This document is essential for establishing a Revolving SBLC facility in Australia, typically used when parties require an ongoing credit enhancement mechanism that automatically reinstates after utilization. The Revolving SBLC structure is particularly valuable for businesses engaged in recurring transactions or requiring continuous performance security, as it provides efficiency and cost savings compared to issuing multiple standalone SBLCs. The document addresses key aspects including facility limits, reinstatement mechanisms, drawing procedures, and compliance with Australian banking regulations and financial services laws. It's commonly used in international trade, project finance, and performance security arrangements where the underlying obligations are recurring or continuous in nature.

1. Parties: Identifies the key parties: Issuing Bank, Applicant, and Beneficiary

2. Background: Context of the SBLC arrangement and the underlying commercial relationship

3. Definitions: Defines key terms used throughout the document including 'Drawing', 'Reinstatement', 'Available Amount'

4. Facility Establishment: Details of the revolving SBLC facility including credit limit and validity period

5. Revolving Mechanism: Specifies how the SBLC revolves, including reinstatement conditions and timing

6. Issuance Conditions: Prerequisites and conditions for SBLC issuance and renewal

7. Drawing Procedures: Process and requirements for making drawings under the SBLC

8. Fees and Charges: Details of all applicable fees, charges, and commission

9. Representations and Warranties: Standard declarations by the Applicant regarding their capacity and authority

10. Covenants: Ongoing obligations of the Applicant during the SBLC term

11. Events of Default: Circumstances constituting default and their consequences

12. Termination: Conditions and process for facility termination

13. Governing Law and Jurisdiction: Specifies Australian law as governing law and relevant jurisdiction