Standby Letter of Credit No. 110LG1400024 between Shandong Taibang Biological Products Co., Ltd. and China Merchants Bank Co., Ltd.

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Summary

This agreement is a standby letter of credit issued by China Merchants Bank Co., Ltd., New York Branch, at the request of Shandong Taibang Biological Products Co., Ltd. It guarantees payment up to CNY 194,600,000 to the beneficiary, China Merchants Bank, if China Biologic Products, Inc. fails to meet its debt obligations under certain credit facilities. The letter allows for partial and multiple drawings, is non-transferable, and expires on August 25, 2015. All related bank charges are the responsibility of the applicant, and payment will be made within five business days of a valid demand.

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EX-10.3 4 v370352_ex10-3.htm EXHIBIT 10.3

 

Exhibit 10.3

STANDBY LETTER OF CREDIT

 

DATE OF ISSUE:  February 26, 2014

ADVISING BANK: CHINA MERCHANTS BANK CO., LTD., NEW YORK BRANCH

 

STANDBY LETTER OF CREDIT REF.: 110LG1400024

DATE OF EXPIRY: August 25 , 2015

BENEFICIARY (NAME AND ADDRESS): CHINA MERCHANTS BANK CO., LTD., NEW YORK BRANCH, NY

 

DEAR SIRS,

AT THE REQUEST OF SHANDONG TAIBANG BIOLOGICAL PRODUCTS CO., LTD. (APPLICANT), WE HEREBY ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO.110LG1400024 IN YOUR FAVOUR UPTO THE AGGREGATE AMOUNT (INCLUSIVE OF ALL ACCRUED INTERESTS AND CHARGES) OF CNY194,600,000.00 (SAY CHINESE YUAN ONE HUNDRED NINETY FOUR MILLION SIX HUNDRED THOUSAND ONLY).

 

THIS STANDBY LETTER OF CREDIT IS AVAILABLE WITH US BY PAYMENT UPON OUR RECEIPT OF YOUR DEMAND BY AUTHENTICATED SWIFT STATING THAT THE AMOUNT DRAWN BY YOU REPRESENTS THE UNPAID INDEBTEDNESS (INCLUSIVE OF ACCRUED INTERESTS AND CHARGES) DUE TO YOU BY CHINA BIOLOGIC PRODUCTS, INC. (BORROWER) UNDER THE CREDIT FACILITIES GRANTED BY YOU TO THE BORROWER.

 

SPECIAL CONDITIONS:

PARTIAL DRAWING IS ALLOWED.

MULTIPLE DRAWINGS ARE ALLOWED.

ALL BANK CHARGES RELATING TO THIS STANDBY LETTER OF CREDIT ARE FOR APPLICANT’S ACCOUNT.

 

THIS STANDBY LETTER OF CREDIT IS NON-TRANSFERABLE.

 

THIS STANDBY LETTER OF CREDIT WILL EXPIRE ON                   , 2015 (EXPIRY DATE). THE ABOVE-MENTIONED DEMAND MUST REACH US ON OR BEFORE THE EXPIRY DATE. PAYMENT WILL BE EFFECTED WITHIN 5 BUSINESS DAYS UPON OUR RECEIPT OF YOUR DEMAND BY SWIFT

 

WE HEREBY AGREE AND UNDERTAKE THAT YOUR DEMAND DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS AND CONDITIONS OF THIS CREDIT WILL BE DULY HONOURED UPON PRESENTATION

 

THIS STANDBY LETTER OF CREDIT IS SUBJECT TO THE INTERNATIONAL STANDBY PRACTICES (ISP 98).

 

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