by the party that issues or advises the issue of an undertaking (demand guarantee or standby letter of credit) to the beneficiary, when the beneficiary is a financial institution, or to the party designated to advise the undertaking to the beneficiary or to another advising party
by the party that issues a counter-undertaking (counter-guarantee or counter-standby) to the party that is requested to issue a local undertaking to the beneficiary, either directly or via an advising party
by the party that issues a counter counter-undertaking (counter-guarantee or counter-standby) to the party that is requested to issue another counter-undertaking to a party that is requested to issue a local undertaking to the beneficiary, either directly or via an advising party
Unless otherwise specified, an independent undertaking issued or advised to the beneficiary or advised to another advising bank based on a SWIFT message constitutes an operative instrument.
This message is sent between banks involved in the issuance of a guarantee.
It is used to issue a guarantee or to request the Receiver to issue a guarantee.
This message may also be used for Standby Letters of Credit.