UBS Switzerland AG Standby Letter of Credit for Perfect Moment Asia Limited and HSBC Hong Kong

Summary

UBS Switzerland AG issued an irrevocable standby letter of credit for up to USD 1,000,000 on behalf of Perfect Moment Asia Limited (Hong Kong) in favor of HSBC Hong Kong. The letter of credit serves as security for a credit facility provided by HSBC to Perfect Moment Asia Limited. If Perfect Moment Asia Limited fails to pay amounts due under the facility, HSBC can demand payment from UBS by submitting a written request. The letter of credit is valid until November 26, 2023, and payment will be made within three business days of a compliant demand.

EX-10.34 47 ea187099ex10-34_perfect.htm UBS SWITZERLAND AG STANDBY DOCUMENTARY CREDIT

Exhibit 10.34

Our reference: 30GA-J79594-6FF9

31. May 2023

:MT:	SWIFT Message Type
	760 Issue of a Demand Guarantee/Standby Letter of Credit

:IO:	Correspondents BIC / TID	HSBCHKHHHKH
:II:	Own BIC / TID	UBSWCHZH80A
:MP:	SWIFT Message Priority	N
:15A:	Sequence A General Information
:27:	Sequence of Total	1/1

:22A:	Purpose of Message	ISSU / ISSU Issuance of undertaking
:15B:	Sequence B Undertaking Details
:20:	Undertaking Number	30GA-J79594-6FF9
:30:	Date of Issue	31.05.2023
:22D:	Form of Undertaking	STBY / Standby letter of credit
:40C:	Applicable Rules
	ISPR / The guarantee is subject to International Standby Practices

:23B:	Expiry Type	FIXD / Specified date of Expiry
:31E:	Date of Expiry	26.11.2023
:50:	Applicant	PERFECT MOMENT ASIA LIMITED
		HONGKONG / HONG KONG
:52A:	Issuer	UBSWCHZH80A
:59A:	Beneficiary	HSBCHKHHHKH

:32B:

Undertaking Amount

USD

1’000’000.00

:41F:	Available with …	UBSWCHZH80A
:71D:	Charges
:45C:	Document and Presentation Instructions

	Documents:
	Beneficiary’s duly signed written or authenticated SWIFT demand
	addressed to the Issuing Bank and reading as follows (completed
	as appropriate):
	Q u o t e
	Attn. Guarantees Dept.
	Your Irrevocable Standby Letter of Credit No. 30GA-J79594-6FF9
	in our favour
	We, ... (beneficiary)…, hereby draw an amount of USD
	… (amount)… under your aforementioned Standby Letter of
	Credit.
	We certify that the amount so drawn
	a) is owing to us by the Applicant under a credit facility
	granted by us to him, and
	b) remained unpaid when due under the said facility.
	… (beneficiary)…
	U n q u o t e

	If a demand is made in writing, i.e. in paper form, it has to be sent to us by registered mail or by courier service in one lot to the respective address stated hereafter:

	Postal address:
	UBS Switzerland AG
	Trade Finance Services - F6V5
	Bahnhofstrasse 45
	P.O.Box
	8098 Zurich (Switzerland)

	Courier address:
	UBS Switzerland AG
	Trade Finance Services - F6V5
	Europastrasse 2

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Our reference: 30GA-J79594-6FF9

31. May 2023

	8098 Zurich (Switzerland)

	Period for presentation of documents:
	Within Standby Letter Credit validity

:77U:	Undertaking Terms and Conditions
	Form of Standby:
	Irrevocable

	Place of expiration:
	Zurich
	.
	Available by: Payment.
	We shall effect payment with a deferred value of 3 (three)
	business and banking days after receipt of documents strictly
	complying with the terms and conditions of the present Standby
	Letter of Credit.
	.
	Covering:
	Security for credit facilities
	.
	We hereby undertake that payment will be effected if documents
	tendered comply with the Standby Letter of Credit terms and if
	all other conditions of this Standby Letter of Credit are
	fulfilled.
	.
	Article 3.14 of the ISP98 is hereby expressly waived.

:49:

Confirmation instructions

WITHOUT

:45L:	Underlying Transaction Details
	Credit facility granted or to be granted by the Beneficiary to
	PERFECT MOMENT ASIA LIMITED, HONGKONG / HONG KONG

-	Trailer

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