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Standby Letter Of Credit For Lease

Standby Letter Of Credit For Lease Template for Ireland

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Key Requirements PROMPT example:

Standby Letter Of Credit For Lease

"I need a Standby Letter of Credit for Lease to secure a 5-year commercial lease for our Dublin office space, with AIB Bank as issuer, for €500,000, expiring March 1, 2025, with automatic annual renewal provisions and allowing partial drawings."

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Document background
The Standby Letter of Credit For Lease is a crucial financial instrument in Irish commercial property transactions, designed to provide landlords with secure and readily accessible financial protection against tenant default. This document is typically required in high-value commercial lease arrangements or when tenants have limited trading history in Ireland. It establishes the bank's irrevocable commitment to pay a specified sum upon presentation of complying documents, usually equivalent to 6-12 months' rent and service charges. The document operates under Irish law while incorporating international banking standards, making it particularly useful for international tenants or cross-border lease arrangements. It provides landlords with a more secure alternative to cash deposits or bank guarantees, while tenants benefit from not having to tie up large amounts of capital in security deposits.
Suggested Sections

1. Letter Details: Opening section specifying the SLOC reference number, date, and parties (beneficiary/landlord and applicant/tenant)

2. Amount and Currency: Clear statement of the credit amount and currency of payment

3. Underlying Transaction: Reference to the specific lease agreement being secured, including its date and key details

4. Expiry Details: Specific date or condition when the SLOC expires, including place of expiry

5. Drawing Terms: Precise conditions and documentation required for drawing under the SLOC

6. Presentation Requirements: Detailed requirements for how and where documents must be presented for drawing

7. Bank's Undertaking: The specific commitment of the issuing bank to honor complying presentations

8. Governing Law and Jurisdiction: Statement of Irish law as governing law and jurisdiction for disputes

9. Applicable Rules: Reference to UCP 600 or ISP98 as applicable rules governing the SLOC

Optional Sections

1. Automatic Extension Clause: Include when the SLOC needs to automatically extend for additional periods unless bank gives notice of non-extension

2. Transfer Provisions: Include when the SLOC needs to be transferable to another beneficiary

3. Multiple Drawing Provisions: Include when partial drawings are to be permitted

4. Electronic Presentation Terms: Include when electronic presentation of documents is acceptable

5. Special Conditions: Include when there are unique requirements specific to the lease arrangement

6. Bank's Recourse Rights: Include when specific recourse arrangements exist between bank and applicant

Suggested Schedules

1. Form of Demand: Standard format for beneficiary to make a complying demand under the SLOC

2. Form of Transfer Request: If transferable, the format for requesting transfer of the SLOC

3. Lease Agreement Extract: Relevant extract from the lease agreement showing the SLOC requirement

4. Required Beneficiary Statements: Templates of any specific statements required from beneficiary when drawing

5. Contact Details Schedule: Contact information for all relevant parties including presentation location

6. Fee Schedule: If applicable, schedule of bank fees and charges related to the SLOC

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Banking & Financial Services

Real Estate

Commercial Property

Retail

Industrial & Manufacturing

Office Space

Hospitality

Logistics & Warehousing

Healthcare Facilities

Educational Institutions

Relevant Teams

Legal

Finance

Treasury

Real Estate

Risk Management

Corporate Banking

Property Management

Facilities Management

Credit Administration

Commercial Operations

Relevant Roles

Commercial Property Manager

Treasury Manager

Chief Financial Officer

Real Estate Director

Legal Counsel

Risk Manager

Trade Finance Manager

Property Portfolio Manager

Facilities Manager

Commercial Lease Administrator

Banking Relationship Manager

Corporate Real Estate Manager

Financial Controller

Credit Risk Officer

Company Secretary

Industries
Uniform Customs and Practice for Documentary Credits (UCP 600): While not strictly legislation, these international rules are widely adopted in Ireland for letters of credit operations and provide the fundamental framework for SLOC issuance and operation
International Standby Practices (ISP98): Specific rules governing standby letters of credit, which are commonly incorporated into SLOC agreements in Ireland
Central Bank Act 1942 (as amended): Governs the regulation of financial institutions in Ireland that issue SLOCs and sets out relevant supervisory framework
Landlord and Tenant Law Amendment Act Ireland 1860 (Deasy's Act): Fundamental legislation governing landlord and tenant relationships in Ireland, relevant to the underlying lease agreement
Land and Conveyancing Law Reform Act 2009: Modern legislation governing property transactions and leases in Ireland
European Communities (Electronic Money) Regulations 2011: Relevant for electronic transfers and payments related to the SLOC
Criminal Justice (Money Laundering and Terrorist Financing) Act 2010: Compliance requirements for financial institutions when issuing SLOCs and handling related transactions
European Union (Consumer Mortgage Credit Agreements) Regulations 2016: Relevant if the lease involves residential property and mortgage considerations
Statute of Frauds (Ireland) 1695: Historic but still relevant legislation requiring certain contracts, including those relating to land, to be in writing
Contract Law (Ireland): Common law principles governing contract formation, performance, and enforcement in Ireland
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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