I consideration of your opening or establishing from time to time at my/our request such documentary credits as you, Demo Bank, Ltd., may, at your sole discretion, think fit, I/we, the person(s) who signed or executed the form overleaf, hereby agree that the following terms and conditions shall apply to all such credits:

1. I/We expressly authorize Demo Bank, Limited (the “Bank”) to employ in the preparation of said OUTWARD GURANTEE such terminology as the Bank deems consistent with clarity of expression, usual banking practice, and my/our intent as set forth herein.
2. I/We acknowledge that this application and issuance of the B/G are governed by the various rules and regulations issued and/or amended from time to time by the competent authorities. Notwithstanding your acceptance of this application, you are not obligated to issue any B/G if I/we are not qualified to apply for under such applicable laws and regulations. Furthermore, you may reserve the right to alter or even delete any part or parts of this application so as to be consistent with the applicable laws, regulations and/or the license issued by the competent authorities (if any).
3. I/We authorize you to accept and/or pay for my/our account all drafts and/or accompany documents purporting to be drawn under any such credit.
4. I/We undertake to fully indemnify you against all losses, costs, damages, expenses, claims and demands whatsoever which you may incur or sustain by reason of your opening or establishing any such credit and to provide you with sufficient and cleared funds in Australia/Hong Kong unless otherwise agreed to meet all payments made by you or your agents and all drafts drawn or accepted by you or your agents and the amount of all charges, commissions and interest in connection with such credits and in connection with the relative goods and I/we hereby authorize you to debit my/our account or to deduct from the proceeds of our export bills with you with such money on receipt by you of advice of payment or at any time thereafter at you sole discretion.
5. I/We undertake that all goods shall be fully insured against all risks and that the insurance policies shall be assigned to you as payee or beneficiary and that until full payment by me/us of all amounts due to you in respect of credits opened and of all our other indebtedness or liability to you on any account the insurance money payable is to be held as available to you and if received by me/us shall be paid to you forthwith and until so fully paid shall be held by me/us in trust on your behalf. You are entitled to take out insurance policies at my/our cost if I/we fail to do so.
6. All documents received by you or your agents under any such credit and the goods represented thereby shall be held by you as security in support for the due payment by me/us in respect of credits opened and of all my/our indebtedness or liability to you from time to time on any account. I/We agree to assign to you all my/our rights as unpaid sellers to transfer the goods into your control and that until full payment by me/us of such money due to you the proceeds of the sales of the goods are to be held as available to you and if received by me/us shall be paid to you forthwith and until so fully paid shall be held by me/us in trust on your behalf.
7. On arrival of the goods you shall be at liberty for my/our account to have them warehoused in your name and insured against fire but without obligation on you so to warehouse and insure and you will be in no way responsible for any loss or damage entailed through your omission so to warehouse and insure. If I/we fail to repay on demand all money due by me/us to you from time to time as aforesaid you may without notice or further consent of any persons interested sell the goods at such prices, in such manner and at such times as you may think fit and I/we undertake to pay you promptly on demand the amount of any deficiency remaining after such sale together with all usual commission charges and expenses and interest. Notwithstanding anything contained herein, you are entitled to determine, at your sole discretion, how to apply the net proceeds and money received from you.
8. I/We agree that the rights and powers conferred by this Agreement are in addition and without prejudice to any other securities which you may now or hereafter hold for my/our account and this Agreement shall continue in force and be applicable to all transactions notwithstanding any Change in the individuals composing my/our firm or otherwise.
9. Except as far as otherwise expressly stated, Agreement and the credits issued in pursuance thereof shall be subject to the ICC Uniform Customs and Practice for Documentary Credits currently in force.
10. I/We agree to be bound by the conditions of the General Customer Agreement for Trade Finance Business or other Agreement with different name executed by us.
11. I/We agree to deposit on demand being made by you at your sole discretion, cash margin or any other form of security approved by you.