The Evergreen Letter of Credit serves as a crucial financial instrument in Australian and international trade, providing ongoing financial security without the need for periodic manual renewals. This document is particularly valuable when parties require long-term, continuous credit support for their trading relationships, such as in recurring supply arrangements or ongoing service contracts. The automatic renewal feature distinguishes it from standard letters of credit, as it continues indefinitely until specific termination conditions are met and proper notice is given. Under Australian law, these instruments must comply with domestic banking regulations while adhering to international standards such as the UCP 600. The document typically includes comprehensive terms covering renewal mechanisms, termination procedures, drawing conditions, and compliance requirements, making it essential for businesses engaged in sustained international trade relationships requiring ongoing financial assurance.
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1. Bank Details and Reference: Issuing bank's details, letter of credit reference number, and date
2. Beneficiary Information: Complete details of the beneficiary including name, address, and banking information
3. Applicant Information: Complete details of the applicant including name, address, and banking information
4. Credit Amount and Currency: Specification of the maximum credit amount and currency
5. Automatic Renewal Clause: Terms and conditions of the automatic renewal feature, including renewal periods
6. Expiry Mechanism: Details of how and when the letter of credit can be terminated, including notice periods
7. Drawing Terms: Conditions and documentation required for drawing under the letter of credit
8. Governing Law and Jurisdiction: Specification of Australian law as governing law and relevant jurisdiction
9. Bank's Undertaking: The bank's commitment to honor drawings under the letter of credit
1. Transferability Clause: Include when the letter of credit needs to be transferable to other beneficiaries
2. Revolving Terms: Include when the letter of credit needs to revolve in value as well as time
3. Anti-Money Laundering Compliance: Include when dealing with high-risk jurisdictions or as required by bank policy
4. Electronic Presentation: Include when allowing for electronic presentation of documents
5. Force Majeure: Include when specific force majeure provisions are required beyond standard UCP terms
6. Multiple Currency Provisions: Include when drawings can be made in multiple currencies
1. Schedule 1 - Required Documents: Detailed list of documents required for drawing under the letter of credit
2. Schedule 2 - Fee Schedule: Breakdown of all applicable fees, charges, and commission rates
3. Schedule 3 - Authorized Signatories: List of authorized signatories for the applicant and/or beneficiary
4. Appendix A - Standard Drawing Forms: Templates for standard forms required for drawing under the letter of credit
5. Appendix B - Notice Forms: Templates for various notices including non-renewal, termination, and amendment notices
Relevant legal definitions
Advising Bank
Amendment
Applicant
Banking Day
Beneficiary
Business Day
Confirmation
Confirming Bank
Credit Amount
Drawing
Effective Date
Event of Default
Evergreen Period
Expiry Date
Extension Period
Force Majeure Event
Governing Law
Initial Expiry Date
Issuing Bank
Letter of Credit
Non-Extension Notice
Nominated Bank
Notice Period
Presentation
Presenting Bank
Renewal Date
Required Documents
Sanctions
Security Interest
Termination Event
Termination Notice
UCP 600
Unutilized Amount
Amendment
Applicant
Banking Day
Beneficiary
Business Day
Confirmation
Confirming Bank
Credit Amount
Drawing
Effective Date
Event of Default
Evergreen Period
Expiry Date
Extension Period
Force Majeure Event
Governing Law
Initial Expiry Date
Issuing Bank
Letter of Credit
Non-Extension Notice
Nominated Bank
Notice Period
Presentation
Presenting Bank
Renewal Date
Required Documents
Sanctions
Security Interest
Termination Event
Termination Notice
UCP 600
Unutilized Amount
Clauses
Credit Facility
Automatic Renewal
Termination
Drawing Rights
Payment Obligations
Document Presentation
Bank Undertaking
Reimbursement
Fees and Charges
Force Majeure
Assignment and Transfer
Amendments
Notices
Default Events
Representations and Warranties
Anti-Money Laundering
Sanctions Compliance
Dispute Resolution
Governing Law
Jurisdiction
Severability
Entire Agreement
Electronic Communications
Document Requirements
Currency Provisions
Bank's Rights and Obligations
Beneficiary's Rights and Obligations
Applicant's Rights and Obligations
Confidentiality
Indemnification
Automatic Renewal
Termination
Drawing Rights
Payment Obligations
Document Presentation
Bank Undertaking
Reimbursement
Fees and Charges
Force Majeure
Assignment and Transfer
Amendments
Notices
Default Events
Representations and Warranties
Anti-Money Laundering
Sanctions Compliance
Dispute Resolution
Governing Law
Jurisdiction
Severability
Entire Agreement
Electronic Communications
Document Requirements
Currency Provisions
Bank's Rights and Obligations
Beneficiary's Rights and Obligations
Applicant's Rights and Obligations
Confidentiality
Indemnification
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Commodities Trading
Retail
Construction
Energy
Mining
Agriculture
Telecommunications
Relevant Teams
Legal
Finance
Treasury
Trade Operations
Risk Management
Procurement
International Trade
Commercial Operations
Compliance
Banking Relations
Relevant Roles
Trade Finance Manager
Chief Financial Officer
Treasury Manager
Finance Director
International Trade Specialist
Banking Relationship Manager
Credit Manager
Risk Manager
Commercial Director
Procurement Manager
Supply Chain Manager
Legal Counsel
Company Secretary
Financial Controller
Trade Operations Manager
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