This document is essential for businesses engaged in recurring international trade transactions requiring continuous letter of credit support. A Revolving LC agreement is particularly useful when parties anticipate multiple drawings over time without the need for separate credit applications. The document, governed by U.S. law and typically incorporating UCP 600, establishes the framework for a self-replenishing credit facility that returns to its original amount after each drawing is paid, subject to specified conditions. It includes comprehensive provisions addressing credit limits, drawing procedures, reinstatement mechanisms, compliance requirements, and security arrangements. This type of agreement is commonly used in ongoing supply relationships, regular import/export transactions, or recurring purchase arrangements where continuous credit support is needed.
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1. Parties: Identifies all parties to the agreement including the issuing bank, applicant, and beneficiary
2. Background: Sets out the context and purpose of the revolving letter of credit
3. Definitions: Defines key terms used throughout the agreement, including specific banking and trade finance terminology
4. LC Amount and Revolving Nature: Specifies the credit limit and describes how the revolving mechanism works, including reinstatement terms
5. Conditions Precedent: Lists the conditions that must be satisfied before the LC becomes effective
6. Fees and Charges: Details all fees, commissions, and charges payable in connection with the LC
7. Drawing Mechanics: Specifies the process and requirements for making drawings under the LC
8. Representations and Warranties: Standard representations and warranties from the applicant
9. Covenants: Ongoing obligations of the applicant during the LC term
10. Events of Default: Lists circumstances that constitute default and their consequences
11. Termination: Provisions regarding expiry, early termination, and consequences of termination
12. Governing Law and Jurisdiction: Specifies the governing law and dispute reĂÜĚŇÖ±˛Ą mechanisms
1. Security Arrangements: Required when the LC is secured by collateral or other security interests
2. Counter-Indemnity: Used when additional indemnification from the applicant or a third party is required
3. Electronic Commerce Platform: Included when the LC will be handled through specific electronic systems or platforms
4. Sanctions and Compliance: Detailed compliance requirements when dealing with high-risk jurisdictions or industries
5. Transfer Provisions: Required if the LC needs to be transferable to other beneficiaries
6. Multiple Currency Provisions: Included when the LC can be drawn in multiple currencies
7. Insurance Requirements: Detailed insurance obligations when required for specific types of underlying transactions
1. Form of LC Application: Standard form for applying for issuance or amendment of the LC
2. Fee Schedule: Detailed breakdown of all applicable fees, charges, and commission rates
3. Required Documents: List of documents required for drawing under the LC
4. Form of Drawing Certificate: Standard format for beneficiary's drawing certificate
5. Authorized Signatories: List of persons authorized to act on behalf of the applicant
6. Reporting Requirements: Templates and formats for required periodic reporting
7. Security Documents: Forms of security documents if applicable
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