XYZ Bank

　　Date: March 16, 2002

　　Irrevocable Credit No. 78910

　　Shanghai Textiles Corporation

　　You are hereby authorized to draw on XYZ Bank at sight to the extent of ①US$ 15 000.00 (Say US Dollars Fifteen Thousand Only) for account of ②New York Company. Your drafts to be accompanied by

　　(1) Commercial Invoice in duplicate.

　　(2) Customs Invoice.

　　(3) Full set of clean on board ocean bills of lading made out to order and blank endorsed, marked “freight prepaid” dated not later than May 31, 2002.

　　Evidencing shipments of 300 bolts of gray cloth CFR New York, from China port to New York, details as per your S.C No. 02/345.

　　③Partial shipments are not allowed. Transshipment is allowed.

　　④This credit expires on May 15, 2002 in China.