The Secured Letter of Credit is a sophisticated financial instrument used when standard documentary credits require additional security measures. This document type is particularly relevant in high-value international trade transactions or when dealing with parties seeking enhanced credit protection. Under German law, the Secured Letter of Credit combines traditional letter of credit features with robust security arrangements, making it suitable for transactions where the issuing bank requires collateral against the credit facility. The document incorporates provisions from German banking and security laws, international banking practices (UCP 600), and includes detailed sections covering the security structure, drawing conditions, and compliance requirements. It's commonly used in cross-border trade finance, project finance, and large commercial transactions where parties seek the reliability of German law combined with strong security features.
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1. Letter Reference and Date: Unique identification number of the LC and issuance date
2. Applicant Details: Full name, address, and reference details of the party requesting the letter of credit
3. Beneficiary Details: Full name, address, and reference details of the party in whose favor the LC is issued
4. Issuing Bank Details: Name, address, and contact information of the issuing bank
5. Credit Amount and Currency: Specification of the maximum amount and currency of the letter of credit
6. Form of Credit: Specification that this is a secured letter of credit and its type (irrevocable, confirmed, etc.)
7. Security Arrangements: Details of the collateral or security provided, including type, value, and terms
8. Availability and Expiry: How and where the credit is available, expiration date, and place for presentation
9. Drawing Terms: Specific conditions and documentation required for drawing under the LC
10. Governing Law and Jurisdiction: Specification of German law and jurisdiction
1. Advising Bank Details: Required if an advising bank is involved in the transaction
2. Confirmation Instructions: Needed if confirmation by another bank is requested
3. Transferability Clause: Include if the credit is to be transferable
4. Revolving Terms: Include if the letter of credit is revolving rather than single-use
5. Insurance Requirements: Specific insurance requirements for the security if applicable
6. Special Conditions: Any additional terms or conditions specific to the transaction
1. Schedule A - Required Documents: Detailed list of all documents required for drawing under the LC
2. Schedule B - Security Details: Comprehensive description of the security arrangement, including valuation and maintenance requirements
3. Schedule C - Fee Schedule: Details of all applicable fees, charges, and commission rates
4. Appendix 1 - Form of Draw Request: Standard format for beneficiary's drawing request
5. Appendix 2 - Security Documentation: Forms and documents relating to the security interest
6. Appendix 3 - UCP 600 Reference: Specific articles of UCP 600 applicable to this LC
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
International Trade
Manufacturing
Import/Export
Retail
Commodities Trading
Construction
Energy
Shipping & Logistics
Agriculture
Automotive
Chemical Industry
Relevant Teams
Legal
Trade Finance
Corporate Banking
Risk Management
Treasury
Compliance
International Banking
Documentary Credits
Credit Administration
Commercial Banking
Trade Operations
Security & Collateral Management
Relevant Roles
Trade Finance Manager
International Banking Officer
Credit Risk Manager
Treasury Manager
Finance Director
Chief Financial Officer
Trade Operations Manager
Documentary Credits Specialist
Corporate Banking Manager
Security Trustee
Legal Counsel
Compliance Officer
Commercial Banking Officer
Import/Export Manager
Supply Chain Manager
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