Assignment of Beneficiary Rights under Standby Letter of Credit by InsurFinancial Holdings, PLC to ECO Building Products, Inc.
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Summary
InsurFinancial Holdings, PLC assigns to ECO Building Products, Inc. all current and future payments due under a specific standby letter of credit issued by Bank of China, Beijing. This agreement authorizes ECO Building Products to receive any payments from the letter of credit directly, and to sign any necessary documents to collect those funds. The assignment is effective as of the date signed by both parties, and no prior payments have been received under the letter of credit. Both parties have executed the agreement, and it includes provisions for verification of signatures.
EX-10.3 4 ecobuildingexh10_3.htm ECO BUILDING PRODUCTS 8K, ASSIGNMENT ecobuildingexh10_3.htm
Exhibit 10.3
ASSIGNMENT OF BENEFICIARY OF
STANDBY LETTER OF CREDIT
To: ECO Building Products, Inc.
OTCBB: ECOB
909 West Vista Way
Vista, CA. 92083
Date: 6TH Day of July 2012
RE: Standby Letter of Credit #3
No: .......................897-117-3
Dated: To 17:00 GMT 12/04/2016
Issued by: Bank of China Beijing
No. 1 Fuxingmen Nei Dajie
Beijing 100818
China
SWIFT Code:.............
The undersigned beneficiary (the Assignor) assigns to ECO Building Products, Inc. OTCBB: ECOB, 909 West Vista Way, Vista, 92083, all money now due and payable, or money that may become due and payable, to the assignor under the above referenced standby letter of credit as per the conditions of Standby Letter of Credit #3. The above-referenced standby letter of credit is delivered to the Assignee with the execution of this assignment.
The Assignor warrants that it has received, as of the date of this assignment, no payments outside or under the above-referenced standby letter of credit, except for the following: none. The Assignor further warrants that the amount here assigned is either due and owing or may become due and payable to the Assignor.
The Assignor here (1) authorizes and directs Bank of China Beijing to deliver to the Assignee any and all payments to be made to the Assignor once the conditions of the above referenced standby letter of credit are activated; (2) authorizes the Assignee to receive those payments, in whatever form made; and (3) authorizes the Assignee to sign on behalf of the Assignor any endorsements, receipts, or acknowledgments that may be required for the Assignee’s receipt of such payments as per the conditions of the above referenced standby letter of credit.
This assignment is executed this date [ ]DATE.
| | InsurFinancial Holdings, PLC | |
| (Reg: 05846021) | ||
| Level 17 | ||
| Dashwood House | ||
| 69 Old Broad Street | ||
| London, WEC2M 1QS | ||
| United Kingdom | ||
| Authorized Signature: | /s/ James Patterson | |
| James Patterson | ||
| Title: Director |
Acceptance of this Assignment on behalf of ECO Building Products, Inc.:
| Authorized Signature: | /s/ Steve Conboy | |
| Steve Conboy | ||
| Title: President & CEO | ||
| SEE ATTACHED ACKNOWLEDGMENT | ||
| Verification or Notarization of Signatures |
