备用信用证是什么？

form of standby letter of credit

at the request of________ (hereunder referred to as “ the applicant”),we hereby issue our irrevocable standby letter of credit NO._______ in your favour for the principal amouni in U.S.dollars equivalent to RMB_______,plus the accrued interest ,penalty interest and any other fees ,expenses which are or may become payable to you by the applicant under the loan agreement NO______.between you and the applicant.

This standby letter of credit is available against presentation 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 conditions of this standby letter of credit ,we shall within seven banking business days,remit the proceeds to you in accordance with your instructton.

The buying rate of U.S.dollars t