SBLC12-726(XXX)
------Message Header ------
Swift Input : FIN 798 Proprietary Message
Sender xxxxxxxx
Receiver xxxxxxxx
------Message Text ------
20: XXXXXXXXXXXX -(transaction reference number)
12: 760- (means blocked funds message, the funds are then at the disposal of the person the MT-760 was issued in favor of)
RULE: For MT798<760> the sub-message type must have a fixed value of 760.
77E:
WITHOUT ANY LIABILITY AND RESPONSIBILITY ON XXXXXXXXXXXXXXXX
BANK'S SIDE WE RELAY YOU A COPY OF MT 760 MESSAGE WE RECEIVED
FROM SWIFT: SBLTGB2L. PLS SIMPLY DELIVER IT TO ITS RECIPIENT.
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++++++++++++++++++++++ Q U O T E ++++++++++++++++++++++++++++
27: 1/1
20: xxxxxxxxxxxx
23: ADV
30: xxxxxxxxx
40С: OTHR
77C: DETAILS OF GUARANTEEPlease note!
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DEAR SIRS, PLEASE ADVISE TO XXXXXXXX FOR ITS RECIPIENT AS
RECEIVED FROM SUISSE CREDIT BANCORP LTD.
QUOTE(1)
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SUBJECT: STANDBY LETTER OF CREDIT NO: xxxxxxxxxxxxxx
AMOUNT: EUR 20,000,000.00
DATE OF ISSUE: JULY xx, 2012
EXPIRY DATE: AUGUST xx, 2013
BENEFICIARY: xxxxxxxxx
(IBAN: xxxxxxxxxxxxxxxxx WITH XXXXXXXX)
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WE SUISSE CREDIT BANCORP LTD, 97 JUDD STREET, LONODN WC1H 9JG UK
HEREBY ISSUE IRREVOCABLE TRANSFERABLE STANDBY LETTER OF CREDIT
IN FAVOUR OF xxxxxxxxxxxxxxxx, ADDRESS: xxxxxxxxxxxxx STR., xxxxxxx
xxxxxxxxxxxxxx IN AMOUNT OF TWENTY MILLION EURO [EUR 20,000,000.00],
VALID FOR ONE YEAR AND ONE MONTH FROM THE DATE OF ISSUE.
THIS SBLC IS CASHED BACK AND THE CASH IS FREE FROM ANY LIEN OR
ENCUMBRANCES, FROM NON-CRIMINAL ORIGIN, CLEAN AND CLEAR.
WE UNCONDITIONALLY PROMISE TO PAY AGAINST YOUR FIRST WRITTEN DEMAND
PRESENTED TO OUR COUNTERS BEFORE EXPIRY DATE.
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DRAFT DRAWN UNDER THIS LETTER OF CREDIT MUST BE MARKED DRAWN UNDER
LETTER OF CREDIT NO.: xxxxxxxxISSUED ON JULY XX, 2012 IN THE AMOUNT
OF EUR 20,000,000.00 [TWENTY MILLION EUROS] AND MUST BE ACCEPTED
BY US BEFORE PRESENTATION.
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SUCH PAYMENT SHALL BE MADE WITHOUT SETOFF AND FREE AND CLEAR OF ANY
DEDUCTION, CHARGE FEE OR WITHHOLDING OF ANY NATURE NOW OR HEREAFTER
IMPOSED, LEVIED, OR COLLECTED BY THE GOVERNMENT OF GREAT BRITAIN
OR ANY SUBDIVISION OR AUTHORITY THEREOF OR HEREIN.
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THIS IS UNENCUMBERED SBLC. ANY CHARGES FOR RECIPIENT ACCOUNT.
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WE HEREBY AGREE WITH THE DRAWER, ENDORSERS, AND BONA FIDE HOLDERS
OF THE DRAFT DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS OF THIS
STANDBY LETTER OF CREDIT THAT SUCH DRAFT WILL BE DULY HONORED BY
US UPON REPRESENTATION AT OUR COUNTERS.
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PARTIAL DRAWINGS ARE NOT ALLOWED. THE RIGHT TO PERFORM THIS SBLC
BY THIRD PARTIES ARE ALLOWED WITHOUT NOTIFICATION OF THE ISSUER AND
PAYMENT OF ANY TRANSFER FEE. ASSIGNMENT OF PROCEEDS ARE ALLOWED.
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ADVISING BANK: XXXXXXXXXXXX, SWIFT: XXXXXXXX
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THIS SBLC IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICES FOR
DOCUMENTARY CREDITS, INTERNATIONAL CHAMBER OF COMMERCE, PARIS,
France (UCP 600).
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THIS IS AN OPERATIVE INSTRUMENT. NO HARD COPY WILL FOLLOW.
ALL CHARGES ACCRUE TO THE ACCOUNT OF THE APPLICANT.
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BEST REGARDS, SUISSE CREDIT BANCORP LTD
UNQUOTE(1)
NO OUR RESPONSIBILITY, YR CHARGES FOR RECIPIENT ACCOUNT.
RGRDS, SBLTGB2LXXX
+++++++++++++++++++++++ U N Q U O T E ++++++++++++++++++++++++++
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ANY CHRGS AND FEES ARE FOR THE RECIPIENT ACCOUNT ONLY AND CAN
NOT BE CLAIMED FROM US. THIS MSG IS BEING SENT WITHOUT ANY
RESPONSIBILITY ON (XXXXXXXXXX) SIDE. RGRDS, ITF.
Note, suggested by the Beneficiary:
TRANSFEREE must request through his Bank an amendment of SBLC with confirmation in Tag 77E conveying the message contents in a format agreed to by the Sender and the Receiver, and further in Tag 77C, MT760 message contents, a statement that the funds in an amount of €20,000,000.- are blocked until the EXPIRY DATE.
A single Request for Amendment Standby Letter of Credit must comprise:
•The first MT798 message identified with a sub-message type of 763 in the case of a sub-message type of 786, and enveloping one proprietary index message. This proprietary message contains additional data not covered in the MT767 message, specific to the corporate-to-bank exchange.
•The second MT798 message identified with a sub-message type of 767 and enveloping one MT767 message. The existing bank-to-bank MT767message specification is used, without technical change, but with the implementation governed by a set of additional usage guidelines as detailed in this document. These guidelines may override usage conventions that are specific to bank-to-bank implementation usage and may provide additional usage conventions to enable corporate-to-bank implementation.
Each MT798 message for a single Standby Letter of Credit must be identified with the same Customer Reference Number, specified as field 21A, the second field encapsulated by field 77E in the MT798.
The above request for amendment is strongly recommended nevertheless that this is a Swift class 7,Procedure 60: Blocked Funds.
[backto text]
Read more: When an MT-760 is issued, the issuing bank puts a hold on the client's funds, blocking the client from using them. The funds are then at the disposal of the person the MT-760 was issued in favor of.
No broker or financial institution other than a bank can help you with blocking funds. The bank underwrites the blocked funds with the funds in the client's account, and if this is not fully funded, they will make other banks "confirm" their guarantee, spreading the risk.
The above SWIFT-referring information may change from time to time. You must always refer to your account executive or the latest available version on