IECA Irrevocable Standby Letter of Credit Form and Supporting Documentation

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Date
February 3, 2017
Type
Branded Form
Presenters
IECA
Description
  • IECA Irrevocable Standby Letter of Credit Form
  • IECA Letter of Credit Practice Tips for Standby Letters of Credit Subject to ISP98
  • IECA Irrevocable Standby Letter of Credit Provisions to Paragraph 13 of the ISDA ® 1994 Credit Support Annex
  • IECA Irrevocable Standby Letter of Credit Provisions to Paragraph 13 of the ISDA ® 2016 Credit Support Annex for Variation Margin (VM)

This tool is a standardized irrevocable standby Letter of Credit form for industry wide use. The supporting documentation includes practice tips for using standby Letters of Credit and recommended provisions for Paragraph 13 of the 1994 ISDA® Credit Support Annexand Paragraph 13 of the 2016 ISDA ® Credit Support Annex for Variation Margin (VM).

Any company that uses and/or accepts Letters of Credit as a form of collateral will benefit from using the IECA documentation. The IECA Letter of Credit form was drafted and prepared by a diverse group of experienced energy professionals including some of the industry’s top lawyers, credit and finance professionals. The IECA Letter of Credit form was prepared specifically for energy companies and the way Letters of Credit are used in the energy industry. 

The people that deserve special thanks are Doug Lanzo, Chair of the IECA Letter of Credit Working Group, Ginger Price, Geoffrey Heffernan, Jeremy Weinstein, KC Hairston, John Evenstad, Mark Sherrill, Craig Enochs, Ryan Evans, CJ Lee, Delia White, Karen Scott, Kari Olesen, Todd Rodgers, Joseph Yu and Phil Lookadoo.

If you are a non-member and would like to purchase these documents, please visit our IECA bookstore HERE.

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Volunteer Opportunity Spotlight

Social Media Task Force
This role is primarily focused on helping promote and grow our IECA social media platforms (LinkedIn, Facebook, etc.) and strategize new marketing for the IECA via social media. 

Why the IECA?

Being a member of the IECA has allowed me to access a wealth of knowledge regarding different aspects of risk management and I have been able to apply this newly-acquired knowledge to my work. Interacting with other members during the different calls and initiatives is what I enjoy the most. The exchange of ideas and knowledge can be quite refreshing. My favorite memory is likely to be my first attendance at an IECA Conference because I felt welcome and appreciated despite being a "newbie" and not knowing anybody. I would recommend joining the IECA to expand your knowledge with regards to risk management and your network.

Victor Ureta

Sempra Infrastructure

Director Risk & Structuring