Obligation to Bank under all standby letters of credit.

CFR · 2024-01-01 · US · Title 12

(a) (1) Established with the Bank a cash account pursuant to §§ 1266.17(b)(2)(i)(B), 1266.17(d), or 1270.3 of this chapter; and (2) Assumed an unconditional obligation to reimburse the Bank for value given by the Bank to the beneficiary under the terms of the standby letter of credit by depositing immediately available funds into the account described in paragraph (a)(1) of this section not later than the date of the Bank's payment of funds to the beneficiary. (b) (c)

official document · source cfr-2024 · id 12:§ 1269.4