DEMAND FOR SIGHT PAYMENT
To: [Name of Issuer] [Address]
Attn: [●]
Re: Irrevocable Standby Letter of Credit No. [●]
The undersigned, the duly elected local chief executive of the Agency, a political subdivision of the Government of the Republic of the Philippines, with its principal office at [●], Philippines (together with its successors and assigns in such capacity, the "Agency") make reference to the [name of the Agency] Information and Communications Technology Modernization Agreement dated as of [●] between the Agency and [●], a corporation duly organized and existing under the laws of [●] having its principal office at [●], Philippines (the "Company") (the "Agreement").
1. The Agency hereby demands payment (the "Drawing") under the Letter of Credit in the aggregate amount of [●] Pesos (PHP [●]) in order to satisfy liabilities of the Company under the Agreement for one or more of the following reasons:
(a) [●]; and/or
(b) [●]; and/or
(c) Issuer has notified the Agency pursuant to Section 6 of the Letter of Credit that Issuer will not extend the Expiration Date (as defined in the Letter of Credit) and the Agency is entitled to draw the full Stated Amount.
2. The amount of the Drawing does not exceed the Stated Amount, as the Stated Amount has been reduced by all prior Drawings made under the Letter of Credit and honored by Issuer.
Please wire transfer the amount of the Drawing to [account details to be inserted by the Agency] (the "Designated Account").