Is the nominated bank protected under discrepancy

[berry]

dear all,

consider under a usance letter of credit, a set of document was presented to the nominated bank. the nominated bank found the document complying, incurred its deferred payment undertaking and forward the document to the issuing bank. the issuing bank found some valid discrepancies. later the discrepancies were waived by the applicant and the issuing bank communicated its own acceptances.

questions:

1. should the issuing bank set a new maturity as per ISBP or should the maturity set by the nominated bank prevails if the LC was available by 120 days from the date of acceptance
2. if the nominated bank discounts before having the refusal from the issuing bank (which is waived by the applicant later), is the nominated bank protected under UCP600?
3. if the nominated bank discounts it undertaking after having the waiver from the issuing bank, is the nominated bank protected under UCP600?

[nesarul]

Dear,
point 1:
two situation can be assumed:
situation 1:
maturity date will be calculated from shipment date i.e. 120 days from the date of shipment[assume], then irrespective of discrepant or complying, ISBP paragraph 45 is applicable .i.e

45. If a draft states a maturity date by using an actual date, the date must have been calculated in accordance with the requirements of the credit.

.situation two:
if maturity date will be calculated from "at XXX days sight then in our case i think paragraph 46(b) is applicable:

in the case of non-complying documents where the drawee bank has provided a notice of refusal and subsequent approval, at the latest XXX days after the date of acceptance of the draft by the drawee bank. The date of acceptance of the draft must be no later than the date the issuing bank accepts the waiver of the applicant.

hope this will add.
point 2:
if credit as per above situation 1, then protected and if as per situation Two: nominated bank loss some interest if it has no prior agreement with the beneficiary.
hope this will add.
point 3: assume he credit available by deferred payment or acceptance [emphasis added]

if the nominated bank discounts it undertaking after having the waiver from the issuing bank, is the nominated bank protected under UCP600?

here NB discount its undertaking word is confusing to me... there might be also two situation:
situation 1:
NB examine the document and found some discrepancy.. later on NB inform the IB to waiver the same so as to it can discount..... then here after receiving confirmation from the IB, NB is allowed to incur it undertaking and discount the same. and protected as NB,
situation two:
After receiving confirmation of complying presentation which was forwarded to he IB without incurring own DPU or accepted draft, if NB discount the same, NB is not acted on its nomination [ sub article 12(b)].. in NOV we will in receive of similar ICC official opinion.
hope this will add.
regards
nesar