LETTER OF GUARANTEE, 영문 계약서, 보증서

 

LETTER OF GUARANTEE

 

Date : [•]

L/G No. : [•]

 

The Export-Import Bank of Korea

[Address]

 

Attention: [•] Department

 

Dear Sirs:

 

In connection with the Loan Agreement dated [•], 20[•] (the "Agreement") entered into between [•] (the "Borrower") and The Export-Import Bank of Korea as the Lender, we, [•] (the "Guarantor"), as primary obligor and not merely as surety hereby irrevocably and unconditionally guarantee the payment to you of the following sums payable by the Borrower under the Agreement:

 

(A) The principal of the loan (the "Loan") up to [•] U.S. Dollars (US$ [•] ) which shall be repaid in [•] ( [•] ) consecutive semi-annual installments;

 

(B) The interest on the Loan at the rate of [•] percent ( [•] %) per annum computed on the basis of the actual number of days elapsed and a year of 360 days; and

 

(C) The default interest on the unpaid Loan and interest at the rate of [•] percent ( [•] %) per annum from the due date to the date of full payment thereof; and

 

(D) Any other amounts payable by the Borrower under the Agreement.

 

In the event that the Borrower fails to pay any sum guaranteed hereby when due (whether at its stated maturity, by acceleration or otherwise), the Guarantor shall, forthwith upon your written demand, pay the sum demanded to your designated bank account as set out in such demand. Such demand shall be conclusive evidence that such sum is due and payable.

 

All payments to be made by the Guarantor hereunder shall be free from any deduction or withholding, and if any deduction or withholding is required, the Guarantor shall additionally pay the amount deducted or withheld so that you receive the full amount of such demand if no such deduction or withholding had been made.

 

Except for such written demand, no other documents or any other action shall be required under this Guarantee notwithstanding any applicable law or regulation.

 

The Guarantor hereby agrees that any part of the Agreement may be amended, renewed, extended, modified, released or discharged by mutual agreement between you and the Borrower, without impairing or affecting in any way the liability of the Guarantor hereunder, without notice to the Guarantor and without the necessity for any additional endorsement, consent or guarantee by the Guarantor, provided, however, that the sum guaranteed hereunder shall not be increased without the prior written consent of the Guarantor.

 

The Guarantor hereby agrees that this Guarantee shall, upon a prior written notice to the Guarantor, be assignable to and inure to the benefit of any financial institution as if it were originally named herein.

 

This Guarantee shall come into full force and effect from the date hereof and shall remain in effect until all sums guaranteed hereby shall be paid in full by the Borrower or by the Guarantor.

 

This Guarantee shall be governed by and construed in accordance with the laws of the State of New York, United States of America. The Guarantor irrevocably agrees that any legal action or proceeding arising out of or relating to this Guarantee may be brought in any Federal or State court sitting in the State of New York, United States of America, and the Guarantor hereby irrevocably submits to the non-exclusive jurisdiction of such court in any such action or proceeding.

 

For and on behalf of

[GUARANTOR]

 

                       

Name : [•]

Title : [•]

2 Letter of Guarantee.doc