SUCH PAYMENT SHALL BE MADE WITHOUT SET-OFF AND FREE AND CLEAR OF ANY DEDUCTIONS, CHAREGES, FEES, OF WITHOLDING OF ANY NATURE PRESENTLY OR IN THE FUTURE IMPOSED, LEVIED, COLLECTED, EITHHELD OR ASSESSED BY THE GOVERNMENT OF (COUNTRY OF ISSUE) OF ANY POLITICAL SUBDIVISION OR AUTHORITY AND THEREIN AND RHEREOF. THIS STAND BY LERRER OF CREDIT IS DIVISBLE, ASSIGNABLE, TRANSFERABLE AND NEGOTIABLE WITHOUT PRESENTATION OF IT TO US AND WITHOUT THE PAYMENT OF ANY TRANSFER FEE OR CHARGES.