The Letter of Credit Facility agreement is essential for businesses engaged in international trade requiring documentary credits. This document, governed by Singapore law, establishes the framework under which a bank will issue Letters of Credit on behalf of its client. It addresses key aspects including facility limits, security arrangements, operational procedures, and regulatory compliance requirements. The agreement incorporates both local banking regulations and international standards (UCP 600), making it particularly suitable for Singapore-based trading operations and cross-border transactions.
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1. Facility Details: Specifies the Letter of Credit facility amount, purpose, type and key commercial terms
2. Terms and Conditions: Sets out the core facility terms including validity period, fees, commission structure, and operational requirements
3. Security Requirements: Details the collateral and security arrangements required for the facility
4. Documentation Requirements: Lists all required documents for LC issuance and operations including shipping documents, bills of lading etc.
5. Compliance Requirements: Outlines regulatory compliance obligations including AML/CFT requirements and banking regulations
6. Default and Enforcement: Specifies events of default and the bank's enforcement rights
1. Trade Finance Covenants: Additional requirements specific to trade finance transactions, used for trade finance-focused facilities
2. Syndication Provisions: Terms governing syndicated facilities when multiple banks are involved in providing the LC facility
3. Back-to-Back LC Provisions: Special terms for back-to-back LC arrangements, used when intermediary banks are involved
4. Digital LC Processing: Terms governing electronic LC processing and documentation, used for digital trade finance arrangements
1. Schedule 1 - Fee Schedule: Detailed breakdown of all applicable fees, charges, and commission rates
2. Schedule 2 - Standard Forms: Templates for LC application and related operational documents
3. Schedule 3 - Security Documents: List and copies of required security documentation including guarantees and charges
4. Schedule 4 - Authorized Signatories: List of persons authorized to request LCs and sign facility documents
5. Schedule 5 - Compliance Checklist: Checklist of regulatory compliance requirements and documentation
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