Definitions

With the end goal of these standards, the accompanying terms might have the significance determined in this article and might be utilized as a part of the particular or plural as suitable:

  1. “Issuing bank” implies the bank that has issued a credit and the repayment approval under that credit.
  2. “Repaying bank” implies the bank trained or approved to give repayment according to a repayment approval issued by the issuing bank.
  3. “Repayment approval” implies a direction or approval, autonomous of the credit, issued by an issuing bank to a repaying bank to repay a guaranteeing bank or, if so asked for by the issuing bank, to acknowledge and pay a period draft drawn on the repaying bank.
  4. “Repayment correction” implies a guidance from the issuing bank to a repaying bank expressing changes to a repayment approval.
  5. “Asserting bank” implies a bank that distinctions or arranges a credit and introduces a repayment claim to the repaying bank. “Guaranteeing bank” incorporates a bank approved to introduce a repayment claim to the repaying bank for the benefit of the bank that distinctions or arranges.
  6. “Repayment assert” implies a demand for repayment from the guaranteeing bank to the repaying bank.
  7. “Repayment undertaking” implies a different unavoidable endeavor of the repaying bank, issued upon the approval or demand of the issuing bank, to the guaranteeing bank named in the repayment approval, to respect that bank’s repayment guarantee, gave the terms and states of the repayment undertaking have been conformed to.
  8. “Repayment undertaking revision” implies an exhortation from the repaying bank to the guaranteeing bank named in the repayment approval expressing changes to a repayment undertaking.
  9. With the end goal of these principles, branches of a bank in various nations are thought to be separate banks.
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