This document template is designed for situations where the size or risk profile of a letter of credit requires participation from multiple banks rather than a single issuing bank. A Syndicated Letter of Credit is particularly useful for large-scale international trade transactions where risk sharing is desired among financial institutions. The document, governed by Danish law, incorporates elements of Danish banking regulations, EU financial directives, and international trade practices such as UCP 600. It establishes the framework for multiple banks to participate in the letter of credit facility, defining their respective roles, commitments, and risk-sharing arrangements. The document is typically used in high-value transactions where the credit exposure exceeds the risk appetite or regulatory limits of a single bank, or where the applicant prefers to distribute its banking relationships across multiple institutions.
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Key Requirements PROMPT example:
Syndicated Letter Of Credit
I need a Syndicated Letter of Credit agreement governed by Danish law for a €500 million renewable energy project in Northern Europe, with a five-bank syndicate led by Danske Bank, to be effective from March 2025, with specific provisions for green finance compliance and quarterly sustainability reporting.
1. Parties: Identification of all parties including the issuing bank, participating banks in the syndicate, the applicant, and the beneficiary
2. Background: Context of the transaction and relationship between the parties
3. Definitions: Detailed definitions of terms used throughout the agreement
4. Letter of Credit Terms: Core terms including amount, validity period, and conditions for drawing
5. Syndicate Structure: Details of the participating banks' roles, commitments, and sharing arrangements
6. Rights and Obligations: Specific responsibilities of each party including documentation requirements
7. Fees and Charges: Structure of fees, commissions, and charges applicable to the facility
8. Payment Mechanics: Procedures for drawings, reimbursements, and inter-bank settlements
9. Risk Participation: Allocation of risks among syndicate members
10. Communications: Procedures for notices, requests, and other communications
11. Governing Law and Jurisdiction: Specification of Danish law as governing law and jurisdiction arrangements
12. Force Majeure: Provisions for unforeseen circumstances affecting performance
13. Amendment Provisions: Procedures for modifying the letter of credit terms
1. Security Arrangements: Required when additional security or collateral is provided by the applicant
2. Transfer Provisions: Included when the letter of credit needs to be transferable
3. Back-to-Back Arrangements: Used when back-to-back letter of credit structures are involved
4. Revolving Provisions: Included for revolving letters of credit
5. Bank Defaulting Provisions: Specific provisions dealing with potential default by syndicate members
6. Sanctions Compliance: Detailed compliance requirements when dealing with sensitive jurisdictions or parties
7. Green/Sustainable Finance Provisions: Required for letters of credit supporting green or sustainable projects
1. Schedule 1 - Commercial Terms: Detailed commercial terms including pricing, validity periods, and specific conditions
2. Schedule 2 - Form of Drawing Request: Standard format for presentation of documents for drawing
3. Schedule 3 - Syndicate Participants and Commitments: List of participating banks and their respective commitments
4. Schedule 4 - Fee Schedule: Detailed breakdown of all applicable fees and charges
5. Schedule 5 - Required Documents: Comprehensive list of required documents for drawings
6. Schedule 6 - Form of Transfer Certificate: Standard format for transfer documentation if applicable
7. Appendix A - Standard Forms: Collection of standard forms for various notices and requests
8. Appendix B - Communication Procedures: Detailed procedures for various types of communications
9. Appendix C - Specimen Signatures: Authorized signatures for all relevant parties
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Energy and Utilities
Construction
Shipping and Maritime
Agriculture and Commodities
Infrastructure
Oil and Gas
Mining and Metals
Renewable Energy
Telecommunications
Relevant Teams
Legal
Trade Finance
Credit Risk
Compliance
Treasury
Corporate Banking
International Banking
Transaction Banking
Document Checking
Syndications
Operations
Client Relations
Relevant Roles
Trade Finance Manager
Syndications Director
Legal Counsel
Risk Manager
Relationship Manager
Credit Officer
Treasury Manager
Compliance Officer
Documentary Credits Specialist
Chief Financial Officer
Banking Operations Manager
International Trade Specialist
Corporate Finance Director
Senior Credit Analyst
Transaction Banking Manager
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