SCHEDULE E - TOWN OF VIEW ROYAL LETTER OF CREDIT

SCHEDULE E

TOWN OF VIEW ROYAL LETTER OF CREDIT

TO BE ON BANK LETTERHEAD

____________ day of __________, A.D. 20

Town of View Royal

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Dear Sir:

IRREVOCABLE COMMERCIAL LETTER OF CREDIT NO. ____________

We hereby authorize you to draw on ____________ (NAME OF BANK), ____________ (ADDRESS OF BANK), Province of British Columbia, for account of ____________ (NAME OF TENDERER), up to an aggregate amount of ____________ available by drafts at sight for 10% of tender value;

1. Drawings are to be made in writing to ____________ (NAME OF BANK).

2. Partial drawings may be made.

3. The Bank will not inquire as to whether or not the Town has a right to make demand on this Letter of Credit.

4. It is a condition of this Letter of Credit that it shall be deemed to be automatically extended without amendment from year to year from the present or any future expiration date, unless at least thirty (30) days prior to the present or any future expiration date we notify the Town in writing by courier or registered mail that we elect not to consider this Letter of Credit renewed.

DRAFTS MUST BE DRAWN AND NEGOTIATED NOT LATER THAN ____________

The drafts under this Credit are to be endorsed hereon and shall state on their face that they are drawn under ____________ (NAME OF BANK), (ADDRESS OF BANK), ____________ Letter of Credit No. ____________

Yours truly,

____________ Manager

On Behalf of ____________ (NAME OF BANK)