The documentation of agency and bank sponsor concurrence on the objectives and administration of the bank. The “bank instrument” describes in detail the physical and legal characteristics of the bank, including the service area, and how the bank will be established and operated and Standby letter of credit or letter of guarantee that is required (a) by a Contract or by a tender for a Contract, or performance and financial obligations of the Customer or an Affiliate, and in either case, that has been or will be issued to the Beneficiary by the Bank or the Foreign Bank;
