STANDBY LETTER OF CREDIT
TO: Citibank N.A., [COUNTRY NAME] Branch (the “Beneficiary”)
Dear Sirs, Standby Letter of Credit No. [
] dated [ ]
We, [NAME OF ISSUING BANK], whose registered office is located at [ADDRESS OF ISSUING BANK ], ], effective immediately, hereby issue in your favor our irrevocable and unconditional Standby Letter of Credit No. ______ (“SBLC”), for an amount amount not to exceed exceed [AMOUN [AMOUNT T IN NUMBERS] NUMBERS] ([AMOUNT IN LETTERS]) (the “ Aggregate Total Amount”), expiring on DD/MMM/YYYY or after any date of extension hereof (the “Expiry Date”) and will be automatically renewed for similar periods of twelve months, unless we inform you to the contrary, in writing via tested cable/telex or authenticated S.W.I.F.T message, before at least (03) months from the Expiry Date, subject always to our right to discharge our obligations under this SBLC by payment in full of the un-drawn portion of this SBLC at any time before the Expiry Date, whereupon this SBLC shall automatically expire. This SBLC has been issued as security covering the credit facilities (including, but not limited to, interest interest and bank charges), charges), which are extended extended by you to [NAME [NAME AND ADDRESS ADDRESS OF CREDIT CREDIT CLIENT] (the “ Company”). Funds available under this SBLC are available to you against your written demands from time to time for payment of an amount not exceeding the Aggregate Total Amount.The Amount. The demand must be include the proof of shipping B/L documents of goods to the applicant applicant,, and in the form of a tested cable/telex or authenticated S.W.I.F.T. in which this SBLC must be identified by its number and incorporating your certification that: “This drawing under the SBLC in the amount of [______] (the “Drawing Amount”) is made in respect of amounts due and payable to us from the Company. You are required to make payment of the required Drawing Amount to our account number [______] held with [______].” Any demand hereunder must be sent to our offices, located at [ADDRESS OF ISSUING BANK] and marked for the attention of [NAME OF UNIT AT ISSUING BANK] and quoting this SBLC number. Partial drawings are allowed under this SBLC within a maximum of the Aggregate Total Amount. We hereby agree to promptly honor each tested cable/telex or authenticated S.W.I.F.T. demand for payment if received by us on or before the Expiry Date of this SBLC, in immediately available funds free and clear of and without set off, counterclaim or deduction of any nature whatsoever. We also agree that should this SBLC not be renewed, you reserve and have the right to request payment up to ninety (90) days after the aforementioned Expiry Date. You may at any time assign all or any part of your rights and benefits hereunder in respect of this SBLC to any other Citigroup affiliates and/or subsidiaries. *This *This SBLC SBLC is subjec subjectt to the Inter Internat nation ional al Standb Standby y Pract Practice icess 1998, 1998, Intern Internati ationa onall Chamb Chamber er of Commerce Publication No. 590 (the “ISP98”) and as to matters not governed by ISP98, shall be governed by and construed in accordance with the laws of England and Wales. **This SBLC is subject to t he Uniform Customs and Practice for Documentary Credits, 2007 Revision, International Chamber Of Commerce Commerce Publication No. 600 (the “UCP”), and as to matters not addressed by the UCP shall be governed governed by and construed in accordance accordance with the laws of England and Wales. Wales. (Please select the agreed provisions.)
