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STANDBY LETTER OF CREDIT
To : Financing Bank
This is an Irrevocable Standby Letter of Credit No.
issued on_____________ by China Minsheng Banking Corp. Ltd. ,xxx Branch Beneficiary : ___Financing Bank__________________________________
Applicant : _______________________________________
Amount : __(in words)__________________ ( __in figure____________________)
Expiry Date :_________________a t Credit Issuing Bank’s Counter
.
At the request and for account of (hereunder referred to as the “Applicant”) we, China Minsheng Banking Corp. Ltd. ,xxx Branch, hereby establish our unconditional Irrevocable Standby Letter Of Credit No._______________ in favour of you (Financing Bank), for the maximum amount of ( __in figure__ USD xxx.xx_)_(in words Say United States Dollars xxx only) covering the principal sum with accrued interest, accrued default interest and other banking chargers which (hereinafter referred to as the “Borrower” ) owes to you as its indebtedness pursuant to the Loan Agreements/ Banking Facilities reference No.
between the Borrower and you.
This Standby Letter Of Credit is available with L/C Issuing Bank By Payment against presentation of: --Your demand claiming for payment by authenticated swift stating that the amount drawn hereunder represents and covers the unpaid indebtedness due to Financing Bank by _____(the name of borrower)____________________ arising out of the Loan Agreements/ Banking Facilities reference No. granted to them, showing the number and the date of this Irrevocable Standby Letter of Credit.
.
Other Terms And Conditions:
- Partial and multiple drawings are permitted
- All demands made hereunder must be presented to Credit Issuing Bank on or before the Expiry date __________ after which this standby letter of credit automatically becomes null and void.
- Notwithstanding Article 36 of UCP 600, if this Irrevocable Standby Letter of Credit expires during an interruption of business as described in Article 36,we hereby specifically authorize and agree to effect payment if the claims drawn in respect of this Irrevocable Standby Letter of Credit is presented within 30days after the resumption of business.
.
Reimbursement Instruction:
- On receipt of complied documents, we shall effect payment to you not exceeding the above maximum amount as per your payment instructions.
.
This Standby Letter of Credit is subject to the Uniform Customs and Practice for Documentary Credits (2007 revision, International Chamber of Commerce, Paris, France, Publication no. 600).
We hereby engage with you that authenticated swift demand drawn under and in compliance with the terms of this Standby Letter of Credit will be duly honored upon presentation to us.