The legal and structural framework of lma-type model loan agreements secured by export credit agencies

This thesis examines the legal and structural framework of model credit agreements developed by the Loan Market Association (LMA), which are supported by export credit agencies and constitute a key instrument in the financing of international trade. Focusing on the risks faced by exporters in accessing external financing, the study analyzes the integration of insurance and guarantee mechanisms provided by export credit agencies into LMA Export Finance Buyer Credit Facility Agreements. It offers a conceptual foundation regarding the scope, parties, and collateral structures of export credit insurance, while also exploring the legal characterization of such agreements and the role of export credit agencies within this contractual framework. Moreover, the thesis evaluates the interaction between Turkey's export credit insurance regime and LMA-based agreements, elucidating the legal and functional significance of this model for both lenders and exporters.At the center of this thesis are the Export Finance Buyer Credit Facility Agreements developed by the Loan Market Association (LMA), which are frequently used in international credit relations based on export financing, yet remain underexplored in Turkish academic literature. The general structure, areas of application, and the relationship of LMA agreements with export credit agencies are evaluated, with a particular focus on the pre-disbursement stages and associated conditions. Subsequent chapters offer an in-depth analysis of the contractual components reflected in LMA practice. Definitions, credit terms, interest calculations, early repayment and cancellation provisions, security structures, increased cost clauses, guarantee obligations, indemnity provisions, and changes in parties are all examined in detail. In addition, representations and undertakings, events of default, boilerplate clauses, and governing law provisions are comprehensively addressed. This study presents a holistic evaluation of the export credit insurance system and LMA-based credit agreements, illustrating how these instruments are structured within international financing processes and what legal implications they entail for Turkish exporters. Ultimately, the thesis aspires to contribute to the safer and more effective use of export credit insurance and to serve as a guide for understanding the contractual structures encountered in international trade practice.