Pass-Through | Non Pass-Through
These instructions apply when a Letter of Credit (LC) on UCG Uniform Form Letter of Credit (6/28/99) is being issued to CME® as Beneficiary. Except to supply the information required on the Cover Page of the form, the text of the form LC shall not be altered in any way by the Issuing Bank without express notice to and consent of the Beneficiary. These instructions do not form a part of an LC issued on the form.
1. Eligible Banks: CME rules specify requirements that Issuing Banks must meet. LCs will be accepted only from those banks that are on the approved list of CME and shall be on bank letterhead. There may also be limits on the aggregate amount of LCs that will be accepted from any one bank. CME may limit each Issuing Bank in the amount of LCs that may be issued to any one applicant.
2. Cover Page: Information for the following items should be supplied as follows:
|Clearing Member||Supply the exact name of the entity that is a member of the Beneficiary and for whose obligations to the Beneficiary this LC is intended to serve as collateral.|
|Account Type||Enter one of the following as directed by the Clearing Member: "Proprietary" or "Customer Segregated."|
|Applicant||This is the name of the "account party" having the reimbursement obligation to the Issuing Bank.|
|Governing Law||Illinois law must be selected as the governing law.|
|Beneficiary||The Beneficiary of the LC shall be:
Chicago Mercantile Exchange Inc.
20 South Wacker Drive
Chicago, Illinois 60606
Attention: Clearing House Financial
|Amount||The Amount must be stated in both text and numeric form. The Amount must be denominated in USD.|
|Expiry Date||The Expiry Date shall meet the following criteria: (i) it must be the last business day of a calendar quarter, and (ii) newly issued LCs must be valid for 90 days.|
|Primary Office||All Issuing Banks must specify a Primary Office in the United States.|
|Alternative Offices||It is preferred, but not required, that the Issuing Bank specify at least one Alternative Office.|
|Non-U.S. Office||The Issuing Bank may, but are not required to specify a non-U.S. Office.|
|Approved Means||It is preferred that Amendments will be made by S.W.I.F.T. MT707, MT767, or MT799 message. An acceptable method in lieu of SWIFT is a hand delivery of a bank signed copy.|
|Cutoff Time||A Cutoff Time of 3:00 p.m. Central Standard Time is acceptable.|