The Revolving SBLC is a sophisticated financial instrument commonly used in Philippine business transactions to provide ongoing financial security or support for commercial obligations. This document type is particularly relevant when parties require a flexible, renewable credit facility that automatically reinstates after each drawing is repaid or expired. The agreement must comply with Philippine banking regulations, particularly BSP requirements and the General Banking Law, while often incorporating international banking practices such as UCP 600 and ISP98. It's typically used in scenarios requiring continuous financial backing, such as recurring trade obligations, ongoing performance guarantees, or revolving credit support. The document includes comprehensive provisions for credit facility operation, drawing mechanisms, renewal conditions, and compliance requirements specific to the Philippine jurisdiction.
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1. Parties: Identification of the Applicant, Beneficiary, and Issuing Bank
2. Background: Context of the transaction and purpose of the SBLC
3. Definitions: Key terms used throughout the document including technical banking and trade finance terms
4. Credit Facility: Details of the revolving SBLC facility including amount, currency, and revolving mechanism
5. Term and Renewal: Duration of the facility and conditions for renewal or reinstatement
6. Conditions Precedent: Prerequisites for issuance and maintenance of the SBLC
7. Drawing Provisions: Procedures and requirements for making drawings under the SBLC
8. Fees and Charges: All applicable fees, commissions, and charges
9. Representations and Warranties: Standard declarations by the Applicant regarding their capacity and authority
10. Covenants: Ongoing obligations of the Applicant during the term of the facility
11. Events of Default: Circumstances that constitute default and consequences thereof
12. Governing Law and Jurisdiction: Philippine law as governing law and jurisdiction provisions
1. Security Provisions: Required when the SBLC is secured by collateral or other security arrangements
2. Counter-Indemnity: Include when additional indemnification from the Applicant or third party is required
3. Foreign Exchange Provisions: Required for SBLCs involving foreign currency transactions
4. Assignment and Transfer: Include if the rights under the SBLC are transferable
5. Anti-Money Laundering Provisions: Required for high-value transactions or when dealing with international parties
6. Force Majeure: Optional clause dealing with unforeseen circumstances affecting performance
1. Form of SBLC: Template of the actual Standby Letter of Credit to be issued
2. Fee Schedule: Detailed breakdown of all fees, charges, and commission rates
3. Drawing Requirements: Specific documents and procedures required for drawing under the SBLC
4. Security Details: Description of collateral or other security arrangements if applicable
5. Authorized Signatories: List of persons authorized to act on behalf of the Applicant
6. Compliance Documents: Required regulatory and compliance documentation under Philippine law
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