An Evergreen Letter of Credit is a specialized banking instrument used when parties require a long-term, automatically renewing credit facility. This document is particularly useful for ongoing commercial relationships where continuous financial security is needed, such as long-term supply contracts or recurring trade arrangements. The template is specifically designed for use under Philippine jurisdiction and incorporates requirements from the UCP 600, Philippine banking regulations, and the General Banking Law of 2000. It provides comprehensive coverage of renewal mechanisms, drawing procedures, and termination requirements while ensuring compliance with local and international banking practices. The document's structure accommodates various commercial scenarios while maintaining the flexibility needed for specific transaction requirements.
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1. Letter Reference and Date: Unique reference number and date of issuance of the letter of credit
2. Parties: Full details of the issuing bank, beneficiary, and applicant
3. Credit Amount and Currency: Specification of the maximum amount and currency of the letter of credit
4. Form of Credit: Specification that this is an irrevocable evergreen letter of credit with automatic renewal provisions
5. Automatic Renewal Clause: Details of the renewal mechanism, including renewal period and conditions
6. Expiry Provisions: Conditions and process for eventual expiry, including notice requirements for non-renewal
7. Drawing Terms: Conditions and requirements for drawing under the letter of credit
8. Required Documents: List of documents that must be presented for drawing under the credit
9. Presentation Terms: Where and how documents should be presented
10. Bank Obligations: Statement of the issuing bank's obligations and commitment to honor compliant presentations
11. Governing Law and UCP 600: Reference to Philippine law and UCP 600 as governing frameworks
12. Communications: Methods and addresses for official communications between parties
1. Transferability Clause: Include when the credit needs to be transferable to other beneficiaries
2. Revolving Terms: Include when the credit should revolve in value as well as time
3. Special Conditions: Include when there are specific conditions or requirements unique to the transaction
4. Confirmation Instructions: Include when confirmation by another bank is required
5. Green Clause: Include when advance payment facilities are to be provided
6. Assignment of Proceeds: Include when the beneficiary needs the right to assign proceeds
7. Back-to-Back Provisions: Include when the credit will support a back-to-back credit structure
1. Schedule A - Document Requirements: Detailed specifications for each required document
2. Schedule B - Drawing Certificate Form: Standard format for beneficiary's drawing certificate
3. Schedule C - Notice Forms: Standard formats for various notices including renewal and non-renewal notices
4. Schedule D - Fee Schedule: Details of all applicable fees and charges
5. Appendix 1 - Bank Contact Details: Complete contact information for all relevant bank departments
6. Appendix 2 - Standard Banking Instructions: Payment and transfer instructions for drawings under the credit
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Retail
Construction
Energy
Commodities Trading
Shipping and Logistics
Agriculture
Mining and Resources
Relevant Teams
Legal
Finance
Treasury
International Trade
Risk Management
Compliance
Trade Operations
Documentary Credits
Corporate Banking
Commercial Banking
Relevant Roles
Trade Finance Manager
International Banking Officer
Chief Financial Officer
Treasury Manager
Finance Director
Commercial Banking Manager
Credit Risk Officer
Trade Operations Manager
Legal Counsel
Compliance Officer
Documentary Credits Specialist
International Trade Specialist
Banking Relationship Manager
Corporate Finance Manager
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