The Letter of Credit Facility Agreement is a crucial document in international trade finance, particularly within the Swiss banking framework. It is used when a company requires regular access to Letter of Credit facilities for its business operations, typically in import/export activities. The agreement establishes the legal relationship between the bank and the applicant company, setting out the terms under which the bank will issue LCs, including facility limits, security requirements, fees, and operational procedures. This document is essential for businesses engaged in international trade, providing them with a reliable mechanism for secure international transactions. The agreement must comply with Swiss banking regulations, including FINMA requirements and the Swiss Code of Obligations, while also incorporating international banking practices and standards.
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1. Parties: Identification of the bank/financial institution and the customer/applicant
2. Background: Context of the agreement and relationship between the parties
3. Definitions: Key terms used throughout the agreement
4. Facility: Details of the LC facility including type, amount, and purpose
5. Conditions Precedent: Conditions that must be satisfied before the facility becomes available
6. Utilization: Process and requirements for utilizing the LC facility
7. Fees and Commissions: All applicable fees, charges, and commission structures
8. Payment Terms: Terms for reimbursement of LC payments and settlement of fees
9. Security: Required security, collateral, or cash margin requirements
10. Representations and Warranties: Standard declarations made by the customer regarding their business and capacity
11. Covenants: Ongoing obligations of the customer during the facility period
12. Events of Default: Circumstances that constitute default and their consequences
13. Termination: Conditions and process for terminating the facility
14. Governing Law and Jurisdiction: Specification of Swiss law as governing law and jurisdiction details
1. Multicurrency Provisions: Additional terms for LC issuance in multiple currencies
2. Counter-Indemnity: Specific indemnity provisions for certain types of LCs
3. Syndication: Terms for participation by multiple banks in the facility
4. Islamic Banking Provisions: Specific terms for Shariah-compliant LCs
5. Special Trade Terms: Additional provisions for specific trade arrangements or industries
6. Electronic Banking Provisions: Terms for electronic LC issuance and management
7. Anti-Money Laundering Compliance: Detailed AML requirements beyond standard representations
1. Facility Limits and Sub-limits: Detailed breakdown of facility limits by type and currency
2. Fee Schedule: Comprehensive list of all applicable fees and charges
3. Form of Utilization Request: Standard form for requesting LC issuance
4. Security Documents: List and copies of required security documents
5. Conditions Precedent Documents: Checklist of required documents
6. Authorized Signatories: List of persons authorized to request LCs
7. Standard LC Formats: Pre-approved formats for different types of LCs
8. Compliance Documents: Required regulatory and compliance forms
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Commodities Trading
Retail
Wholesale
Construction
Energy
Pharmaceuticals
Luxury Goods
Technology
Agriculture
Relevant Teams
Legal
Finance
Treasury
Trade Finance
Risk Management
Compliance
Procurement
Supply Chain
Operations
Commercial
Credit Control
Relevant Roles
Chief Financial Officer
Treasury Manager
Trade Finance Manager
Finance Director
Import/Export Manager
Procurement Director
Commercial Director
Banking Relationship Manager
Credit Manager
Risk Manager
Legal Counsel
Company Secretary
Financial Controller
Operations Director
Supply Chain Manager
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