Letters of credit

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Practice notes
This Practice Note provides an introduction to intercreditor agreements and their key provisions. This Practice Note:•explains the purpose of having...
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9th Nov
Practice notes
BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be...
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9th Nov
Practice notes
The vast majority of derivative transactions are documented by standard documentation developed and published by the International Swaps and...
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9th Nov
Practice notes
What is a direct agreement?Direct agreements are very common in project finance transactions. A direct agreement is an agreement which gives the...
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9th Nov
Practice notes
BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be...
Read More >
9th Nov
Practice notes
This Practice Note explains the features of three common types of loan facility:•overdrafts•term loans, and•revolving credit facilities (RCFs)It also...
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9th Nov
Practice notes
What is a 'capital call facility'?A capital call facility is a form of finance provided by a lender to a fund and typically secured against investors’...
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Produced in partnership with Peter Olds of Cleary, Gottlieb, Steen & Hamilton 12th Jan
Practice notes
Subordination is a way of changing the priority of claims against a debtor so that one creditor or group of creditors (the junior creditor(s)) agree...
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9th Nov
Practice notes
The key feature of a floating charge is that, until it crystallises, the chargor is entitled to deal with the charged assets in the normal course of...
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9th Nov
Practice notes
In many commercial finance transactions, lenders expect to be given some form of credit support to increase their confidence in being able to recover...
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9th Nov
Practice notes
There are times when a lender might want to get back some of the money it has lent to a borrower before the borrower is due to repay it.If the...
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9th Nov
Practice notes
Given the cross-border nature of many banking transactions, it is common for the principal legal advisors for lenders and borrowers to need to...
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9th Nov
Practice notes
The majority of secondary debt trades are conducted by telephone or by email. Following the trade call or email exchange, the parties will document...
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9th Nov
Practice notes
What is a borrowing base facility?Borrowing base facilities ('BB Facilities') are a type of trade finance. They are working capital credit facilities...
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Produced in partnership with Dentons UK and Middle East LLP 12th Jan
Precedents
[insert date]To:[insert full name and address of lender]Dear [insert full name of lender]I am a director of [insert full name of borrower] (the...
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9th Nov
Practice notes
Shares are commonly offered as security for a loan in commercial lending transactions.Practice Note: Taking security over shares explains how to take...
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9th Nov

Most recent Letters of credit content

Practice notes
Coronavirus (COVID-19): The ICC has issued a guidance paper on the impact of COVID-19 on trade finance transactions issued subject to ICC rules. For...
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8th Apr
Practice notes
Commercial letters of credit (also known as traditional letters of credit or L/Cs) are used as a method of payment in the context of international and...
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8th Apr
Practice notes
Coronavirus (COVID-19): The ICC has issued a guidance paper on the impact of COVID-19 on trade finance transactions issued subject to ICC rules. For...
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8th Apr
Practice notes
The simplest form of a commercial letter of credit is an undertaking by a bank to pay the beneficiary of the letter of credit a specific sum within a...
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8th Apr
Practice notes
This Practice Note sets out the key issues relevant to trade and commodity finance during the coronavirus (COVID-19) outbreak.For information on the...
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8th Apr
Q&As
This Q&A considers the differences between a standby letter of credit (SBLC) and an ordinary letter of credit (CLC), sometimes also referred to as a...
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16th Mar
Practice notes
Commercial letters of credit (also known as traditional letters of credit or L/Cs) are used in relation to the movement of goods in the context of...
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28th Feb
Practice notes
Standby letters of credit are a type of letter of credit.The common feature of all letters of credit is an undertaking by a bank to pay the...
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28th Feb
Precedents
[TO BE PRINTED ON THE HEADED PAPER OF THE ISSUING BANK]To:[insert name and address of beneficiary]Date: [insert date]Dear [insert organisation...
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16th Feb

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