The Trade Finance Facility Agreement is a crucial document used in Pakistan's banking sector to facilitate international trade and domestic commerce. It serves as the primary agreement between financial institutions and businesses seeking trade finance solutions such as letters of credit, guarantees, and working capital facilities. The document must comply with Pakistani legislation, including the Banking Companies Ordinance 1962, Foreign Exchange Regulation Act 1947, and State Bank of Pakistan's prudential regulations. It is particularly important in Pakistan's context where trade finance plays a vital role in supporting the country's significant textile, manufacturing, and agricultural exports, as well as essential imports. The agreement includes detailed provisions for facility utilization, security arrangements, compliance requirements, and enforcement mechanisms, all tailored to Pakistan's legal and regulatory framework.
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1. Parties: Identification of the financial institution(s) and the customer(s), including their legal status and registered addresses
2. Background: Context of the trade finance facility, including the customer's business nature and purpose of the facility
3. Definitions and Interpretation: Comprehensive definitions of terms used in the agreement and rules of interpretation
4. Facility Details: Type, amount, purpose, and tenure of the trade finance facility
5. Conditions Precedent: Documents and conditions required before facility utilization
6. Utilization Mechanics: Procedures and requirements for drawing down the facility
7. Payment Provisions: Terms regarding payments, including fees, charges, and mark-up/interest
8. Security Arrangements: Details of security/collateral required and maintenance obligations
9. Representations and Warranties: Customer's declarations regarding their legal status, authority, and financial condition
10. Covenants: Positive and negative undertakings by the customer
11. Events of Default: Circumstances constituting default and consequences thereof
12. Bank's Rights and Powers: Powers of the bank in various circumstances, including enforcement
13. Indemnities: Customer's obligations to indemnify the bank
14. Costs and Expenses: Allocation of transaction costs and ongoing expenses
15. Notices: Communication methods and contact details
16. Governing Law and Jurisdiction: Applicable law and dispute resolution mechanisms
1. Islamic Finance Provisions: Required if the facility is Shariah-compliant, including specific Islamic structures and requirements
2. Syndication Provisions: Required for syndicated facilities, including inter-creditor arrangements
3. Foreign Currency Provisions: Required if the facility involves foreign currency transactions
4. Insurance: Detailed insurance requirements for specific types of trade finance
5. Security Trustee Provisions: Required when security is held by a security trustee
6. Counter-Indemnities: Required for guarantee facilities
7. Assignment and Transfer: Required if transfer of facility rights is contemplated
8. Force Majeure: Required for addressing unforeseen circumstances affecting trade transactions
1. Facility Terms: Detailed commercial terms including pricing, limits, and sublimits
2. Security Details: Comprehensive list and description of security/collateral
3. Conditions Precedent Documents: List of required documentation
4. Utilization Request Form: Standard form for facility utilization requests
5. Fee Schedule: Detailed breakdown of all applicable fees and charges
6. Authorized Signatories: List of persons authorized to act on behalf of the customer
7. Standard Trade Terms: Bank's standard terms for specific trade products
8. Compliance Requirements: Detailed regulatory and compliance requirements
9. Financial Covenants: Specific financial ratios and reporting requirements
10. Form of Security Documents: Standard formats for various security documents
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