The Letter of Credit Facility Agreement serves as a master agreement for businesses requiring regular access to letters of credit for international trade or domestic transactions. This document, governed by U.S. law and compliant with UCC Article 5, establishes the framework under which a bank commits to issue letters of credit up to an agreed limit. It includes essential terms such as facility amount, validity period, issuance procedures, fees, and security requirements. The agreement is particularly crucial for companies engaged in regular import/export activities or those requiring bank-backed payment assurances for their business operations.
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1. Parties: Identification of the bank, applicant, and beneficiary
2. Background: Purpose and context of the letter of credit facility
3. Definitions: Key terms used throughout the agreement including UCC Article 5 and UCP 600 references
4. Facility Terms: Amount, availability period, and purpose of the facility
5. Conditions Precedent: Requirements to be met before facility becomes available
6. Fees and Charges: All applicable fees, commissions, and charges
7. Representations and Warranties: Standard declarations by the applicant regarding legal capacity and compliance
8. Covenants: Ongoing obligations of the applicant including compliance with banking regulations
1. Security Arrangements: Details of any collateral or security arrangements when facility is secured
2. Syndication Provisions: Terms for multiple participating banks in syndicated facilities
3. Currency Provisions: Terms for multi-currency facilities when multiple currencies are involved
1. Fee Schedule: Detailed breakdown of all fees and charges applicable to the facility
2. Form of L/C Application: Standard form for requesting individual letters of credit under the facility
3. Form of Compliance Certificate: Template for periodic compliance reporting under banking regulations
4. Security Documents: Details of security arrangements and related documentation
5. Authorized Signatories: List of persons authorized to request letters of credit under the facility
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