The Revolving Letter of Credit is a specialized trade finance instrument commonly used in Australian and international trade transactions where ongoing, repeated shipments or services are required. This document is essential when businesses need a renewable credit facility that automatically reinstates after each drawing, up to a specified maximum amount. It's particularly relevant for regular import/export operations, recurring purchase arrangements, and continuous supply contracts. The document must comply with Australian banking regulations, including the Banking Act 1959 and relevant ASIC requirements, while also adhering to international banking practices such as UCP 600. It includes comprehensive details about credit limits, reinstatement mechanisms, drawing conditions, and party obligations, making it suitable for businesses requiring flexible, ongoing trade finance solutions.
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1. Parties: Identifies the issuing bank, applicant (buyer), and beneficiary (seller)
2. Background: Describes the commercial context and purpose of the letter of credit facility
3. Definitions: Defines key terms used throughout the document
4. Credit Facility Details: Specifies the credit amount, currency, and revolving nature of the facility
5. Term and Renewal: States the duration of the facility and conditions for renewal
6. Drawing Requirements: Specifies the documents required for drawing under the credit
7. Revolving Mechanism: Details how the credit reinstates after each drawing
8. Payment Terms: Specifies payment conditions, timing, and methods
9. Fees and Charges: Lists all applicable fees, charges, and commission
10. Bank's Rights and Obligations: Outlines the issuing bank's responsibilities and rights
11. Applicant's Undertakings: Details the applicant's obligations and commitments
12. Default Events: Lists circumstances constituting default
13. Governing Law and Jurisdiction: Specifies applicable law and dispute resolution forum
1. Security Arrangements: Required when specific collateral or security is provided for the facility
2. Sanctions Compliance: Required for international trade with sanctioned countries or industries
3. Multiple Currency Provisions: Include when the facility operates in multiple currencies
4. Transfer and Assignment: Include when transfer of the credit is permitted
5. Electronic Presentation: Required when electronic document presentation is allowed
6. Force Majeure: Optional clause for handling unforeseen circumstances
7. Back-to-Back Credits: Include when back-to-back credit arrangements are permitted
1. Schedule 1 - Facility Limits and Sub-limits: Details of credit amounts and any sub-limits
2. Schedule 2 - Fee Schedule: Comprehensive list of all fees and charges
3. Schedule 3 - Required Documents: Detailed list of required documents for drawings
4. Schedule 4 - Standard Forms: Templates for applications, amendments, and other standard forms
5. Schedule 5 - Authorized Signatories: List of persons authorized to act on behalf of the parties
6. Appendix A - UCP 600 Incorporation: Specific provisions of UCP 600 applicable to the facility
7. Appendix B - Operating Procedures: Detailed procedures for facility operation
Relevant legal definitions
Clauses
Relevant Industries
International Trade
Banking and Financial Services
Manufacturing
Agriculture
Mining and Resources
Retail
Wholesale Distribution
Import/Export
Commodities Trading
Construction
Energy
Relevant Teams
Legal
Finance
Treasury
International Trade
Procurement
Risk Management
Compliance
Trade Operations
Supply Chain
Commercial Operations
Relevant Roles
Trade Finance Manager
International Business Director
Chief Financial Officer
Treasury Manager
Import/Export Manager
Finance Director
Banking Relationship Manager
Trade Operations Officer
Credit Risk Manager
Compliance Officer
Legal Counsel
Commercial Director
Supply Chain Manager
Procurement Manager
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