This document is essential for businesses seeking flexible credit support through a Revolving Standby Letter of Credit (SBLC) in India. It is particularly useful when parties require ongoing credit support where the credit amount automatically reinstates after each drawing, subject to specified conditions and maximum liability limits. The agreement must comply with Indian banking regulations, including RBI guidelines and FEMA provisions for international transactions. It typically supports recurring business transactions, trade financing, or continuous performance obligations. The document includes comprehensive provisions for drawing mechanisms, reinstatement conditions, fee structures, and party obligations, while incorporating necessary safeguards and compliance requirements under Indian law. This type of SBLC is commonly used in international trade, project financing, and recurring commercial transactions where parties seek to optimize their credit utilization.
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1. Parties: Identifies all parties to the SBLC including the issuing bank, the applicant, and the beneficiary
2. Background: Sets out the context and purpose of the SBLC, including the underlying commercial relationship
3. Definitions: Defines key terms used throughout the SBLC document
4. Credit Amount and Nature: Specifies the maximum credit amount and explains the revolving nature of the facility
5. Purpose and Scope: Details the permitted purposes for which the SBLC can be used
6. Term and Validity: Specifies the duration of the SBLC and any automatic renewal provisions
7. Drawing Conditions: Sets out the conditions and documentation required for drawing under the SBLC
8. Revolving Mechanism: Explains how the credit amount reinstates after each drawing and any applicable conditions
9. Fees and Charges: Details all applicable fees, charges, and commission structures
10. Representations and Warranties: Lists the representations and warranties made by the applicant
11. Reimbursement Obligations: Specifies the applicant's obligations to reimburse the issuing bank
12. Events of Default: Lists circumstances constituting default and their consequences
13. Governing Law and Jurisdiction: Specifies Indian law as governing law and designates jurisdiction for disputes
1. Counter-Guarantees: Required when there is a counter-guarantee arrangement with another bank
2. Currency Provisions: Needed for SBLCs involving foreign currency transactions
3. Syndication Provisions: Required when multiple banks are involved in issuing the SBLC
4. Security Arrangements: Included when specific collateral or security is required from the applicant
5. Transfer and Assignment: Required if the SBLC needs to be transferable
6. Force Majeure: Optional provisions for handling extraordinary circumstances
7. Anti-Money Laundering Compliance: Additional compliance requirements for high-risk transactions
1. Schedule 1 - Form of Drawing Request: Standard form for making drawings under the SBLC
2. Schedule 2 - Fee Schedule: Detailed breakdown of all fees, charges, and commission rates
3. Schedule 3 - Required Documents: List of documents required for drawings and compliance
4. Schedule 4 - Specimen Signatures: Authorized signatures for the applicant and beneficiary
5. Appendix A - Compliance Certificates: Standard forms for periodic compliance certification
6. Appendix B - Communication Procedures: Procedures for notices and communications between parties
7. Appendix C - KYC Requirements: List of required KYC documents and verification procedures
Relevant legal definitions
Advising Bank
Applicant
Available Amount
Banking Day
Beneficiary
Business Day
Confirming Bank
Credit Amount
Drawing
Drawing Documents
Drawing Request
Effective Date
Event of Default
Expiry Date
Facility Period
FEMA
Force Majeure Event
Governing Law
Indebtedness
Interest Rate
Issuing Bank
KYC Requirements
Letter of Credit
Material Adverse Effect
Maximum Credit Amount
Permitted Drawing
Reimbursement Obligation
Reinstatement
Reinstatement Period
Relevant Authority
RBI
Revolving Period
SBLC Fees
Security
Security Documents
Specified Currency
Stamp Duty
Subsidiary
Tax
UCP 600
Underlying Transaction
Applicant
Available Amount
Banking Day
Beneficiary
Business Day
Confirming Bank
Credit Amount
Drawing
Drawing Documents
Drawing Request
Effective Date
Event of Default
Expiry Date
Facility Period
FEMA
Force Majeure Event
Governing Law
Indebtedness
Interest Rate
Issuing Bank
KYC Requirements
Letter of Credit
Material Adverse Effect
Maximum Credit Amount
Permitted Drawing
Reimbursement Obligation
Reinstatement
Reinstatement Period
Relevant Authority
RBI
Revolving Period
SBLC Fees
Security
Security Documents
Specified Currency
Stamp Duty
Subsidiary
Tax
UCP 600
Underlying Transaction
Clauses
Interpretation
Facility Terms
Credit Amount
Revolving Mechanism
Drawing Rights
Conditions Precedent
Conditions Subsequent
Representations and Warranties
Undertakings
Payment Obligations
Reimbursement
Security
Fees and Expenses
Tax Provisions
Currency Provisions
Communications
Default
Enforcement
Assignment and Transfer
Confidentiality
Data Protection
Anti-Money Laundering
Force Majeure
Severability
Amendment
Waiver
Notices
Counterparts
Governing Law
Jurisdiction
Dispute Resolution
Facility Terms
Credit Amount
Revolving Mechanism
Drawing Rights
Conditions Precedent
Conditions Subsequent
Representations and Warranties
Undertakings
Payment Obligations
Reimbursement
Security
Fees and Expenses
Tax Provisions
Currency Provisions
Communications
Default
Enforcement
Assignment and Transfer
Confidentiality
Data Protection
Anti-Money Laundering
Force Majeure
Severability
Amendment
Waiver
Notices
Counterparts
Governing Law
Jurisdiction
Dispute Resolution
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Infrastructure
Construction
Energy
Telecommunications
Real Estate
Maritime and Shipping
Retail
Commodities Trading
Relevant Teams
Legal
Finance
Treasury
Trade Finance
Compliance
Risk Management
International Business
Corporate Banking
Credit Administration
Documentary Credits
Relevant Roles
Chief Financial Officer
Treasury Manager
Trade Finance Manager
Finance Director
Banking Relationship Manager
Credit Risk Manager
Legal Counsel
Compliance Officer
Company Secretary
International Trade Manager
Financial Controller
Senior Bank Officer
Documentary Credits Specialist
Corporate Banking Officer
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