The Syndicated Letter of Credit agreement is designed for high-value international trade transactions where a single bank's capacity or risk appetite may be insufficient. This document, governed by Australian law and banking regulations, establishes a framework where multiple banks share the risk and participate in providing letter of credit facilities to support large commercial transactions. It is particularly relevant for major import/export operations, infrastructure projects, or commodity trading where substantial financial backing is required. The agreement incorporates both Australian banking requirements and international trade finance practices, including UCP 600 guidelines, while defining the relationships, obligations, and risk-sharing arrangements among all participating financial institutions.
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1. Parties: Identifies all participating banks, the lead arranger, administrative agent, beneficiary, and applicant
2. Background: Sets out the context of the LC facility and the purpose of the syndication
3. Definitions: Defines key terms used throughout the agreement, including banking, trade, and syndication-specific terminology
4. Facility Details: Specifies the LC amount, currency, availability period, and purpose
5. Syndication Structure: Details the participation shares, rights, and obligations of each syndicate member
6. Administrative Agent's Role: Outlines the duties, responsibilities, and powers of the administrative agent
7. LC Issuance Procedures: Specifies the process for LC issuance, amendment, and drawing
8. Fees and Costs: Details all fees, charges, and cost sharing arrangements
9. Risk Participation: Describes how risks and obligations are shared among syndicate members
10. Communications: Establishes protocols for communications between parties
11. Events of Default: Lists circumstances constituting default and consequences
12. Governing Law and Jurisdiction: Specifies applicable law and dispute resolution mechanisms
1. Security Arrangements: Required when the LC is secured by collateral or guarantees
2. Transfer Provisions: Included when syndicate members may transfer their participations
3. Increased Costs: Added when regulatory changes might affect costs
4. Market Disruption: Included for LCs with long validity periods or in volatile markets
5. Sanctions Compliance: Required for international trade transactions
6. Electronic Banking Provisions: Needed when electronic platforms are used for LC administration
7. Multiple Currency Provisions: Required when the LC can be issued in multiple currencies
1. Schedule 1 - Form of LC Application: Standard form for requesting LC issuance
2. Schedule 2 - Participation Commitments: Details of each bank's participation percentage and maximum liability
3. Schedule 3 - Fee Schedule: Comprehensive breakdown of all fees and charges
4. Schedule 4 - Administrative Details: Contact information and banking details for all parties
5. Schedule 5 - Form of Transfer Certificate: Template for transferring participation rights
6. Schedule 6 - Conditions Precedent: List of required documents and conditions
7. Appendix A - Standard LC Terms: Standard terms and conditions for LCs issued under the facility
8. Appendix B - Forms of Notices: Templates for various notices required under the agreement
9. Appendix C - UCP 600 Incorporation: Specific provisions incorporating UCP 600 rules
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
International Trade
Shipping & Maritime
Manufacturing
Construction
Energy & Resources
Agriculture
Infrastructure
Mining
Commodities Trading
Relevant Teams
Legal
Trade Finance
Corporate Banking
Risk Management
Compliance
Treasury
International Banking
Credit Administration
Documentary Credits
Syndications
Transaction Banking
Relevant Roles
Trade Finance Manager
Corporate Banking Director
Chief Risk Officer
Treasury Manager
International Trade Specialist
Compliance Officer
Legal Counsel
Credit Risk Manager
Relationship Manager
Documentary Credits Manager
Syndications Manager
Transaction Banking Head
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