following information: <br /> <br />. Export Letter of Credit number <br /> <br />· name of issuing bank <br /> <br />· our advice num ber <br /> <br />. name and address of second beneficiary's advising bank <br /> <br />. name and address of second beneficiary <br /> <br />. date of application <br /> <br />If we approve the transfer, we will place the appropriate endorsement on the Export <br />Letter of Credit and send it to the second beneficiary or send the second beneficiary a <br />transferred letter of credit document prepared by us. The second beneficiary will have <br />sole rights as beneficiary, whether existing now or in the future, including sole rights to <br />agree to any amendments, including increases or extensions or other changes. <br /> <br />General. The Export Letter of Credit and the transfer must be subject to UCP and our <br />rights hereunder are in addition to rights we have under UCP. <br /> <br />You must provide us the original Export Letter of Credit and any existing amendments. <br />You understand that we may, at our sole discretion, refuse to approve any full or partial <br />transfer to a second beneficiary. You acknowledge that due to conditions of the original <br />Export Letter of Credit, certain proprietary information may be disclosed to the second <br /> <br />, <br />