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The Assign Export Letter of Credit page allows you to enter information for an Export Letter of Credit assignment transaction.
This form can be accessed from ‘Transactions’ mega menu -> “Create Assignment’ sub menu. Link directs users to the Instrument Search filtered on active and expired Export DLC's. On selecting an instrument and clicking ‘Select’ button, the assignment form opens.
Different action buttons appear on the page (Attach a Document, Save, Save & Close, Verify Data, and so on), depending on the transaction's status and/or whether the transaction is in edit mode or read-only mode. This page appears in read-only mode if you have view only security rights to instruments, if the transaction has any status other than "Started", or if the instrument was not created by your organisation (if your organisation has subsidiaries). Click here to read about the actions available on transactions for each status in edit mode and read-only mode.
The Assign Export Letter of Credit page includes the following sections:
Rejected Reasons (displays conditionally)
The Rejected Reasons section of the Assign Export Letter of Credit page displays details on why the transaction was rejected by the bank. The rejection reasons will be displayed until the transaction has been successfully authorized and resubmitted to the bank.
The General section of the Assign Export Letter of Credit page contains basic information about the Export Letter of Credit assign transaction. The fields and controls contained in the General section are described below.
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Field/Control |
Description |
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Assignee |
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Search for an Assignee |
Pressing this image Link displays the Party Search page, where you can select the party to whom you are assigning the Export Letter of Credit from a list of non-bank parties. After you choose a party from the Party Search page, the transaction page redisplays with the assignee fields loaded with the party's information. To complete each assignee fields, you can either search for a party by pressing the Search for an Assignee Image Link, or you can type the entry directly into each field. If the party you select in the Party Search page has a designated bank, the bank's information is loaded into the Assignee's Bank area. This bank information can be overridden, if necessary. |
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Clear Assignee |
Pressing this Image Link clears all data from the assignee fields. You can then press Search for an Assignee to load information for a different party into the assignee fields. |
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*Assignee Name |
The name of the assignee for the instrument. To complete this field, you can either search for a party by pressing the Search for an Assignee Image Link, or you can type the assignee's name directly into this field. This field can contain up to 35 characters and is a required field. |
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*Address (Line 1) |
The first address line of the assignee for the instrument. To complete this field, you can either search for a party by pressing the Search for an Assignee Image Link, or you can type the assignee's address directly into this field. This field can contain up to 35 characters and is a required field. |
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Address (Line 2) |
The second address line of the assignee for the instrument. To complete this field, you can either search for a party by pressing the Search for an Assignee Image Link, or you can type the assignee's address directly into this field. This field can contain up to 35 characters. |
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*City |
The city of the assignee for the instrument. To complete this field, you can either search for a party by pressing the Search for an Assignee Image Link, or you can type the assignee's city directly into this field. This field can contain up to 16 characters and is a required field. |
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Province/State |
The province or state of the assignee for the instrument. To complete this field, you can either search for a party by pressing the Search for an Assignee Image Link, or you can type the assignee's province or state directly into this field. This field can contain up to 8 characters. |
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*Country |
The country of the assignee for the instrument. To complete this field, you can either search for a party by pressing the Search for an Assignee Image Link, or you can type the assignee's country directly into this field. A country selection is required. |
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Postal Code |
The postal code of the assignee for the instrument. To complete this field, you can either search for a party by pressing the Search for an Assignee Image Link, or you can type the assignee's postal code directly into this field. This field can contain up to 8 characters. |
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Contact Name |
The assignee's contact name. To specify, enter the contact's name in the text box. This field can contain up to 35 characters. |
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Phone Number |
The phone number of the assignee for the instrument. To complete this field, you can either search for a party by pressing the Search for an Assignee Image Link, or you can type the assignee's phone number directly into this field. This field can contain up to 35 characters. |
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Assignee's Bank |
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Search for Assignee's Bank |
Pressing this Image Link displays the Party Search page, where you can select the Assignee's Bank for the instrument from a list of bank parties. After you choose a party from the Party Search page, the transaction page redisplays with the Assignee's Bank text area loaded with the party's information in read-only form. If the party you select in the Assignee area has a designated bank, the bank's information is loaded into the Assignee's Bank area. This bank information can be changed, if necessary, by changing the assignee's bank information here. To change the assignee's bank information, press Search for Assignee's Bank again to select a new party. |
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*Assignee's Bank Name |
The name of the assignee's bank. To complete this field, you can either search for a party by pressing Search for Assignee's Bank, or you can type the assignee's bank name directly into this field. This field can contain up to 35 characters and is a required field. |
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*Address (Line 1) |
The first address line of the assignee's bank. To complete this field, you can either search for a party by pressing Search for Assignee's Bank Image Link, or you can type the address directly into this field. This field can contain up to 35 characters and is a required field. |
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Address (Line 2) |
The second address line of the assignee's bank. To complete this field, you can either search for a party by pressing Search for Assignee's Bank Image Link, or you can type the address directly into this field. This field can contain up to 35 characters and is a required field. |
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*City |
The city of the assignee's bank for the instrument. To complete this field, you can either search for a party by pressing Search for Assignee's Bank or you can type the bank's city directly into this field. This field can contain up to 16 characters and is a required field. |
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Province / State |
The province or state of the assignee's bank for the instrument. To complete this field, you can either search for a party by pressing Search for Assignee's Bank, or you can type the bank's province or state directly into this field. This field can contain up to 8 characters. |
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*Country |
The country of the assignee's bank for the instrument. To complete this field, you can either search for a party by pressing Search for Assignee's Bank, or you can type the bank's country directly into this field. A country selection is required. |
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Postal Code |
The postal code of the assignee's bank for the instrument. To complete this field, you can either search for a party by pressing Search for Assignee's Bank, or you can type the bank's postal code directly into this field. This field can contain up to 8 characters. |
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Assignee's Account Number |
The bank account number for the assignee. To specify, enter an account number in the field. This field can contain up to 18 characters. |
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Original LC Amount |
The currency and amount of the original transaction for the instrument, in read-only form. |
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*Assignment Amount |
The amount of this assignment transaction. This field can contain up to 22 characters and is a required field. |
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*Partial Payments |
Indicates how partial payments should be paid to the assignee. To specify, select one of the following options: · The full amount of all drawings until the assignment amount has been fully discharged. · ___% of any drawing - To specify this option, enter a percentage into the text field. |
The Other Conditions section of the Assign Export Letter of Credit page contains information about other terms, conditions, or details for the Export Letter of Credit issue assignment transaction.
This section contains a text area for other conditions text for the assignment. To enter text, you can either type directly into the text area, or add a phrase from the drop-down list to the text area. The text area can contain up to 1000 characters.
The Instructions to Bank section of the Assign Export Letter of Credit page contains instructions to your bank for the Export Letter of Credit assign transaction, such as account numbers for commissions and charges. The fields and controls contained in the Instructions to Bank section are described below.
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Field/Control |
Description |
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[Special Instructions text] |
The special instructions text for the transaction. To enter text, you can either type directly into the text area, or add a phrase from the drop-down list to the text area. The text area can contain up to 1000 characters. |
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Commissions & Charges |
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Branch Code |
The bank branch code for commissions and charges. To specify, enter a bank code into the text box. This field can contain up to 30 characters. |
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Debit - Our Account Number |
The debit account number for commissions and charges. To specify, enter an account number into the text box. This field can contain up to 30 characters. |
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Debit - Foreign Ccy Account Number |
The foreign currency debit account number for commissions and charges. To specify, enter an account number into the text box. This field can contain up to 30 characters. |
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Ccy of Account |
The currency of the commissions and charges foreign currency account. To specify, make a selection from the drop-down list. |
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[additional text for Commissions & Charges] |
The additional text describing assignment commissions and charges for the instrument. To enter text, you can either type directly into the text area, or add a phrase from the drop-down list to the text area. The text area can contain up to 1000 characters. |
Working with Instruments and Transactions