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1、Chapter 6(4)6.2.6 according to special function clause1.Revolving creditDefinition:One by which,under the terms and conditions thereof,the amount is renewed or reinstated without specific amendments to the documentary credit being required.Types of revolving credit:(1)Automatic revolving credit(自动循环
2、)Function clause:1)the total amount of this credit shall be restored automatically after date of negotiation.2)notice of revolvingFunction clause:1)the amount shall be reinstated after each negotiation only upon receipt of issuing banks notice stating that the credit might be renewed.2)the amount of
3、 each shipment shall be reinstated after negotiation only upon receipt of credit-writing importers issuing banks notice stating that the credit might be renewed.(3)Periodic revolving Function clause:Should the negotiating bank not be advised of stopping renewal within days after each negotiation,the
4、 unused balance of this credit shall be increased to the original amount.(4)Cumulative revolving(可积累循环)Function clause:Per calendar months cumulative commencing with 15th March,2006,revolving on the first business day of each successive month and ending with 15th december 2006.(5)non-cumulative revo
5、lving(不可积累循环)function clause:The unused balance of each shipment is not cumulative to the following shipment.循环信用证的补充及练习循环信用证是指信用证的部分或全部金额被使用以后可以回复到原金额再被利用的信用证。与一般信用证相比，它多一个循环条款。进出口双方若订立长期销售合约，需要均衡地分批装运货物时，为了节省开证手续费和保证金，进口商可以申请开立循环信用证。信用证通常以时间或金额为循环基础，据此循环信用证分为按时间循环信用证和按金额循环信用证。按时间循环信用证是指受益人在一定时间内可支
6、取信用证规定的金额，支取后，在下次一定时间内仍可以支取的信用证。按时间循环信用证根据每期信用证余额处理方式的不同，可以分为不可积累循环信用证和可积累循环信用证。不可积累是指受益人在规定循环期限内可支取的信用证金额有余额，该余额不可转移到下一期使用。可积累是指受益人上一期未使用完的信用证金额，可以转移到下一期使用。按金额循环信用证是指在信用证金额议付后，仍恢复到原金额，可以再次支取，直到用完规定的总金额。按恢复的方式不同，可以分为自动循环信用证(Automatic revolving credit)，半自动循环信用证(semi-automatic revolving credit)以及被动循环信
7、用证(non-automatic revolving credit)。自动循环是指受益人按照期限装运、交单、支取信用证金额后，不需要等待开证行通知，信用证金额自动恢复到原金额，即信用证金额用完后自动恢复。半自动循环是指受益人按规定装运、交单。支取信用证金额后在一定时间开证行未提出中止循环的通知，信用证自动恢复到原金额。被动循环是指受益人每次支取信用证金额后，需等待开证行的通知，只有在收到开证行的通知后信用证才可恢复至原金额。练习：1.The amount of this letter of credit USD 100 000 is revolving on a monthly basis f
8、or the first time in XXX,for the last time in XX maximum amount payable under this credit USD 800 000.2.The amount of this credit is revolving on a monthly non-cumulative basis for six times commending May 18,2006.3.Amount of this credit USD100 000,revolving 5 times to maximum USD600 000.4.The amoun
9、t of this credit USD400 000 shall be renewable automatically twice after date of payment,thus making an aggregate amount of USD800 000.5.Should the issuing bank not advise stopping renewal within 7 days after each negotiation,the unused balance of this credit shall be increased to the original amoun
10、t on the 8th day after each negotiation.6.The amount of this credit shall be renewable after each negotiation only upon receipt of issuing banks notice stating that the credit might be renewable.2.Back-to-back documentary creditA back-to-back credit may be used when the credit issued in favor of the
11、 exporter(the middleman)is not transferable or though transferable it does not meet his requirements.The exporter,namely,the beneficiary of the first credit,offer it as a security to the advising bank or his banker for the issuance of a second credit.In other words,the two credits are put“back-to-ba
12、ck”,the one being issued on the security of the other.A back-to-back documentary credit involves two separate documentary credits:One opened by the buyer in favor of the seller,and One opened for the account of the seller naming the actual supplier of the goods as the beneficiary.The first beneficia
13、ry of the first documentary credit becomes the applicant for involves two separate documentary credit.With back-to-back documentary credit,the second credit should be worded so as to produce the documents(apart from the commercial invoice)required by the primary credit,and to produce them within tim
14、e limits set by the primary credit,in order that the primary beneficiary under the first credit may be able to present his documents within the time limits of the first credit.3.Reciprocal creditA reciprocal credit is usually concerned with a barter transaction.It is in all respects similar to an or
15、dinary commercial credit except that the opener of the original credit may become the position of the beneficiary of the reciprocal credit,while the beneficiary of the original credit may become the opener of the reciprocal credit.In other words,they are both importers and exporters at the same time
16、.对开信用证是主要用于易货贸易的一种支付方式。在易货交易中，双方都因担心对方只享受权利不履行相应的义务而要求对方开立信用证，第一张信用证的受益人就是第二张信用证的申请人，第一张信用证的通知行往往就是第二张证的开证行，反之亦然。如A 与B 之间进行补偿贸易，A 申请开立以B为受益人的信用证，同时B 申请开立以A 为受益人的信用证，后开的信用证，即第二证，称为回头证，与先开的信用证金额大致相等。同时，信用证一般加列下列条款：“This is a reciprocal credit against XX Bank Credit No.XX favoring XX covering shipment
17、of XX”.对开信用证一般要规定生效条款,主要有两种规定方式:1.This credit shall not be available unless and until the reciprocal credit is established by XX bank in favor of XX for a sum of XX covering shipment from XX to XX.This reciprocal credit in effect shall advise by from XX bank to beneficiary.2.This credit is available
18、 by draft drawn on us at 180 days after bill of lading date.Payment will be effected by us on maturity of the draft against the above-mentioned documents and our receipt of the credit openers advice stating that a reciprocal credit in favor of applicant issued by XX Bank for account of beneficiary a
19、vailable by sight draft has been received by and found acceptable to them4.Red clause/Anticipatory creditDefinition:It is a kind of pre-shipment financing intended to assist the exporter in the production or procurement of the goods sold.It is a credit with a special clause added thereto that author
20、ized the advising bank or any other nominated banks to make advance to the beneficiary before his submission of documents.The red clause is so called becausethe clause was originally written in red ink to drawn attention to the unique nature of this documentary credit.Nowadays it is seldom used.A re
21、d clause letter of credit will be established only at the request of the applicant,it places the onus(责任)of final repayment on the applicant,who would be liable for repayment of the advances if the beneficiary failed to present the documents called for under the credit,and who would be liable for al
22、l costs such as interest of foreign exchange hedging incurred by issuing bank,confirming bank,if any,or any other nominated bank.Function clause:(1)The negotiating bank is hereby authorized to make advance to the beneficiary up to an aggregate amount of USD200,000(20%of amount of L/C).The advances,w
23、ith the interest At the ruling rate of exchange at the time of payment of such advance,are to be deducted from the proceeds of the drafts drawn under this credit.(2)We hereby authorize you to make such advances,which are to be repaid,with interest,from the payment to be made under the credit.(3)It i
24、s understood that the making of the temporary advances or the payments to the above mentioned beneficiary should be optional on the part of you.(4)We(issuing bank)hereby authorize you(advising bank)at your discretion to grant to the beneficiary an advance to the extent of XXX(金额),any interest accrue
25、d thereon should be charged to him from the date of each advance to the date of repayment at the current rate of interest in XX(通常为出口地).The proceeds of any drafts negotiated under this credit may at your discretion be applied by you in the repayment to you of the whole or any part of Such advance to
26、gether with interest as aforesaid.in consideration of your bank making such advance to the beneficiary who will eventually fail to effect shipment covered by the credit,we guarantee repayment and undertake to pay you on demand any sum owing by the beneficiary in respect of such advance together with
27、 interest thereon.5.Standby credit The standby credit is a documentary credit or similar arrangement,however named or described,which represents an obligation to the beneficiary on the part of the issuing bank to:(1)Repay money borrowed by the applicant,or advanced to or for the account of the applicant;(2)make payment on account of any indebtedness undertaken by the applicant;or(3)make payment on account of any default byThe applicant in the performance of an obligation.(see p145-146)备用信用证是一种能为受益人提供下列担保的信用证或类似安排(1)偿还债务人的借款或预支给债务人的款项(2)支付由债务人所承担的负债;(3)对债务人不履行契约而付款.