The Standby Letter of Credit for Lease is a crucial financial instrument in the Malaysian commercial leasing landscape, commonly used when substantial lease commitments require robust security arrangements. This document is typically required when traditional security deposits are impractical due to the size of the lease obligation, or when landlords prefer bank-backed security. The instrument provides landlords with quick access to funds in case of tenant default, while tenants benefit from not having to lock up large amounts of capital in security deposits. The document must comply with Malaysian banking regulations and the Financial Services Act 2013, while often incorporating international banking practices such as UCP 600 or ISP98. It details the conditions for drawing on the credit, required documentation, and the bank's payment obligations, typically covering multiple months of rent and other lease obligations.
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1. Letter Reference and Date: Unique reference number and date of issuance of the SLOC
2. Issuing Bank Details: Complete name and address of the issuing bank
3. Beneficiary Information: Full name and address of the beneficiary (typically the landlord)
4. Applicant Information: Full name and address of the applicant (typically the tenant)
5. Credit Amount: The maximum amount available under the SLOC and currency
6. Underlying Lease Reference: Details of the lease agreement being secured, including date and parties
7. Expiry Date and Place: Clear statement of when and where the credit expires
8. Drawing Terms: Specific conditions under which the credit may be drawn
9. Required Documents: List of documents required for drawing under the credit
10. Governing Law and Jurisdiction: Statement that Malaysian law governs and reference to UCP 600/ISP98 as applicable
11. Authentication: Bank's authorized signatures and authentication details
1. Automatic Extension Clause: Used when parties want the SLOC to automatically extend for additional periods unless notice is given
2. Partial Drawing Provisions: Include when multiple or partial drawings are to be permitted
3. Transfer Rights: Include when the credit should be transferable to another beneficiary
4. Multiple Bank Confirmation: Used when confirmation by another bank is required
5. Electronic Presentation Terms: Include when electronic presentation of documents is permitted
1. Drawing Certificate Format: Prescribed format for the beneficiary's demand for payment
2. Required Documents Checklist: Detailed list of all documents required for drawing under the credit
3. Notice of Default Format: Standard format for notice of tenant default under the lease
4. Bank Contact Details: Complete contact information for relevant bank departments
5. Transfer Request Form: Standard form for requesting transfer of the credit (if transferable)
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