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<h1>External Commercial Borrowings and Trade Credits framework guidance available; prior facilities must comply with original applicable guidelines.</h1> Master Direction No. 5 on External Commercial Borrowings, Trade Credits and Structured Obligations dated March 26, 2019 is the primary reference for the extant ECB and TC framework, and ECBs and TCs raised under prior frameworks must continue to comply with the guidelines applicable at the time they were availed.