The Revolving Letter of Credit is a vital trade finance instrument used to facilitate recurring international trade transactions. This document is particularly relevant when parties engage in regular, ongoing trade relationships requiring consistent financing support. It provides a renewable credit facility that automatically reinstates after each utilization, subject to specified conditions. Under Maltese law, which incorporates both domestic legislation and EU regulations, this document must comply with the Banking Act (Chapter 371 of the Laws of Malta), Financial Institutions Act, and international banking practices such as UCP 600. The document is typically used when businesses require continuous trade financing support, offering flexibility in managing recurring shipments or regular trade cycles while maintaining security for all parties involved.
Revolving Letter Of Credit for Malta
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Key Requirements PROMPT example:
Revolving Letter Of Credit
"I need a Revolving Letter of Credit document for a Malta-based import company purchasing textile materials from multiple Asian suppliers, with a credit limit of 鈧500,000 that revolves monthly, to be effective from March 2025."
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1. Parties: Identification of the issuing bank, applicant (buyer), and beneficiary (seller)
2. Background: Context of the trade relationship and purpose of the revolving letter of credit
3. Definitions: Key terms used in the document, including banking, trade, and technical terms
4. Credit Amount and Nature: Specification of the credit limit and its revolving nature
5. Validity Period: Duration of the letter of credit and conditions for renewal
6. Drawing Conditions: Requirements and conditions for drawing under the credit
7. Required Documents: List of documents required for each presentation under the credit
8. Reinstatement Provisions: Terms governing how the credit amount is reinstated after each drawing
9. Bank's Undertaking: The bank's commitment and obligations under the credit
10. Fees and Charges: All applicable fees, charges, and commission structures
11. Governing Law and Jurisdiction: Specification of Maltese law as governing law and jurisdiction details
1. Special Instructions: Additional specific requirements or conditions, used when there are unique requirements for the trade relationship
2. Confirmation Arrangements: Details of confirmation by another bank, included when confirmation is requested
3. Transfer Provisions: Terms for transferring the credit to another beneficiary, included when the credit is transferable
4. Green Clause Provisions: Advanced payment terms, included when advance payments are permitted
5. Back-to-Back Arrangements: Terms for back-to-back credits, included in complex trade structures
6. Syndication Provisions: Terms for participation by multiple banks, included for large credit amounts
1. Schedule 1 - Document Requirements: Detailed list of required documents and their specific formats
2. Schedule 2 - Fee Schedule: Detailed breakdown of all fees, charges, and commission rates
3. Schedule 3 - Drawing Schedule: Timeline and conditions for periodic drawings under the credit
4. Schedule 4 - Forms: Standard forms for drawing requests and other communications
5. Appendix A - UCP 600 Incorporation: Specific UCP 600 articles incorporated into the credit
6. Appendix B - Special Terms and Conditions: Any special terms or conditions specific to this credit facility
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Commodities Trading
Shipping and Logistics
Retail
Wholesale Distribution
Agriculture
Energy
Textiles
Construction Materials
Relevant Teams
Trade Finance
International Banking
Treasury
Credit Risk
Legal and Compliance
Operations
Commercial Banking
Documentary Credits
Global Transaction Services
Corporate Banking
Relevant Roles
Trade Finance Manager
International Banking Officer
Chief Financial Officer
Treasury Manager
Import/Export Manager
Trade Operations Manager
Credit Risk Officer
Documentary Credits Specialist
Compliance Officer
Banking Relationship Manager
Trade Finance Analyst
Financial Controller
Commercial Banking Manager
International Business Development Manager
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