Is a standby letter of credit the right choice? Learn the best practices when dealing with a SBLC and how to avoid common problems that may arise.
After this topic, you should be able to evaluate whether using a SBLC is feasible and appropriate as opposed to some other form of credit assurance, what terms and problems should be requested and avoided, how to spot SBLC issues and problems and deal with them, when to ask for a confirmation or advice, how to prepare for and properly draw on a letter of credit, how to use certificates to protect the applicant, and what to avoid in letter of credit practice. The benefits of this topic include what to look for in SBLCs, what the alternatives are, who to go to for help and issues to address in drafting and drawing on a letter of credit; and if you are a banker that handles letters of credit, the common problem areas and exposures, and how to avoid or minimize them. The materials provided with the content alone should provide a guide for issue spotting and resources for where to look for further help.
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Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
What an SBLC Can Be Used for
What Are Their Advantages?
What Are Their Disadvantages?
Alternatives to SBLCs and How They Compare to SBLCs
How LCs Are Priced and Secured
How Beneficiaries of LCs Fare in a Bankruptcy of the Applicant
Letter of Credit Application and Reimbursement Agreements
Potentially Troublesome Letter of Credit Situations
Confirmations vs. Advices
What Regimes to Choose for SBLCs: ISP or UCP
Unique and Counterintuitive Features of LC Law and Practice
Auto-Extend Clauses and Outside Expiration Dates
Enjoining a Draw on a Letter of Credit
Advance Payment Guarantee SBLCs
Counterguarantee SBLCs - How They Work and Issues They Present
Force Majeure, Impossibility of Performance and Fraud
Common Drafting Mistakes
Foreign LCs and EU 'Bail-in' Language
Regulatory Capital Guidelines Applicable to SBLCs
What Is a Swift Format Letter of Credit?
How to Evaluate the Credit of the Issuer and Deal With Issuer Credit Downgrades
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Why Lorman?
Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
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This course was last revised on December 10, 2018.
Call 1-866-352-9540 for further credit information.
- AK CLE 1.25
- Alaska attorneys may receive 1.25 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
- AL CLE 1.4
- This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.4 hours credit.
- Arizona CLE 1.25
- The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.25 hours toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 1.25
- Lorman Business Center, Inc. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.25 CLE hours of participatory credit.
- CT CLE 1.0
- Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.0 CLE credit(s).
- HI CLE 1.25
- This program was approved by the Hawaii State Board of Continuing Legal Education for 1.25 CLE credit hours.
- IL CLE 1.25
- This course was approved for a total of 1.25 hours of MCLE Credit by the Illinois MCLE Board.
- ME CLE 1.0
- This course has been approved by the State of Maine Board of Overseers of the Bar. Lawyers who complete this course shall receive 1.0 hours of CLE credit under M. Bar R. 12.
- MS CLE 1.4
- This program has been approved by the Mississippi Commission on Continuing Legal Education for a maximum of 1.4 credit hours.
- MT CLE 1.5
- This program has been approved by the Montana Commission of Continuing Legal Education for a total of 1.5 CLE credits.
- ND CLE 1.25
- North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.25 hours of CLE credit.
- NH MCLE 1.4
- NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 80 Minutes.
- NJ CLE 1.6
- This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.6 hours of total CLE credit.
- NV CLE 1.0
- This program has been approved by the Nevada Board of Continuing Legal Education for 1.0 CLE hours.
- NY CLE 1.5 including Areas of Professional Practice 1.5
- This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.5 credit hours in the area(s) of Areas of Professional Practice for 1.50 hours. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Business Center, Inc. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
- PA CLE 1.0
- This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.0 hours of substantive law, practice and procedure CLE credit.
- RI CLE 1.5
- This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.5 hours of CLE credit.
- TN CLE 1.37
- This program has been approved as a distance learning format by the Tennessee Commission on Continuing Legal Education for a maximum of 1.37 hours of credit.
- VT CLE 1.25
- This program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.25 hours of self-study CLE credit.
- WA CLE 1.25
- This program has been approved by the Washington State Board of Continuing Legal Education for 1.25 hours of A/V credit under the Law & Legal Procedure category.
- WI CLE 1.0
- This program has been approved by the Board of Bar Examiners for 1.0 hours for use toward the Wisconsin Mandatory CLE requirement.
- WV MCLE 1.2
- This program has been approved by the West Virginia State Bar MCLE Commission for 1.2 MCLE hours.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
Audio & Reference Manual
- Arizona CLE 1.25
- CA MCLE 1.25
- CT CLE 1.0
- GA CLE 1.0
- HI CLE 1.25
- IL CLE 1.0
- ME CLE 1.0
- MT CLE 1.5
- NJ CLE 1.6
- NM CLE 1.0
- NV CLE 1.0
- NY CLE 1.5 including Areas of Professional Practice 1
- VT CLE 1.25
- WA CLE 1.0
- WV MCLE 1.2
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
MP3 Download
- Arizona CLE 1.25
- CA MCLE 1.25
- CT CLE 1.0
- HI CLE 1.25
- IL CLE 1.0
- ME CLE 1.0
- MT CLE 1.5
- NJ CLE 1.6
- NM CLE 1.0
- NV CLE 1.0
- NY CLE 1.5 including Areas of Professional Practice 1
- VT CLE 1.25
- WA CLE 1.0
- WV MCLE 1.2
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
Credit
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Why Lorman?
Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Carter H. Klein
Jenner & Block LLP
- Partner in Jenner & Block LLP's Chicago office
- Concentrated his practice on Uniform Commercial Code work, secured and unsecured lending and payments for the past 43 years at Jenner & Block LLP
- Extensive experience with Article 5 of the Uniform Commercial Code – Letters of Credit
- ABA UCC Liaison to the Permanent Editorial board of the Uniform Commercial Code
- Former Chair of both the Letter of Credit Subcommittee and Payments Sub-committee of the ABA
- Co-wrote three books on the Uniform Commercial Code
- Honored as Letter of Credit Attorney of the Year in 2018 by the Institute of International Banking Law & Practice
- J.D. degree, Order of the Coif, First in Class, University of Illinois College of Law; B.A. degree, with the highest distinction, University of Illinois at Urbana-Champagne
- Can be contacted at 312-923-2950 or [email protected]
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Why Lorman?
Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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