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Letter Of Credit Reimbursement Agreement

Letter Of Credit Reimbursement Agreement Template for Singapore

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Key Requirements PROMPT example:

Letter Of Credit Reimbursement Agreement

"Need a Letter of Credit Reimbursement Agreement for our Singapore subsidiary to secure LC facilities of up to SGD 5 million with DBS Bank, with quarterly reimbursement terms and pledge of fixed deposits as security."

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What is a Letter Of Credit Reimbursement Agreement?

The Letter of Credit Reimbursement Agreement is essential in international trade financing under Singapore law. It provides security to banks issuing letters of credit by establishing a clear legal framework for reimbursement. The agreement details payment obligations, timeframes, security arrangements, and remedies available to the bank. It's particularly crucial in Singapore's role as a major trading hub, where letters of credit facilitate billions in trade transactions annually. The agreement must comply with Singapore banking regulations, UCP 600, and relevant MAS notices.

What sections should be included in a Letter Of Credit Reimbursement Agreement?

1. Parties: Identification of the bank and the applicant/borrower

2. Background: Context of the LC issuance and reimbursement arrangement

3. Definitions: Key terms used tHRoughout the agreement

4. Reimbursement Obligation: Core obligation to reimburse the bank for LC payments

5. Payment Terms: Timing and method of reimbursement payments

6. Security Arrangements: Collateral and security provisions

7. Representations and Warranties: Standard assurances from the applicant

8. Events of Default: Circumstances constituting default and consequences

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

1. Currency Provisions: Required for cross-border LCs involving multiple currencies

2. Tax Provisions: Required when tax implications need specific addressing

3. Assignment Rights: Include when transfer rights need to be specified

4. Counter-Indemnity: Additional protection for bank in high-risk transactions

What schedules should be included in a Letter Of Credit Reimbursement Agreement?

1. Form of LC Application: Standard form for requesting LC issuance

2. Fee Schedule: Detailed breakdown of bank charges and fees

3. Security Documents: List and copies of security arrangements

4. Authorized Signatories: List of persons authorized to act for applicant

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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alex.den.21@genieai.co
Clauses
Reimbursement Obligation
Payment Terms
Fees and Charges
Security and Collateral
Representations and Warranties
Covenants
Events of Default
Remedies
Interest and Default Interest
Currency Provisions
Indemnification
Set-off Rights
Amendment and Modification
Assignment and Transfer
Notices
Confidentiality
Force Majeure
Governing Law
Dispute Resolution
Term and Termination
Documentation Requirements
Bank's Rights and Obligations
Tax Provisions
Compliance with Laws
Severability
Entire Agreement
Waiver
Counterparts
Industries

UCP 600: Uniform Customs and Practice for Documentary Credits - The primary international rules governing letters of credit operations

ISP98: International Standby Practices - Rules governing standby letters of credit and certain aspects of commercial letters of credit

Bills of Exchange Act: Singapore Chapter 23 - Legislation governing negotiable instruments including bills of exchange related to letters of credit

Banking Act: Singapore Chapter 19 - Primary legislation governing banking operations and credit facilities in Singapore

Contract Law: Singapore Chapter 53B - Fundamental legislation governing contractual relationships and obligations

MAS Act: Monetary Authority of Singapore Act (Chapter 186) - Regulatory framework for financial institutions and banking operations

MAS Notice 643: Regulatory notice governing transactions with related parties in banking institutions

MAS Notice 648: Regulatory requirements for minimum liquid assets and minimum cash balances for banks

ICC Guidelines: International Chamber of Commerce rules and guidelines for international banking practices

Basel Committee RecommeNDAtions: International banking supervision standards and recommeNDAtions applicable to letter of credit operations

AML Regulations: Anti-money laundering regulations applicable to letter of credit transactions

CTF Provisions: Counter-terrorism financing provisions that must be considered in international banking transactions

Foreign Exchange Control: Regulations governing foreign exchange transactions and international transfers

Banking Secrecy: Provisions protecting confidentiality of banking transactions and customer information

Singapore Case Law: Relevant judicial decisions and precedents regarding letters of credit in Singapore courts

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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