The LC Finance Term agreement is a crucial document used in Indonesian trade finance transactions to establish and govern Letter of Credit facilities between financial institutions and their clients. This agreement is particularly important in Indonesia's robust international trade environment, where Letters of Credit are frequently used to facilitate secure import/export transactions. The document incorporates specific requirements under Indonesian banking regulations, including Bank Indonesia directives and international banking standards such as UCP 600. It is typically used when companies require ongoing LC facilities for their regular trade operations, rather than one-off LC transactions. The agreement covers all essential aspects of the LC facility, including issuance terms, payment mechanisms, security requirements, and compliance obligations, while ensuring adherence to Indonesian foreign exchange regulations and banking laws.
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1. Parties: Identification of the financial institution(s) and the customer (applicant)
2. Background: Context of the LC financing arrangement and relationship between parties
3. Definitions: Key terms used throughout the agreement including banking, trade, and financial terms
4. Facility Terms: Details of the LC facility including amount, purpose, and validity period
5. Conditions Precedent: Prerequisites that must be satisfied before the facility becomes available
6. LC Issuance Terms: Conditions and procedures for LC issuance and amendments
7. Fees and Charges: All applicable fees, commissions, and charges related to the LC facility
8. Payment Terms: Terms of payment, including reimbursement obligations and payment mechanics
9. Representations and Warranties: Standard and specific declarations made by the customer
10. Covenants: Ongoing obligations of the customer during the facility period
11. Events of Default: Circumstances constituting default and consequences thereof
12. Governing Law and Jurisdiction: Specification of Indonesian law as governing law and jurisdiction details
1. Security Arrangements: Details of any collateral or security required - include if facility is secured
2. Counter-Indemnity: Customer's indemnification obligations - include for high-value LCs
3. Syndication Provisions: Terms relating to multiple participating banks - include if facility is syndicated
4. Insurance Requirements: Specific insurance obligations - include for certain types of trade transactions
5. Foreign Currency Provisions: Special terms for foreign currency LCs - include for non-IDR transactions
6. Special Trade Terms: Specific provisions for particular trade arrangements - include based on underlying trade
7. Agent Bank Provisions: Terms relating to the role of agent bank - include in syndicated facilities
1. Facility Particulars: Detailed breakdown of facility limits, sub-limits, and specific terms
2. Fee Schedule: Comprehensive list of all applicable fees and charges
3. Form of LC Application: Standard form for requesting LC issuance
4. Required Documents: List of documents required for LC issuance and drawings
5. Specimen Signatures: Authorized signatories for the customer
6. Conditions Precedent Documents: List of documents required to satisfy conditions precedent
7. Security Documents: Forms of security documents if applicable
8. Compliance Requirements: Details of ongoing compliance requirements and reporting
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Commodities Trading
Retail
Agriculture
Mining
Oil and Gas
Textiles
Electronics
Construction
Shipping and Logistics
Relevant Teams
Legal
Finance
Treasury
Trade Operations
Risk Management
Compliance
International Trade
Credit
Commercial Operations
Supply Chain
Documentary Credits
Relevant Roles
Trade Finance Manager
Chief Financial Officer
Finance Director
Treasury Manager
Import/Export Manager
Trade Operations Manager
Credit Risk Manager
Legal Counsel
Compliance Officer
Banking Relationship Manager
Commercial Director
Supply Chain Manager
International Trade Specialist
Documentary Credits Manager
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