The Non-Recourse SBLC is a specialized financial instrument used when parties seek to limit potential liability to specific assets or collateral. Under English and Welsh law, this document combines the security of a traditional SBLC with non-recourse provisions, making it particularly suitable for project finance, asset-based lending, and structured trade transactions. The document typically includes detailed provisions on collateral identification, drawing conditions, and explicit limitations on the issuing bank's recovery rights, ensuring clarity and certainty for all parties involved.
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1. Parties: Identification of issuing bank, beneficiary, and applicant
2. Background: Context of the SBLC issuance and underlying transaction
3. Definitions: Key terms used throughout the document including UCP 600 and ISP98 references
4. Credit Amount: Specified amount of the SBLC and currency denomination
5. Terms of Drawing: Conditions under which the SBLC can be drawn and required documentation
6. Non-Recourse Provisions: Specific clauses limiting recourse to collateral only and waiver of personal liability
7. Expiry Date: Validity period of the SBLC and conditions for extension or termination
1. Transfer Rights: Provisions allowing the SBLC to be transferred to another beneficiary
2. Partial Drawings: Terms and conditions for multiple partial drawings under the SBLC
3. Governing Law Choice: Explicit choice of English and Welsh law and jurisdiction provisions
4. Anti-Money Laundering Compliance: Specific provisions ensuring compliance with UK AML regulations
1. Schedule 1 - Form of Demand: Standard template for making a drawing under the SBLC
2. Schedule 2 - Required Supporting Documents: Comprehensive list of documents required for drawing under the SBLC
3. Schedule 3 - Collateral Description: Detailed description of assets securing the SBLC
4. Schedule 4 - Fee Schedule: Breakdown of all applicable fees, charges, and commission rates
5. Appendix A - Regulatory Compliance Checklist: Checklist ensuring compliance with FSMA 2000 and other relevant regulations
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