This document is essential for structured financing transactions in Indonesia where parties seek to establish a loan facility secured by a Standby Letter of Credit (SBLC) on a non-recourse basis. The SBLC Non-Recourse Loan agreement is particularly useful in project financing, international trade, and cross-border transactions where the lender agrees to look solely to the SBLC for repayment rather than the borrower's other assets. The document must comply with Indonesian banking regulations, particularly Law No. 7 of 1992 as amended by Law No. 10 of 1998 on Banking, while incorporating international banking practices. It is typically used when borrowers seek to leverage their banking relationships to obtain financing while limiting their direct liability, and when lenders are comfortable with the credit quality of the SBLC-issuing bank.
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1. Parties: Identifies the lender, borrower, and any other relevant parties to the agreement
2. Background: Sets out the context of the transaction and parties' intentions
3. Definitions and Interpretation: Defines key terms and establishes rules for interpreting the agreement
4. Loan Facility: Details the loan amount, purpose, and basic terms of the facility
5. SBLC as Security: Specifies the SBLC requirements, issuing bank criteria, and conditions
6. Non-Recourse Provisions: Clearly establishes the non-recourse nature of the loan and limitations of borrower liability
7. Drawdown Conditions: Sets out the conditions precedent and procedures for loan disbursement
8. Interest and Fees: Specifies interest rates, calculation methods, and applicable fees
9. Repayment Terms: Details the repayment schedule and mechanisms
10. SBLC Drawing Conditions: Establishes when and how the SBLC can be drawn upon
11. Representations and Warranties: Contains standard and transaction-specific representations by the borrower
12. Events of Default: Lists circumstances constituting default and consequences
13. Governing Law and Jurisdiction: Specifies Indonesian law as governing law and jurisdiction for disputes
14. Notices: Sets out how formal communications between parties should be made
15. Miscellaneous: Contains standard boilerplate provisions
1. Security Trustee Provisions: Required when a security trustee is appointed to hold the SBLC on behalf of multiple lenders
2. Currency Provisions: Needed when loan and SBLC currencies differ, specifying exchange rate mechanisms
3. Tax Provisions: Detailed section required when complex tax implications exist or for cross-border transactions
4. Bank Account Security: Required when specific accounts are needed for loan disbursement or SBLC proceeds
5. Assignment and Transfer: Needed when parties want to allow for transfer of rights under the agreement
6. Force Majeure: Optional expanded provisions for specific force majeure events affecting the SBLC or loan
7. Step-In Rights: Required when lender needs rights to step into borrower's position regarding the SBLC
1. Form of SBLC: Template or required format for the Standby Letter of Credit
2. Conditions Precedent: Detailed list of required documents and conditions before drawdown
3. Fee Schedule: Detailed breakdown of all fees, charges, and calculation methods
4. Form of Drawdown Request: Template for borrower to request loan disbursement
5. Form of SBLC Drawing Notice: Template for making a demand under the SBLC
6. Repayment Schedule: Detailed amortization or repayment schedule if applicable
7. Required Insurance: Details of any required insurance coverage
8. Form of Compliance Certificate: Template for periodic compliance certification if required
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