Application/Counter Guarantee forIssuance of a Letter of Guarantee/Standby Letter of Credit

Date:

The Manager, United Bank Ltd.

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Type of Guarantee

Amount Currency

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Being

Favoring

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Valid Till

Special. Remarks to be added, if any

Whether renewable automatically Yes No

% of total value of tender / contract.

Dear Sir,

Please issue on my/our account and at my/our responsibility, a letter of Guarantee with the following details: -

In connection with the issue of the guarantee, I/We hereby undertake and declare as under:-

1. I/We hereby indemnify you against any or all consequences of the issuance of the said letter of Guarantee or losses or detriments incurred by you as a result of the said guarantee. I/We also indemnify you against all legal costs or other expenses which you may incur as a result of the issuance of the Guarantee.

I/We undertake to reimburse you on demand with interest at % p.a. any amount that you may have to pay, pursuant to your obligation and undertaking, regardless of whether or not the party in whose favour such obligation was incurred or to whom such undertaking was given by you is legally justified in making claim against you thereunder or not.

2. It is expressly agreed that you will fulfill your obligations resulting from the issuance of the said Guarantee, especially as regards your paying on first demand any amounts claimed thereunder, without prior reference to me/us notwithstanding any objection whatsoever from me/us or from any other person.

I/We hereby irrevocably renounce any right to question or oppose the making by you of any such payments of disbursement either before they are made or at the time of payment or subsequent there to.

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Yours faithfully,

Signature

Name

Place

Application/Counter Guarantee forIssuance of a Letter of Guarantee

3. You shall so long as any money remains owing under the said guarantee have an irrevocable right of lien on all moneys now or hereafter standing to my/our credit with you whether in any current account or other accounts. We further agree that any amount held by you in my / our name may be applied by you in payment of any sum which you may be called upon to pay under the said Guarantee and/or any sums found due and payable to you in that matter. And you shall be entitled to exercise similar rights of lien and set off against all of my / our movable and immovable assets in your hand and authority towards satisfaction of your claims arising from issuance of the said guarantee and things relating thereto.

4. I/We also agree that you will not release us from any obligation under this Guarantee unless the relative original instrument is returned to you for cancellation or you are advised by the beneficiary that you are released from all liabilities thereunder. 5. I/We hereby authorize you to debit my/our account with the cash margin stipulated by you and with your commission, postages and other expenses. I/We authorize you to utilise the said cash margin against this Guarantee without any reference to me/ us. I/We also agree to furnish any additional security or increase the cash margin, on demand from you. whenever you consider it necessary

6. I/We unconditionally agree to abide by the terms and conditions set out in the Credit Facilities Agreement which has already been subscribed to by me/us. Further I/We understand and agree that the said Guarantee will be issued by the Bank without any commitment or obligation on their part to extend follow on facilities as these may be considered at the Bank's discretion, on merits of the request and securities offered by me/us in this regard.

7. I/We hereby authorize you to extend the Guarantee validity at the request of beneficiary or if deemed necessary by you with/without my/our consent.

My / Our Account Number

UA

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