Application of the convention's terms to letters of credit, direct demand guarantees and similar undertakings needs to be adjusted.

To assure that the expected results are reached, the language in article 2, paragraph 2 should be clarified in the commentary that undertakings such as letters of credit, stand bys and demand guarantees, as distinct from documents to be presented under them for payment, are not excluded by article 2.

9. The scope of application of the Convention is confined to instruments of the type understood in practice as independent guarantees (referred to as, e.g., quot demand quot , quot first demand quot , quot simple demand quot or quot bank quot guarantees) or stand by letters of credit (article 2(1)).

Replacing the term presented in the chapeau and subparagraph (b), which can have specific meaning in those areas of practice, with made available will avoid the implication that e documents can be presented to support payment where not so authorized by the terms of the letter of credit or demand guarantee or other independent undertaking.

If the demand is determined to be conforming, payment is to be made promptly, or at any later time stipulated in the undertaking.

10. In the undertakings covered by the Convention the guarantor issuer promises to pay the beneficiary upon a demand for payment.

See chapter II of the First C Report.

See paragraph 338 of the First F3 Report.

See page 33 of the First C Report.

The first instalments relating to category A and C claimants had also been paid in March 1998.

In March 1997, the first partial payments were made to Governments in the first instalment of category C claims.

Implementation of a non cash payments system in Kosovo is near completion.

See chapter VI of the First D Report and chapter II of the Part Two, Second Instalment Report.

See paragraphs 171 244 of the First D Report.

See paragraphs 332 337 of the First F3 Report.

See paragraphs 341 343 of the First F3 Report.

See paragraphs 339 340 of the First F3 Report.

See paragraphs 31 48 of the First F3 Report.

E 1 claims, tenth instalment

F 4 claims, fifth instalment

Decides that, for the purposes of computing payment only, this claim shall be considered as 82 separate claims of managing agents and insurance companies and that the unpaid amounts be paid in future rounds of payment with the other claim awards being paid in accordance with decision 197 (S AC.26 Dec.197 (2003)), as extended by decision 227 (S AC.26 Dec.227 (2004)), and decision 253 (S AC.26 Dec.253 (2005)).

See First Report, paragraph 132 and endnote 46.

The place of presentation is at the counters of the guarantor issuer at the place of issuance, unless some other place or person is stipulated for payment purposes (article 15(2)).

See also fourth F4 report, part one, paragraph 104.

The claims comprising this instalment are set out more fully in section I below.

D 1 claims, nineteenth instalment, part three

Claims are paid in instalments and are made as soon as sufficient income has accumulated in the Compensation Fund.

The Counter Terrorism Committee has received the attached fifth report from Bulgaria submitted pursuant to paragraph 6 of resolution 1373 (2001) (see annex).

This process is described in the Panel's First Report.

The default color for function number 1. Please note that this color setting only affects empty functions, so if you have defined a function at number 1 and you change color for that number here, thesetting will be shown next time you define a new function at number 1.

44. If a decision is taken not to pay, the guarantor issuer is required to promptly so notify the beneficiary, indicating the grounds therefor (article 16(2)).

On behalf of the Security Council Committee established pursuant to resolution 751 (1992) concerning Somalia, and in accordance with paragraph 3 (e) of Security Council resolution 1558 (2004), I have the honour to transmit herewith the report of the Monitoring Group on Somalia.

See Seventh C Report, paragraph 22.

See paragraph 39 of the Third Instalment Report.

An explanatory memorandum is annexed to the present letter, in accordance with rule 20 of the rules of procedure of the General Assembly (see annex).

In respect of paragraph (2), it was pointed out that in some legal systems the payment of certain categories of claims (such as fines and other pecuniary sanctions, or claims whose payment was deferred) were ranked lower than unsecured non priority claims.

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