Letter of Credit Financing agreements are essential documents in international trade finance, particularly in the Indonesian context where they must comply with both local banking regulations and international banking practices. This document type is used when a company requires financing for its international trade activities through Letters of Credit, typically for import or export transactions. The agreement details the financing facility, including the credit limit, validity period, security arrangements, and repayment terms. Under Indonesian law, Letter of Credit Financing must comply with Bank Indonesia regulations, particularly Regulation No. 5/11/PBI/2003 on Prudential Principles in Letter of Credit Activities, while also adhering to international standards such as UCP 600. The document serves as a comprehensive framework for the financing relationship between the bank and its customer, incorporating necessary safeguards and compliance requirements specific to the Indonesian jurisdiction.
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1. Parties: Identification of the financing bank and the customer (L/C applicant)
2. Background: Context of the financing arrangement and reference to the underlying Letter of Credit
3. Definitions: Key terms used in the agreement including banking, L/C, and financing-specific terminology
4. Facility Terms: Details of the L/C financing facility including amount, purpose, and tenure
5. Interest and Fees: Specification of interest rates, banking fees, and other charges
6. Disbursement Conditions: Prerequisites and conditions for L/C financing disbursement
7. Repayment Terms: Schedule and methods of repayment, including early repayment provisions
8. Security Arrangements: Details of collateral or security provided for the financing
9. Representations and Warranties: Standard declarations by the customer regarding their legal and financial status
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. Currency Provisions: Required when L/C financing involves foreign currency, detailing exchange rate mechanisms and currency risk management
2. Islamic Banking Provisions: Required when the L/C financing is provided under Sharia principles
3. Syndication Provisions: Required when multiple banks are involved in providing the L/C financing
4. Insurance Requirements: Required when specific insurance coverage is mandated for the underlying goods
5. Tax Provisions: Detailed tax arrangements required when cross-border elements exist
6. Force Majeure: Specific force majeure provisions beyond standard terms, particularly relevant for international trade
1. Facility Summary: Detailed breakdown of the L/C financing facility terms and conditions
2. Fee Schedule: Comprehensive list of all applicable fees and charges
3. Form of L/C Application: Standard form for L/C applications under the facility
4. Security Details: Detailed description of security or collateral arrangements
5. Disbursement Request Form: Standard form for requesting disbursements under the facility
6. Compliance Certificate: Template for periodic compliance certification
7. UCP 600 Incorporation: Specific provisions of UCP 600 applicable to the facility
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Retail
Commodities Trading
Shipping and Logistics
Agriculture
Mining and Resources
Textile Industry
Electronics Manufacturing
Automotive Industry
Relevant Teams
Legal
Finance
Treasury
International Trade
Risk Management
Compliance
Trade Operations
Credit Administration
Corporate Banking
Documentary Credits
Relevant Roles
Trade Finance Manager
Chief Financial Officer
Treasury Manager
Import/Export Manager
Finance Director
Banking Relationship Manager
Credit Risk Officer
Commercial Banking Officer
Trade Operations Manager
Compliance Officer
Legal Counsel
Documentary Credits Specialist
International Trade Specialist
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