The Revolving Standby Letter of Credit is a specialized financial instrument used when parties need continuous, renewable payment security. It's particularly valuable in ongoing business relationships where multiple drawings may be necessary over time. Under U.S. law, this document provides a commitment from the issuing bank to pay the beneficiary upon presentation of complying documents, with the unique feature that the credit amount automatically revolves (reinstates) after each drawing. The document includes specific terms for drawing conditions, reinstatement provisions, maximum drawing limits, and compliance with U.S. banking regulations and international standby practices.
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1. Issuing Bank Details: Complete legal name, address, and contact information of the issuing bank including SWIFT/routing details
2. Beneficiary Information: Full legal name, address and banking details of the party in whose favor the letter of credit is issued
3. Applicant Information: Complete details of the party requesting the letter of credit, including legal name and address
4. Credit Amount and Currency: Specification of the maximum amount available under the letter of credit and currency denomination
5. Revolving Terms: Specific conditions and timing of the revolving nature of the credit, including reinstatement provisions
6. Drawing Conditions: Detailed terms and conditions under which the credit may be drawn upon
7. Expiry Terms: Clear specification of expiration date and any conditions affecting termination
8. Governing Law and Jurisdiction: Specification of applicable U.S. law and jurisdiction for disputes
1. Transfer Rights: Optional section specifying if and how the credit may be transferred to another beneficiary
2. Automatic Extension Provisions: Optional terms for automatic renewal or extension of the credit period
3. Multiple Drawing Terms: Optional detailed provisions for multiple draws if permitted under the credit
4. Special Conditions: Any special conditions or requirements specific to the underlying transaction
1. Schedule A - Form of Drawing Certificate: Standard format for beneficiary to make draws under the letter of credit
2. Schedule B - Required Documents: Comprehensive list of all documents required for drawing under the credit
3. Schedule C - Fee Schedule: Detailed breakdown of all applicable fees, charges, and commission
4. Schedule D - Form of Transfer Request: Standard format for transfer requests if the credit is transferable
5. Schedule E - Form of Reduction/Cancellation Notice: Standard format for notices relating to reduction or cancellation of the credit amount
Relevant legal definitions
Clauses
Relevant Industries
International Trade
Construction
Financial Services
Real Estate
Energy
Relevant Teams
Treasury
Finance
Legal
Trade Finance
Risk Management
Relevant Roles
Chief Financial Officer
Treasury Manager
Trade Finance Manager
Credit Manager
Finance Director
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