The Letter of Credit Agreement is a crucial document in international trade finance, particularly in Hong Kong's role as a major global financial center. This agreement is used when a customer requires regular letter of credit facilities from a bank to support their international trade operations. It establishes the master terms under which the bank will issue letters of credit, including facility limits, security requirements, fees, and operational procedures. The agreement must comply with Hong Kong's Banking Ordinance and typically incorporates international banking practices such as the UCP 600. It's particularly important for businesses engaged in import/export activities, as it provides a pre-approved framework for obtaining letters of credit without negotiating terms for each transaction. The document reflects Hong Kong's sophisticated banking system and its position as a key hub for international trade finance.
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1. Parties: Identification of the bank (issuing bank) and the applicant (customer requesting the L/C)
2. Background: Context of the agreement, including the applicant's business needs and the bank's willingness to provide L/C facilities
3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules of interpretation
4. L/C Facility: Details of the L/C facility, including the maximum aggregate amount and validity period
5. Application and Issuance: Procedures for applying for and issuing Letters of Credit
6. Fees and Commissions: Banking charges, commission rates, and payment terms
7. Security and Collateral: Security arrangements required by the bank
8. Representations and Warranties: Standard declarations by the applicant about their legal and financial status
9. Undertakings: Ongoing obligations of the applicant during the facility period
10. Events of Default: Circumstances constituting default and their consequences
11. Bank's Rights and Remedies: Actions the bank can take in case of default or breach
12. Payments and Calculations: Payment mechanisms, currency provisions, and calculation methods
13. General Provisions: Standard legal clauses including notices, amendments, and governing law
1. Syndication Provisions: Required when multiple banks are involved in providing the L/C facility
2. Electronic Platform Terms: Needed when the bank provides electronic L/C application and processing facilities
3. Counter-Indemnity: Additional indemnity provisions for complex trade transactions
4. Foreign Currency Provisions: Detailed provisions for L/Cs in multiple currencies
5. Back-to-Back L/C Terms: Required for back-to-back L/C arrangements
6. Transfer and Assignment: Terms for transferable L/Cs or assignment of proceeds
1. Schedule 1 - Facility Limits and Sub-limits: Detailed breakdown of facility limits and any sub-limits by type or currency
2. Schedule 2 - Fee Schedule: Comprehensive list of all applicable fees, charges, and commission rates
3. Schedule 3 - Form of L/C Application: Standard form for applying for individual Letters of Credit
4. Schedule 4 - Security Documents: List and copies of required security documents
5. Schedule 5 - Conditions Precedent: List of documents and conditions required before facility activation
6. Appendix A - Standard L/C Terms and Conditions: Bank's standard terms and conditions for L/C issuance
7. Appendix B - Authorized Signatories: List of persons authorized to submit L/C applications and amendments
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