FORM OF STANDBY LETTER OF CREDIT
AT THE REQUEST OF _________________________ (HEREINAFTERREFERED TO AS “ THE APPLICANT ”) . WE HEREBY ISSUE OURIRREVOCABLE STANDBY LETTER OF CREDIT NO _______________________ IN YOUR FAVOUR FOR UP TO THE AMOUNT OF USD ______________________ WHICH ARE OR MAY BECOME PAYABLE TO YOU BY THE APPLICANT UNDER THE LOAN AGREEMENT NO._________________BETWEEN YOU AND THE APPLICANT.
THE STANDBY LETTER OF CREDIT IS AVAILABLE AGAINST PRESENATION 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 APPLICANT.
UPON RECEIPT OF DOCUMENTS DRAWN IN COMPLIANCE WITH TERMS AND CONDIDTIONS OF THIS STANDBY LETTER OF CREDIT . WE SHALL WITHIN SEVEN 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 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______________BRANCH.
THIS STANDBY LETTER OF CREDIT IS SUBJECT TO UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDIT (2007 REVISION). ICC PUBLICATION NO.600