This document contains two forms of a standby letter of credit. The letters of credit are issued by a bank at the request of a borrower in favor of another bank, to serve as collateral for a loan from that bank to the borrower. The letters of credit guarantee payment of the full principal loan amount plus interest and fees to the bank if the borrower defaults. They can be drawn on by presenting documents stating the borrower has an unpaid debt under the loan agreement, and will be paid within 5 days of drawing at the exchange rate on the draw date. The letters of credit are effective for one month past the loan due date and subject to international standards for documentary credits.
This document contains two forms of a standby letter of credit. The letters of credit are issued by a bank at the request of a borrower in favor of another bank, to serve as collateral for a loan from that bank to the borrower. The letters of credit guarantee payment of the full principal loan amount plus interest and fees to the bank if the borrower defaults. They can be drawn on by presenting documents stating the borrower has an unpaid debt under the loan agreement, and will be paid within 5 days of drawing at the exchange rate on the draw date. The letters of credit are effective for one month past the loan due date and subject to international standards for documentary credits.
This document contains two forms of a standby letter of credit. The letters of credit are issued by a bank at the request of a borrower in favor of another bank, to serve as collateral for a loan from that bank to the borrower. The letters of credit guarantee payment of the full principal loan amount plus interest and fees to the bank if the borrower defaults. They can be drawn on by presenting documents stating the borrower has an unpaid debt under the loan agreement, and will be paid within 5 days of drawing at the exchange rate on the draw date. The letters of credit are effective for one month past the loan due date and subject to international standards for documentary credits.
AT THE REQUEST OF ______________ , WE HEREBY ISSUE OUR
IRREVOCABLE STANDBY LETTER OF CREDIT NO. _________ IN YOUR FAVOR FOR UP TO THE AMOUNT OF USD___________(NOT LESS THAN 100% OF THE PRINCIPAL AMOUNT) PLUS THE ACCRUED INTEREST, PENALTY INTEREST AND ANY OTHER FEES, EXPENSES WHICH ARE OR MAY BECOME PAYABLE TO YOU BY _____________ (HEREUNDER REFERED TO AS ‘THE BORROWER’) UNDER THE LOAN AGREEMENT NO. _______ BETWEEN YOU AND THE BORROWER.
THIS STANDBY LETTER OF CREDIT IS AVAILABLE AGAINST
PRESENTATION OF YOUR TESTED TELEX OR SWIFT TO US STATING THAT THE AMOUNT OF SUCH CLAIM(S) REPRESENTS AND COVERS THE UNPAID BALANCE OF INDEBTEDNESS IN CONNECTION WITH YOUR GRANTING LOAN FACILITY TO THE BORROWER.
UPON RECEIPT OF DOCUMENT DRAWN IN COMPLIANCE WITH TERMS
AND CONDITIONS OF THIS STANDBY LETTER OF CREDIT, WE SHALL, WITHIN FIVE BANKING BUSINESS DAYS, REMIT THE PROCEEDS TO YOU IN ACCORDANCE WITH YOUR INSTRUCTION.
THE BUYING RATE OF U.S.DOLLARS TO RENMINBI QUOTED BY BANK OF
CHINA LIMITED ON THE DATE OF YOUR DRAWING SHALL BE USED FOR THE CALCULATION OF YOUR DRAWING AMOUNT.
PARTIAL DRAWINGS ARE ACCEPTABLE.
THIS STANDBY LETTER OF CREDIT WILL BE EFFECTIVE FROM ____ AND
EXPIRE ON ______ (ONE MONTH AFTER THE DUE DATE OF THE LOAN AGREEMENT) AT THE COUNTER OF BANK OF CHINA LIMITED _______BRANCH.
THIS STANDBY LETTER OF CREDIT IS SUBJECT OT UNIFORM CUSTOMS
AND PRACTICE FOR DOCUMENTARTY CREDIT (2007 REVISION), ICC PUBLICATION NO. 600. FORM 2 OF STANDBY LETTER OF CREDIT
MT760 TO: BANK OF CHINA LIMITED, _____ BRANCH.
AT THE REQUEST OF ______________ , WE HEREBY ISSUE OUR
IRREVOCABLE STANDBY LETTER OF CREDIT NO. _________ IN YOUR FAVOR FOR THE PRINCIPAL AMOUNT IN U.S.DOLLARS EQUIVALENT TO RMB_______, PLUS THE ACCRUED INTEREST, PENALTY INTEREST AND ANY OTHER FEES, EXPENSES WHICH ARE OR MAY BECOME PAYABLE TO YOU BY _____________ (HEREUNDER REFERED TO AS ‘THE BORROWER’) UNDER THE LOAN AGREEMENT NO. _______ BETWEEN YOU AND THE BORROWER.
THIS STANDBY LETTER OF CREDIT IS AVAILABLE AGAINST
PRESENTATION OF YOUR TESTED TELEX OR SWIFT TO US STATING THAT THE AMOUNT OF SUCH CLAIM(S) REPRESENTS AND COVERS THE UNPAID BALANCE OF INDEBTEDNESS IN CONNECTION WITH YOUR GRANTING LOAN FACILITY TO THE BORROWER.
UPON RECEIPT OF DOCUMENT DRAWN IN COMPLIANCE WITH TERMS
AND CONDITIONS OF THIS STANDBY LETTER OF CREDIT, WE SHALL, WITHIN FIVE BANKING BUSINESS DAYS, REMIT THE PROCEEDS TO YOU IN ACCORDANCE WITH YOUR INSTRUCTION.
THE BUYING RATE OF U.S.DOLLARS TO RENMINBI QUOTED BY BANK OF
CHINA LIMITED ON THE DATE OF YOUR DRAWING SHALL BE USED FOR THE CALCULATION OF YOUR DRAWING AMOUNT.
PARTIAL DRAWINGS ARE ACCEPTABLE.
THIS STANDBY LETTER OF CREDIT WILL BE EFFECTIVE FROM ____ AND
EXPIRE ON ______ (ONE MONTH AFTER THE DUE DATE OF THE LOAN AGREEMENT) AT THE COUNTER OF BANK OF CHINA LIMITED _______BRANCH.
THIS STANDBY LETTER OF CREDIT IS SUBJECT OT UNIFORM CUSTOMS
AND PRACTICE FOR DOCUMENTARTY CREDIT (2007 REVISION), ICC PUBLICATION NO. 600.