26原文ExhibitYFormofPerformanceLetterofGuaranty.docVIP

EXHIBIT Y FORM OF PERFORMANCE LETTER OF GUARANTY [LETTERHEAD OF ISSUING BANK] IRREVOCABLE LETTER OF GUARANTY NO. __________ ISSUED: __________ BENEFICIARY:GNPower Dinginin Ltd. Co. INITIAL AMOUNT: US$[ X] DATE OF EXPIRY: ___________ To: GNPower Dinginin Ltd. Co. Unit 1906, The Orient Square Don Francisco Ortigas, Jr. Road, Ortigas Centre Pasig City, Metro Manila, 1605 Republic of the Philippines Attn: President Ladies and Gentlemen: We, [(], a banking institution organized under the law of the [__________] with a registered office at [_________], as the bank issuing this Letter of Guaranty (“we”, “us” or the “Bank”) hereby establish in favor of GNPower Dinginin Ltd. Co. (“you” or “Beneficiary”), at the request and for the account of [_____________________] (“Applicant”), this irrevocable letter of guaranty (“Letter of Guaranty”) in your favor in the initial amount of US$[ X], which is [X]% of Supply Cost (the “Stated Amount”). This Letter of Guaranty is being provided pursuant to Section 6.2 and the other terms of the Engineering, Design and Procurement Agreement dated as of [_______] (as amended, modified, supplemented and in effect from time to time, the “Agreement”) between the Beneficiary and the Applicant. If we fail or are unable to honor this Letter of Guaranty for any reason you shall be entitled to be paid the Stated Amount by our head office at the _____________, a banking institution established under the laws of the ____________ with its registered address at [(] (the “Head Office Address”). This Letter of Guaranty is effective as of the date hereof and shall terminate on the earliest of: (a) at 5:00 pm [_____] time on the date specified to be the Unit Performance Test Completion Date in the copy of the Unit Performance Test Completion Certificate provided by the Beneficiary to you, (b) the date on which we have honored a drawing in an aggregate amount equal to the Stated Amount [, and (c) [(]] (the “Expiry Date”). If you have not i