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Financial Standby
A Financial Standby is a standby letter of credit issued to support a specific financial obligation of the applicant. Banks, corporations, and governments use Financial Standbys to provide a guarantee that obligations will be met in specific scenarios, such as non-payment or default on a loan.
Examples include:
- Loan repayment guarantees.
- Commercial paper obligations.
- Lease payment assurances.
- Bond performance guarantees.
A Financial Standby specifies exact numeric values for obligations. Details include the beneficiary’s right to draw funds upon predefined conditions being met.