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 Red Clause L/C
All drafts drawn must be marked,
Drawn under "B of A" Credit No. LA -53592
REGISTERED |
Gentlemen :
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We confirm our cable dispatched on 6-4-86 requesting you to advise XYZ Ind. Co., Ltd., C.P.O. Box ooll, xxx, xxxx
That we have established our Irrevocable letter of credit in that favor for account of Cacopa Inter-national Inc., Granada Hills, xxxxx up to the aggregate amount of US $ 39.000.00 (Thirty nine thousand six hundred and NO/100 dollars) available by beneficiary's drafts drawn Sight on us and accompanied by documents specified below covering Full invoice value of merchandise to be described in invoice as :
Zinc concentrates consisting approximately 47% of zinc 13% iron and 0.29% cadmium in the quantity of one hundred seventy metric tons at $225.oo. per metric ton. F.O.B Vessel xxxx, xxxx Documents required:
| 1. |
Commercial invoice in triplicate. |
| 2. |
Special U.S. Customs invoice in duplicate. |
| 3. |
Packing list in triplicate. |
| 4. |
Full set of clean on board ocean bills of lading to order of shipper, blank endorsed Notify Cacopa International, Inc., 16582 San Fernando Mission Boule-vard, Granada Hills, xxxxx. |
Shipment from xxxx xxxx to xxxx xxx, xxxxx Shipment latest August 30, 1986.
Partial shipments permitted. Transhipment not permitted. Insurance to be effected by Buyer.
Special Instructions:
Negotiations are restricted to bank of America N.T. & S. A., xxxx, xxxx.
Red clause: Bank of America N.T. & S. A., xxxx, xxxx is hereby authorized to make advances to the beneficiary up to the aggregate amount of 100% of this letter of credit at the request of and against the beneficiary's receipt stating that the advances are to be used to pay for the purchase and shipment of the merchan-dise covered by this credit and beneficiary's undertaking to deliver to Bank of xxxxx N.T. & S.A., xxxx, xxxx, the documents as outlined in this credit. Documents received within validity of letter of credit are to be reduced from red clause. Interest are for account of the beneficiary.
The advances with interest are chargeable as withdrawals against this credit sho-uld they not be repaid by the beneficiary prior to the expiration of this credit. It is imperative that all red clause advances are endorsed on reverse of the original letter of credit and that we are advised of any red clause drawing in writting.
The negotiating bank must forward all documents to us in one cover by airmail.
All bank charges outside of the United States are for account of the beneficiary. We hereby agree with bona fide holders that all drafts drawn under and in compliance with the terms of this credit shall meet with due honor upon presentation and delivery of documents as specified to the drawee if drawn and presented for negotiation on or before September 10,1996.
Provisions applicable to this credit "This credit is subject to the 'Uniform Customs and Practice for Documentary Credits (1993 Revision).
International Chamber of Commerce, Publication no. 500." |
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THE FIRST NATIONAL CITY BANK OF XXXXXX
55 WALL STREET. xxxxxxx |
| IRREVOCABLE |
All drafts drawn must be marked
drawn as per credit no. com. |
Dear Sirs.
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We hereby authorize you to value on
for account to
up to the aggregate amount of
available by your drafts at for invoice cost
to be accompanied by consular invoice, Bills of Lading
drawn to the order of
and commercial invoice evidencing shipment of
Bills of Lading must be dated not latter than
Bills of exchange must be negotiated not later than
A copy of the consular invoice commercial and one bill of lading must be forward by first mail direct to Attaching to the draft a statement to that effect. All remaining documents must accompany the draft.
To enable the beneficiary(ies) to pay for the merchandise for the purchase and shipment of which this credit is opened.
May make clean advances to him (them) at any time or times not exceeding in all either(a) the aggregate amount of or(b) the remaining unused balance of this credit (whichever is less) repay-able with interest out of the proceeds of drafts which may thereafter be drawn hereunder by the beneficiary(ies) upon presentation of required documents. But if not so repaid during the currency of this credit to be chargeables as with drawer hereunder.
The amount of each draft drawn under this credit and/or each advance made under the re clause if to be endorsed on the reverse side hereof...
We hereby agree with the drawers, endorsers and bona fine holders of drafts drawn under and in compliance with the terms of this credit that the same shall be duly honored on due presentation to the drawee. |
YOURS VERY TRULY,
THE FIRST NATIONAL CITY BANK OF XXXXX |
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