The Synthetic Letter of Credit emerged as a sophisticated financial instrument designed to meet modern international trade requirements while operating within Singapore's well-regulated financial environment. This document is typically used when parties require the security of a traditional letter of credit but need additional flexibility or risk management features. The synthetic structure allows for various modifications to conventional letter of credit terms, potentially including risk transfer mechanisms or derivative components. It incorporates all standard letter of credit elements while adding synthetic features that can be tailored to specific transaction requirements.
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Key Requirements PROMPT example:
Synthetic Letter Of Credit
"Need a Synthetic Letter of Credit for a Singapore-based commodities trading transaction with a credit amount of USD 5 million, incorporating credit default swap features and expiring in March 2025."
1. Letter Header: Bank details, reference numbers, and date
2. Beneficiary Details: Complete identification of the beneficiary including name, address, and registration details
3. Credit Amount: Specification of the credit amount, currency, and any tolerance levels
4. Synthetic Structure: Details of the synthetic nature of the credit including replication mechanism and underlying reference
5. Terms and Conditions: Specific conditions for drawing under the credit including presentation requirements
6. Expiry Details: Validity period, expiry date, and place for presentation
1. Transfer Provisions: Terms and conditions for transferring the credit to another beneficiary
2. Revolving Terms: Specifications for revolving credit facility including reinstatement provisions
3. Confirmation Terms: Terms relating to confirmation by another bank including confirmation instructions
1. Schedule 1: Required Documents: Comprehensive list of documents required for drawing under the credit
2. Schedule 2: Fee Structure: Detailed breakdown of all applicable fees, charges, and commission
3. Appendix A: Draw-down Procedures: Step-by-step procedures for making drawings under the credit
4. Appendix B: Form of Demand: Standard template for making demands under the credit
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