Claims for default.

CFR · 2024-01-01 · US · Title 7

(a) (1) An original cover letter signed by the holder of the payment guarantee and containing the following information: (i) Payment guarantee number; (ii) A description of: (A) Any payments from or on behalf of the defaulting party or otherwise related to the defaulted payment that were received by the seller or the assignee prior to submission of the claim; and (B) Any security, insurance, or collateral arrangements, whether or not any payment has been realized from such security, insurance, or collateral arrangement as of the time of claim, from or on behalf of the defaulting party or otherwise related to the defaulted payment. (iii) The following certifications: (A) A certification that the defaulted payment has not been received (or, alternatively, specifying the portion of the scheduled payment that has not been received), listing separately scheduled principal and ordinary interest; (B) A certification of the amount of the defaulted payment, indicating separately the amounts for defaulted principal and ordinary interest; (C) A certification that all documents submitted under paragraph (a)(3) of this section are true and correct copies; and (D) A certification that all documents conforming with the requirements for payment under the foreign financial institution letter of credit have been submitted to the negotiating bank or directly to the foreign financial institution under such letter of credit. (2) An original instrument, in form and substance satisfactory to CCC, s

official document · source cfr-2024 · id 7:§ 1493.360