Exhibit 10.15
IRREVOCABLE STANDBY LETTER OF CREDIT NO.
SVBSF002602
DATE: JANUARY 5, 2004
BENEFICIARY:
JABIL CIRCUIT, INC.
30 GREAT OAKS BOULEVARD
SAN JOSE, CALIFORNIA 95119
APPLICANT:
REDBACK NETWORKS, INC.
300 HOLGER WAY
SAN JOSE, CALIFORNIA 95134
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AMOUNT:
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US$15,700,000.00 (FIFTEEN MILLION SEVEN HUNDRED THOUSAND AND
NO/100 U.S. DOLLARS)
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EXPIRATION DATE:
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JANUARY 5,
2005
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LOCATION:
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SANTA CLARA,
CALIFORNIA
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LADIES AND GENTLEMEN:
WE HEREBY ESTABLISH OUR IRREVOCABLE STANDBY
LETTER OF CREDIT NO. SVBSF 002602 IN YOUR FAVOR FOR ACCOUNT
OF REDBACK NETWORKS, INC. IN THE AMOUNT OF US$15,700,000.00
(FIFTEEN MILLION SEVEN HUNDRED THOUSAND AND NO/100 U.S. DOLLARS).
THIS LETTER OF CREDIT IS AVAILABLE BY SIGHT PAYMENT WITH US AT OUR
OFFICE AT 3003 TASMAN DRIVE, 2 ND FLOOR, MAIL SORT HF210, SANTA CLARA,
CALIFORNIA 95054, ATTENTION: INTERNATIONAL DIVISION – STANDBY
LETTER OF CREDIT NEGOTIATION DEPARTMENT (THE “BANK’S
OFFICE) ONLY AGAINST PRESENTATION OF THE FOLLOWING
DOCUMENTS:
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1.
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THE ORIGINAL OF
THIS LETTER OF CREDIT AND ALL AMENDMENT (S), IF ANY.
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2.
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YOUR SIGHT
DRAFT DRAWN ON US IN THE FORM ATTACHED HERETO AS EXHIBIT
“A” .
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3.
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A SIGNED AND
DATED STATEMENT WORDED AS FOLLOWS:
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“THE UNDERSIGNED, AN
AUTHORIZED REPRESENTATIVE OF THE JABIL CIRCUIT, INC.
(“BENEFICIARY”) HEREBY CERTIFIES THAT BENEFICIARY IS
ENTITLED TO DRAW THE AMOUNT OF THE ACCOMPANYING DRAFT UNDER SILICON
VALLEY BANK IRREVOCABLE STANDBY LETTER OF CREDIT NO. SVBSF002602
UNDER THE TERMS OF THAT CERTAIN LETTER AGREEMENT DATED MARCH 26,
2002 SIGNED BY AND BETWEEN BENEFICIARY AND REDBACK NETWORKS,
INC.”
PARTIAL DRAWINGS ARE PERMITTED (MORE THAN ONE
DRAFT MAY BE DRAWN AND PRESENTED UNDER THIS LETTER OF
CREDIT).
THIS LETTER OF CREDIT MUST ACCOMPANY ANY
DRAWINGS HEREUNDER FOR ENDORSEMENT OF THE DRAWING AMOUNT AND WILL
BE RETURNED TO THE BENEFICIARY UNLESS IT IS FULLY
UTILIZED.
IRREVOCABLE STANDBY LETTER OF CREDIT NO.
SVBSF002602
DATE: JANUARY 5, 2004
THIS LETTER OF CREDIT EXPIRES AT THE BANKS
OFFICE ON JANUARY 5, 2005. THE DATE THIS LETTER OF CREDIT EXPIRES,
JANUARY 5, 2005, IS THE “FINAL EXPI
