Eg 3 lenders toge contributing 100% o commitment, one 60% and other two 20% - several means that one member not resp for commitment of other lenders, if any lender x come up with his proportion of the commitment other lenders not aked to fork it out
(A) Singapore Buyer applies for a L/C which is made in Issuing Bank\u2019s standard form which incorporates an undertaking by applicant to reimburse the Issuing Bank
(B) Issuing Bank issues a L/C in favour of the Seller of Japan and the
L/C is sent to the Paying Bank in Japan who notifies Japanese
\ue000bills of lading
\ue000bill of exchange (sight bill)
to Paying Bank in Japan against payment under the L/C.
The Paying Bank sends shipping documents to Issuing
Bank in Singapore. The Issuing Bank then informs the
Singapore Buyer and releases the shipping documents to
the Singapore Buyer against payment of the sight bill
(D) If the Singapore Buyer had arranged with the Issuing Bank for
further financing say for 3 months, then the shipping documents
will be released to the Singapore Buyer against a bill of exchange
issued by the Singapore Buyer in favour of the Issuing Bank
payable in 3 months and against TRs. If further financing is
provided, the Singapore Buyer issues a new bill of exchange in
favour of the Issuing Bank which then releases the shipping
documents to the Singapore Buyer against TRs
3. Conditions precedent
16. Miscellaneous indemnities
18. Costs and expenses
19. Amendments and waiver
20. Successors and assigns
drawdown, repay and redraw at its discretion. Each drawing reduces the available
amount and each repayment restores it. Final epayment will be made on the final
maturity at the latest although in some cases, reductions in the available facility can
occur at regular intervals.
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