The Revolving Letter of Credit is a vital trade finance instrument used to facilitate recurring international trade transactions. This document is particularly relevant when parties engage in regular, ongoing trade relationships requiring consistent financing support. It provides a renewable credit facility that automatically reinstates after each utilization, subject to specified conditions. Under Maltese law, which incorporates both domestic legislation and EU regulations, this document must comply with the Banking Act (Chapter 371 of the Laws of Malta), Financial Institutions Act, and international banking practices such as UCP 600. The document is typically used when businesses require continuous trade financing support, offering flexibility in managing recurring shipments or regular trade cycles while maintaining security for all parties involved.
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1. Parties: Identification of the issuing bank, applicant (buyer), and beneficiary (seller)
2. Background: Context of the trade relationship and purpose of the revolving letter of credit
3. Definitions: Key terms used in the document, including banking, trade, and technical terms
4. Credit Amount and Nature: Specification of the credit limit and its revolving nature
5. Validity Period: Duration of the letter of credit and conditions for renewal
6. Drawing Conditions: Requirements and conditions for drawing under the credit
7. Required Documents: List of documents required for each presentation under the credit
8. Reinstatement Provisions: Terms governing how the credit amount is reinstated after each drawing
9. Bank's Undertaking: The bank's commitment and obligations under the credit
10. Fees and Charges: All applicable fees, charges, and commission structures
11. Governing Law and Jurisdiction: Specification of Maltese law as governing law and jurisdiction details
1. Special Instructions: Additional specific requirements or conditions, used when there are unique requirements for the trade relationship
2. Confirmation Arrangements: Details of confirmation by another bank, included when confirmation is requested
3. Transfer Provisions: Terms for transferring the credit to another beneficiary, included when the credit is transferable
4. Green Clause Provisions: Advanced payment terms, included when advance payments are permitted
5. Back-to-Back Arrangements: Terms for back-to-back credits, included in complex trade structures
6. Syndication Provisions: Terms for participation by multiple banks, included for large credit amounts
1. Schedule 1 - Document Requirements: Detailed list of required documents and their specific formats
2. Schedule 2 - Fee Schedule: Detailed breakdown of all fees, charges, and commission rates
3. Schedule 3 - Drawing Schedule: Timeline and conditions for periodic drawings under the credit
4. Schedule 4 - Forms: Standard forms for drawing requests and other communications
5. Appendix A - UCP 600 Incorporation: Specific UCP 600 articles incorporated into the credit
6. Appendix B - Special Terms and Conditions: Any special terms or conditions specific to this credit facility
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