Letter Of Credit Facility for the United Kingdom

Letter Of Credit Facility Template for England and Wales

A Letter of Credit Facility is a formal arrangement between a bank and a client, governed by English and Welsh law, which establishes a maximum amount up to which the bank will issue letters of credit on behalf of the client. The facility document outlines terms, conditions, fees, and security requirements for the issuance of individual letters of credit, providing a framework for ongoing trade finance support. It incorporates UCP 600 rules and complies with UK financial services regulations.

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What is a Letter Of Credit Facility?

The Letter of Credit Facility is essential for businesses engaged in international trade requiring regular access to letters of credit. This facility agreement, governed by English and Welsh law, establishes a pre-approved credit line for the issuance of letters of credit, streamlining the process for recurring trade transactions. It provides certainty of terms and conditions while reducing administrative burden for both the bank and the client. The document typically includes facility limits, validity period, security arrangements, and compliance requirements under UK financial regulations.

What sections should be included in a Letter Of Credit Facility?

1. Facility Details: Amount, purpose, and type of LC facility being offered

2. Terms and Conditions: Key conditions for utilizing the facility including validity period and renewal terms

3. Commission and Charges: Fee structure, payment terms, and applicable charges

4. Security Requirements: Details of collateral and other security arrangements required

5. Documentation Requirements: List of required documents for LC issuance and compliance

What sections are optional to include in a Letter Of Credit Facility?

1. Revolving Facility Terms: Specific terms and conditions applicable for revolving letter of credit facilities

2. Multicurrency Provisions: Terms and conditions for facilities offering multiple currency options

3. Syndication Terms: Specific provisions for syndicated letter of credit facilities

What schedules should be included in a Letter Of Credit Facility?

1. Fee Schedule: Detailed breakdown of all applicable fees, charges, and commission rates

2. Form of LC Application: Standard application form for requesting individual LCs under the facility

3. Security Documents: Templates and copies of required security documentation

4. Conditions Precedent: Comprehensive list of documents and conditions required before facility effectiveness

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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International Trade
Manufacturing
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Relevant Teams

Treasury
Finance
Trade Operations
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Relevant Roles

Trade Finance Manager
Chief Financial Officer
Treasury Manager
Import/Export Manager
Credit Risk Manager

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Unsecured Letter Of Credit

An England & Wales financial document ensuring payment assurance without collateral in international and domestic trade.

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What is a Letter Of Credit Facility?

What sections should be included in a Letter Of Credit Facility?

What sections are optional to include in a Letter Of Credit Facility?

What schedules should be included in a Letter Of Credit Facility?

Authors

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