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Chapter6(4)6.2.6accordingtospecialfunctionclause1.RevolvingcreditDefinition:Onebywhich,underthetermsandconditionsthereof,theamountisrenewedorreinstatedwithoutspecificamendmentstothedocumentarycreditbeingrequired.Typesofrevolvingcredit:(1)Automaticrevolvingcredit(自动循环)Functionclause:1))thetotalamountofthiscreditshallberestoredautomaticallyafterdateofnegotiation.2))noticeofrevolvingFunctionclause:1))theamountshallbereinstatedaftereachnegotiationonlyuponreceiptofissuingbank’snoticestatingthatthecreditmightberenewed.2))theamountofeachshipmentshallbereinstatedafternegotiationonlyuponreceiptofcredit---writingimporter’sissuingbank’snoticestatingthatthecreditmightberenewed.(3)PeriodicrevolvingFunctionclause:Shouldthenegotiatingbanknotbeadvisedofstoppingrenewalwithin…daysaftereachnegotiation,theunusedbalanceofthiscreditshallbeincreasedtotheoriginalamount.(4)Cumulativerevolving(可积累循环)Functionclause:Per…calendarmonthscumulativecommencingwith15thMarch,2006,revolvingonthefirstbusinessdayofeachsuccessivemonthandendingwith15thdecember2006.(5)non-cumulativerevolving(不可积累循环)functionclause:Theunusedbalanceofeachshipmentisnotcumulativetothefollowingshipment.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(Automaticrevolvingcredit)，半自动循环信用证(semi-automaticrevolvingcredit)以及被动循环信用证(non-automaticrevolvingcredit)。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.TheamountofthisletterofcreditUSD100000isrevolvingonamonthlybasisforthefirsttimeinXXX,forthelasttimeinXXmaximumamountpayableunderthiscreditUSD800000.2.Theamountofthiscreditisrevolvingonamonthlynon-cumulativebasisforsixtimescommendingMay18,2006.3.AmountofthiscreditUSD100000,revolving5timestomaximumUSD600000.4.TheamountofthiscreditUSD400000shallberenewableautomaticallytwiceafterdateofpayment,thusmakinganaggregateamountofUSD800000.5.Shouldtheissuingbanknotadvisestoppingrenewalwithin7daysaftereachnegotiation,theunusedbalanceofthiscreditshallbeincreasedtotheoriginalamountonthe8thdayaftereachnegotiation.6.Theamountofthiscreditshallberenewableaftereachnegotiationonlyuponreceiptofissuingbank’snoticestatingthatthecreditmightberenewable.2.Back-to-backdocumentarycreditAback-to-backcreditmaybeusedwhenthecreditissuedinfavoroftheexporter(themiddleman)isnottransferableorthoughtransferableitdoesnotmeethisrequirements.Theexporter,namely,thebeneficiaryofthefirstcredit,offeritasasecuritytotheadvisingbankorhisbankerfortheissuanceofasecondcredit.Inotherwords,thetwocreditsareput“back-to-back”,theonebeingissuedonthesecurityoftheother.Aback-to-backdocumentarycreditinvolvestwoseparatedocumentarycredits:Oneopenedbythebuyerinfavoroftheseller,andOneopenedfortheaccountofthesellernamingtheactualsupplierofthegoodsasthebeneficiary.Thefirstbeneficiaryofthefirstdocumentarycreditbecomestheapplicantforinvolvestwoseparatedocumentarycredit.Withback-to-backdocumentarycredit,thesecondcreditshouldbewordedsoastoproducethedocuments(apartfromthecommercialinvoice)requiredbytheprimarycredit,andtoproducethemwithintimelimitssetbytheprimarycredit,inorderthattheprimarybeneficiaryunderthefirstcreditmaybeabletopresenthisdocumentswithinthetimelimitsofthefirstcredit.3.ReciprocalcreditAreciprocalcreditisusuallyconcernedwithabartertransaction.Itisinallrespectssimilartoanordinarycommercialcreditexceptthattheopeneroftheoriginalcreditmaybecomethepositionofthebeneficiaryofthereciprocalcredit,whilethebeneficiaryoftheoriginalcreditmaybecometheopenerofthereciprocalcredit.Inotherwords,theyarebothimportersandexportersatthesametime.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：“ThisisareciprocalcreditagainstXXBankCreditNo.XXfavoringXXcoveringshipmentofXX”.对开信用证一般要规定生效条款,主要有两种规定方式:1.ThiscreditshallnotbeavailableunlessanduntilthereciprocalcreditisestablishedbyXXbankinfavorofXXforasumofXXcoveringshipmentfromXXtoXX.ThisreciprocalcreditineffectshalladvisebyfromXXbanktobeneficiary.2.Thiscreditisavailablebydraftdrawnonusat180daysafterbillofladingdate.Paymentwillbeeffectedbyusonmaturityofthedraftagainsttheabove-mentioneddocumentsandourreceiptofthecreditopener’sadvicestatingthatareciprocalcreditinfavorofapplicantissuedbyXXBankforaccountofbeneficiaryavailablebysightdrafthasbeenreceivedbyandfoundacceptabletothem4.Redclause/AnticipatorycreditDefinition:Itisakindofpre-shipmentfinancingintendedtoassisttheexporterintheproductionorprocurementofthegoodssold.Itisacreditwithaspecialclauseaddedtheretothatauthor