MT760 Guarantee & Standby LC
MT760: Guarantee / Standby Letter of Credit
Fm Institution (SWFT Code)
CHINA BANK
To Institution (SWFT Code) BANK OF America
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Priority 1
27:Sequence of Total
1/1
20:Transaction Reference Number
XXXXXXXXXXXX
23:Further Identification
ISSUE
30:Date
XXXXXX
40C:Applicable Rules
OTHR/ISP98
77C:Details of Guarantee
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PLEASE ADVISE THIS STANDBY LETTER OF CREDIT TO THE BENEFICIARY.
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QUOTE
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DATE OF ISSUE:XXXXXXXXX
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ISSUING BANK:
(NAME AND ADDRESS)
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TO: BENEFICIARY
Name of Bank of America Address
ATTN: Bank of America Agent
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APPLICANT :
(NAME AND ADDRESS)
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IRREVOCABLE STANDBY LETTER OF CREDIT NO. XXXXXXXXXXXX
AMOUNT:USDXXXXXXXXX
DATE OF ISSUE:XXXXXXXX
DATE OF EXPIRY AND PLACE: XXXXXXXX
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AT THE REQUEST OF ___________, WE, CHINA BANK ('THE ISSUING BANK') HEREBY
ESTABLISHED OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. XXXXXXXXX IN YOUR FAVOUR.
AVAILABLE BY PAYMENT AT SIGHT AGAINST PRESENTATION OF DRAFT(S) DRAWN ON [NAME
OF ISSUING BANK] REFERENCING OUR LETTER OF CREDIT NO. ____, AND THE FOLLOWING DOCUMENT(S):
BENEFICIARY'S SIGNED AND DATED STATEMENT OR AUTHENTICATED SWIFT
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ED AS FOLLOWS:
‘THIS CERTIFIES THAT THE AMOUNT OF U.S. DOLLARS _______ DRAWN UNDER (ISSUING BANK
NAME) LETTER OF CREDIT NO._____ REPRESENTS AND COVERS FUNDS DUE BANK OF THE WEST UNDER THE TERMS OF A CERTAIN CREDIT FACILITY MADE AVAILABLE TO (INSERT NAME OF OBLIGOR).’
IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE DEEMED AUTOMATICALLY EXTENDED WITHOUT AMENDMENT FOR ADDITIONAL PERIODS OF ONE YEAR EACH FROM THE CURRENT EXPIRATION DATE OR ANY FUTURE EXPIRATION DATE ANNIVERSARY, UNLESS THIRTY (30) OR MORE DAYS PRIOR TO THE EXPIRATION DATE OR ANY EXPIRATION DATE ANNIVERSARY, WE SEND NOTICE TO YOU BY AUTHENTICATED SWIFT TO BWSTUS66LAX OR BY EXPRESS COURIER SERVICE TO THE ABOVE ADDRESS (OR SUCH OTHER ADDRESS OR SWIFT AS BANK OF THE WEST MAY ADVISE US IN WRITING) ATTN: EXPORT L/C, THAT WE HAVE ELECTED NOT TO CONSIDER THIS LETTER OF CREDIT EXTENDED FOR ANY SUCH ADDITIONAL PERIOD. IN SUCH EVENT YOU MAY DRAW HEREUNDER WITHIN THE THEN APPLICABLE EXPIRY DATE.
SPECIAL INSTRUCTIONS:
+ PARTIAL DRAWINGS ARE ALLOWED.
+ MULTIPLE DRAWINGS ARE ALLOWED.
+ DRAWINGS MADE BY AUTHENTICATED SWIFT DO NOT REQUIRE PRESENTATION OF DRAFT (S).
+ ALL BANKING CHARGES ARE FOR APPLICANT'S ACCOUNT.
WE HEREBY ENGAGE WITH YOU THAT DOCUMENTS PRESENTED IN CONFORMITY WITH THE TERMS OF THIS LETTER OF CREDIT WILL BE DULY HONORED ON PRESENTATION.
EXCEPT SO FAR AS OTHERWISE EXPRESSLY STATED, THIS STANDBY LETTER OF CREDIT IS SUBJECT TO THE INTERNATIONAL STANDBY PRACTICE 98 (ISP98), INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 590.
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THIS SWIFT IS AN OPERATIVE INSTRUMENT. NO MAIL CONFIRMATION WILL FOLLOW. .
UNQUOTE
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