The Revolving Standby Letter of Credit is designed to provide ongoing financial security in commercial transactions where multiple drawings may be required over time. Under Singapore law, this instrument follows strict regulatory requirements set by the Monetary Authority of Singapore while incorporating international banking practices such as ISP98 and UCP 600. It differs from traditional standby letters of credit by automatically reinstating to its original amount after each drawing, subject to specified conditions. This makes it particularly valuable for long-term business relationships requiring continuous security arrangements and regular financial undertakings.
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Key Requirements PROMPT example:
Revolving Standby Letter Of Credit
"Need a Revolving Standby Letter of Credit for our Singapore manufacturing subsidiary, with a credit amount of SGD 5 million, automatically reinstating monthly, to secure ongoing raw material purchases from multiple suppliers, expiring March 2025."
1. Letter Details: Bank details, reference numbers, date and place of issuance
2. Beneficiary Information: Full legal name and address of the beneficiary
3. Credit Terms: Amount, currency, and nature of the revolving facility
4. Drawing Conditions: Specific requirements and documentation needed for drawings
5. Revolving Mechanism: Terms of reinstatement, frequency, and conditions
6. Expiry and Validity: Duration, expiration conditions, and place of expiry
7. Governing Law: Statement of Singapore law governance and applicable rules (ISP98/UCP600)
1. Transfer Provisions: Terms for transfer rights, to be included if the credit is transferable
2. Automatic Extension Clause: Terms for automatic renewal, included if evergreen feature is requested
3. Special Conditions: Any additional terms or conditions specific to the transaction
4. Multiple Drawing Terms: Specific provisions for multiple drawings if permitted
1. Schedule A - Form of Demand: Standard format for drawing requests under the letter of credit
2. Schedule B - Required Documents: Comprehensive list of documents required for each drawing
3. Schedule C - Fee Schedule: Details of all applicable fees, charges, and commission
4. Schedule D - Authorized Signatories: List of persons authorized to make drawings with specimen signatures
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