A Letter of Credit Promissory Note is a sophisticated financial instrument used when parties require both the security of a letter of credit and the flexibility of a negotiable instrument. This document type is particularly relevant for international trade transactions where the buyer's bank provides additional security to the seller through a letter of credit, while simultaneously incorporating a promissory note structure. Under Austrian law, this instrument must comply with the Wechselgesetz (Bills of Exchange and Promissory Notes Act) and the Austrian Banking Act (BWG), while also adhering to international banking standards such as the UCP 600. It typically includes specific payment terms, conditions for presentation, and details of all involved banking parties, making it a crucial tool for trade finance and international commercial transactions.
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1. Place and Date of Issuance: Specific location and date when the promissory note is issued, which is legally required under Austrian law
2. Unconditional Promise to Pay: Clear statement of unconditional promise to pay a specific sum, including the currency and amount both in numbers and words
3. Beneficiary Details: Complete name and address of the party to whom or to whose order the payment is to be made
4. Payment Terms: Specific date or determinable future time when payment is due, including whether payable on demand or at a fixed date
5. Issuing Bank Information: Complete details of the bank issuing the letter of credit, including name, branch, and address
6. Reference to Letter of Credit: Specific reference to the related letter of credit, including its number and date
7. Maker's Information: Complete details of the person/entity making the promise to pay, including full legal name and address
8. Governing Law Declaration: Explicit statement that the note is governed by Austrian law
1. Interest Rate Provision: Optional clause specifying any applicable interest rate and calculation method, used when the note bears interest
2. Place of Payment: Specific location where payment must be made, if different from the beneficiary's address
3. Protest Waiver: Optional waiver of protest requirement, used to simplify enforcement procedures
4. Transfer Provisions: Specific conditions for transferability of the note, if any restrictions are to be imposed
5. Security References: References to any collateral or security backing the promissory note, if applicable
1. Letter of Credit Terms: Complete copy or summary of the relevant letter of credit terms and conditions
2. Payment Schedule: If payments are to be made in installments, detailed schedule of payment dates and amounts
3. Security Documentation: If the note is secured, details of the security arrangement and related documentation
4. Authorized Signatories: List of authorized signatories and their specimen signatures when multiple parties are involved
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