The Syndicated Letter of Credit is utilized when the size or complexity of a trade transaction necessitates risk-sharing among multiple financial institutions. This document type is particularly relevant in Singapore's position as a major trade and financial hub, where large-scale international transactions are common. The agreement details participation shares, risk allocation, administrative procedures, and payment mechanisms among syndicate members. It combines local Singapore regulatory requirements with international banking practices, making it a robust instrument for managing substantial trade finance obligations while providing security to all parties involved.
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1. Parties: Identifies all participating banks in the syndicate, the issuing bank, and the beneficiary
2. Background: Sets out the context of the transaction and the purpose of the Letter of Credit
3. Definitions: Defines key terms used throughout the document
4. Facility Details: Specifies the LC amount, currency, and availability period
5. Participation Shares: Details each syndicate member's commitment percentage and exposure
6. Documentary Requirements: Lists required documents for LC drawing and compliance
7. Payment Mechanics: Describes payment procedures, reimbursement rights, and settlement processes
8. Fees and Expenses: Details all applicable fees, charges, and cost allocation
1. Transfer Rights: Terms for transferring participation rights when LC transferability is permitted
2. Security Provisions: Details of any collateral or security arrangements when the LC is secured
3. Tax Provisions: Handling of tax implications and withholding requirements for cross-border transactions
4. Force Majeure: Provisions for unforeseen circumstances when specific risk allocation is required
1. Form of LC: The actual Letter of Credit template to be issued
2. Fee Schedule: Detailed breakdown of all fees and charges
3. Required Documents: Comprehensive list of required documents and their formats
4. Participation Register: Details of syndicate members and their commitments
5. Administrative Details: Contact information and payment instructions for all parties
6. Form of Transfer Certificate: Template for transferring participation rights
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