The Loan Against Irrevocable LC agreement is a crucial financing instrument in the UAE's trade finance landscape, designed to provide working capital solutions to businesses engaged in international trade. This document is typically used when a borrower seeks to obtain immediate financing against an irrevocable Letter of Credit issued by a reputable bank. The agreement must comply with UAE Federal Law No. 18 of 1993 (Commercial Code), UAE Central Bank regulations, and international banking practices (UCP 600). It includes comprehensive details about security arrangements, payment mechanisms, rights and obligations of parties, and enforcement provisions. The document's structure reflects the UAE's position as a major global trading hub and incorporates specific requirements for Islamic finance compatibility when required.
Your data doesn't train Genie's AI
You keep IP ownership of your information
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
OR
Let Genie AI's market-leading legal AI identify missing terms, unusual language, compliance issues and more - in just seconds.
Upload your Doc
1. Parties: Identifies the lender(s) and borrower(s), including their legal details and addresses
2. Background: Context of the loan facility and the underlying Letter of Credit details
3. Definitions: Key terms used throughout the agreement, including banking, LC, and financial terms
4. Facility Details: Loan amount, purpose, drawdown conditions, and relationship to the LC
5. Letter of Credit Provisions: Details of the underlying LC, issuing bank, beneficiary, and LC terms
6. Conditions Precedent: Prerequisites for loan disbursement including LC documentation requirements
7. Representations and Warranties: Borrower's declarations regarding their legal status, authority, and LC validity
8. Security and Assignment: Assignment of LC proceeds and any additional security arrangements
9. Payment Terms: Repayment schedule, interest calculations, and payment mechanics
10. Covenants: Ongoing obligations of the borrower regarding the LC and loan facility
11. Events of Default: Circumstances constituting default and consequences
12. Governing Law and Jurisdiction: Applicable law and dispute resolution mechanisms
1. Multiple LC Provisions: Required when the loan is secured by multiple Letters of Credit
2. Syndication Provisions: Needed when multiple lenders are involved in the facility
3. Islamic Finance Compliance: Required for Shariah-compliant facilities
4. Currency Exchange Provisions: Necessary when LC and loan are in different currencies
5. Insurance Requirements: Detailed insurance obligations when required by lender
6. Security Trustee Provisions: Required when security is held through a security trustee
7. Cross-Border Security Provisions: Needed when security involves multiple jurisdictions
1. Letter of Credit Details: Complete details of the LC including terms, conditions, and beneficiary information
2. Fee Schedule: Breakdown of all applicable fees, charges, and commission
3. Drawdown Schedule: Timeline and conditions for loan disbursement
4. Form of Drawdown Notice: Standard format for requesting loan disbursement
5. Security Documents: List and copies of all security documents
6. Conditions Precedent Documents: Checklist and copies of required documentation
7. Contact Details: List of authorized representatives and contact information for all parties
8. Payment Mechanics: Detailed procedures for payments and LC proceeds collection
Relevant legal definitions
Advance Rate
Assignment Agreement
Banking Day
Beneficiary
Borrower
Commercial Code
Conditions Precedent
Default Interest Rate
Drawdown Date
Drawdown Notice
Event of Default
Expiry Date
Facility
Facility Amount
Finance Documents
Financial Indebtedness
Governing Law
Interest Payment Date
Interest Period
Interest Rate
Irrevocable Letter of Credit
Issuing Bank
LC Documents
LC Proceeds
Lender
LIBOR
Loan
Material Adverse Effect
Maturity Date
Payment Date
Permitted Security Interest
Principal Amount
Repayment Date
Repayment Schedule
Security
Security Agent
Security Documents
Security Interest
Specified Account
Tax
Transaction Documents
UCP 600
Assignment Agreement
Banking Day
Beneficiary
Borrower
Commercial Code
Conditions Precedent
Default Interest Rate
Drawdown Date
Drawdown Notice
Event of Default
Expiry Date
Facility
Facility Amount
Finance Documents
Financial Indebtedness
Governing Law
Interest Payment Date
Interest Period
Interest Rate
Irrevocable Letter of Credit
Issuing Bank
LC Documents
LC Proceeds
Lender
LIBOR
Loan
Material Adverse Effect
Maturity Date
Payment Date
Permitted Security Interest
Principal Amount
Repayment Date
Repayment Schedule
Security
Security Agent
Security Documents
Security Interest
Specified Account
Tax
Transaction Documents
UCP 600
Clauses
Facility Terms
Letter of Credit
Security
Assignment
Conditions Precedent
Representations and Warranties
Covenants
Events of Default
Payment Obligations
Interest
Fees and Expenses
Tax Provisions
Increased Costs
Indemnities
Set-off
Currency Provisions
Documentation Requirements
Notice Requirements
Confidentiality
Assignment and Transfer
Amendments and Waivers
Severability
Counterparts
Governing Law
Dispute Resolution
Force Majeure
Electronic Communications
Anti-Money Laundering
Sanctions Compliance
Further Assurance
Letter of Credit
Security
Assignment
Conditions Precedent
Representations and Warranties
Covenants
Events of Default
Payment Obligations
Interest
Fees and Expenses
Tax Provisions
Increased Costs
Indemnities
Set-off
Currency Provisions
Documentation Requirements
Notice Requirements
Confidentiality
Assignment and Transfer
Amendments and Waivers
Severability
Counterparts
Governing Law
Dispute Resolution
Force Majeure
Electronic Communications
Anti-Money Laundering
Sanctions Compliance
Further Assurance
Relevant Industries
Banking & Financial Services
International Trade
Manufacturing
Import/Export
Commodities Trading
Retail
Construction
Energy
Telecommunications
Maritime & Shipping
Relevant Teams
Legal
Trade Finance
Credit
Risk Management
Compliance
Treasury
Corporate Banking
Operations
Documentary Credits
Finance
Relevant Roles
Trade Finance Manager
Credit Manager
Legal Counsel
Relationship Manager
Risk Manager
Compliance Officer
Treasury Manager
Finance Director
Commercial Banking Officer
Documentary Credits Specialist
Chief Financial Officer
Banking Operations Manager
Corporate Finance Manager
Find the exact document you need
Application Letter For Lc
A UAE-compliant formal application to a bank requesting the issuance of a Letter of Credit, governed by UAE banking regulations and international UCP 600 rules.
find out more
Loan Against Letter Of Credit
UAE-governed loan agreement securing finance against a Letter of Credit, compliant with UAE banking and commercial laws.
find out more
Collateral For Letter Of Credit
A UAE law-governed security agreement establishing collateral arrangements to secure Letter of Credit obligations, compliant with UAE banking regulations and commercial law.
find out more
180 Days Usance Lc
A UAE-governed financial instrument providing 180-day deferred payment terms in international trade, backed by bank guarantee and regulated under UAE commercial law.
find out more
Export Lc Discounting
UAE-governed agreement for discounting export Letters of Credit, establishing terms between financial institutions and exporters for early payment against LCs.
find out more
Cash Collateralized Letter Of Credit
UAE law-governed agreement for issuing Letters of Credit backed by cash collateral, establishing terms between bank and applicant under UAE Commercial Transactions Law.
find out more
Application For Letter Of Credit
A UAE-compliant formal application to a bank requesting the issuance of a Letter of Credit for securing international trade transactions, governed by UAE Commercial Law and UCP 600.
find out more
Letter To Bank For Reversal Of Amount
A formal request letter to UAE banks for reversing a transaction amount, complying with UAE banking regulations and providing necessary transaction details.
find out more
Contour Letter Of Credit
A UAE law-governed digital Letter of Credit issued via the Contour platform, providing secure payment guarantee in international trade transactions.
find out more
Loan Against Irrevocable Lc
UAE law-governed financing agreement for loans secured against irrevocable Letters of Credit, incorporating UAE banking regulations and commercial code requirements.
find out more
Usance Lc Discounting
UAE-governed agreement for discounting Usance Letters of Credit, facilitating trade finance between banks and exporters under UAE banking regulations.
find out more
Transferring Bank In Lc
UAE-governed document establishing terms and conditions for Letter of Credit transfers through a Transferring Bank, compliant with UAE banking laws and regulations.
find out more
Sight Lc And Usance Lc
UAE-governed Letter of Credit document for international trade, offering either immediate (Sight) or deferred (Usance) payment terms under UAE law and UCP 600.
find out more
Revolving SBLC
UAE law-governed Revolving SBLC agreement establishing an automatically reinstating credit facility, compliant with UAE banking regulations and international standards.
find out more
Payment Terms Dlc
UAE-governed payment terms document for Documentary Letters of Credit, incorporating local banking regulations and international practices.
find out more
Payment Against Lc
UAE-governed document establishing terms and conditions for Letter of Credit payment arrangements in international trade transactions.
find out more
Non Transferable SBLC
A UAE-governed banking instrument providing payment guarantee from a bank to a specific, non-transferable beneficiary, subject to defined conditions.
find out more
Non Transferable Letter Of Credit
A UAE-governed banking instrument that provides payment security in international trade while explicitly prohibiting transfer of drawing rights to third parties.
find out more
Non Operative SBLC
A UAE-governed standby letter of credit serving as a bank-issued payment guarantee in international trade, compliant with UAE Federal Laws and international banking practices.
find out more
Negotiation Bank In Lc
UAE-governed agreement establishing terms for Letter of Credit negotiations between banks and beneficiaries, aligned with UAE banking laws and international practices.
find out more
Negotiable Lc
A UAE-governed banking instrument that provides payment security in international trade, combining local UAE banking regulations with international standards for letter of credit transactions.
find out more
Mixed Payment Lc
A UAE-law governed trade finance instrument combining immediate and deferred payment mechanisms for international trade transactions.
find out more
Letter Of Credit For Domestic Transactions
A UAE-governed banking instrument that guarantees payment for domestic transactions between UAE-based parties, subject to the presentation of compliant documents.
find out more
Letter Of Credit Discounting Charges
A UAE-governed banking document that specifies all charges and terms related to Letter of Credit discounting services.
find out more
Letter Of Credit Available With
A UAE-governed banking instrument that specifies the nominated bank where a Letter of Credit is available and how it can be utilized in international trade transactions.
find out more
Letter For OverFacility
A UAE-governed banking document that establishes an overdraft facility agreement between a bank and customer, specifying credit limits and terms under UAE banking regulations.
find out more
Lc In Purchase Order
A UAE-governed financial instrument combining Letter of Credit requirements with purchase order specifications, providing payment security and transaction details under UAE commercial law.
find out more
Irrevocable Non Transferable Letter Of Credit
A UAE-governed banking instrument providing guaranteed payment in international trade, issued as an irrevocable and non-transferable commitment under UAE Commercial Code and UCP 600.
find out more
Irrevocable Lc Payment Terms
UAE-governed payment terms document for irrevocable letters of credit, establishing secure international trade payment conditions under UAE law and UCP 600.
find out more
Direct Pay Standby Letter Of Credit
A UAE-governed banking instrument providing irrevocable payment commitment upon document presentation, combining local banking laws with international practices.
find out more
Cumulative Revolving Letter Of Credit
UAE-governed trade finance instrument establishing an automatically reinstating credit facility for multiple drawings, compliant with UAE banking laws and UCP 600.
find out more
Credit Card Clearance Letter
A UAE-compliant formal confirmation letter issued by a bank declaring full settlement and closure of a credit card account with no outstanding obligations.
find out more
Freely Negotiable Letter Of Credit
A UAE-governed banking instrument that provides a secure payment mechanism in international trade, allowing for negotiation by any bank worldwide.
find out more
Verbiage Letter Of Credit
A UAE-governed banking instrument that guarantees payment in international trade transactions, subject to UAE Commercial Code and UCP 600 rules.
find out more
Transferable Lc At Sight
A UAE-governed financial instrument allowing transfer of letter of credit rights with payment at sight, facilitating secure international trade transactions.
find out more
Straight Letter Of Credit
A UAE-governed banking instrument providing secure payment guarantee in international trade transactions, subject to UAE Federal Law and UCP 600.
find out more
Small Business Letter Of Credit
A UAE-governed Letter of Credit document providing payment security for small businesses in international trade transactions, complying with UAE banking laws and UCP 600.
find out more
Loan Facility Letter
A UAE-governed document issued by a financial institution outlining loan facility terms and conditions, compliant with UAE banking and commercial laws.
find out more
Non Operative Letter Of Credit
A UAE-governed preliminary Letter of Credit that outlines terms and conditions but remains inoperative until specific conditions are met, following UAE banking regulations and UCP 600.
find out more
Letter Of Credit In Logistics
A UAE-governed banking instrument that guarantees payment in international trade transactions upon presentation of compliant logistics and shipping documents.
find out more
Genie’s Security Promise
Genie is the safest place to draft. Here’s how we prioritise your privacy and security.
Your documents are private:
We do not train on your data; Genie’s AI improves independently
All data stored on Genie is private to your organisation
Your documents are protected:
Your documents are protected by ultra-secure 256-bit encryption
We are ISO27001 certified, so your data is secure
Organizational security:
You retain IP ownership of your documents and their information
You have full control over your data and who gets to see it
.png)
.png)