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Letter Of Credit Promissory Note

Letter Of Credit Promissory Note Template for Austria

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Key Requirements PROMPT example:

Letter Of Credit Promissory Note

"I need a Letter of Credit Promissory Note for an international machinery purchase worth €2.5 million, with Raiffeisen Bank as the issuing bank and quarterly installment payments starting March 2025, where my Austrian manufacturing company is the maker and a German equipment supplier is the beneficiary."

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Document background
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.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

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

International Trade

Import/Export

Manufacturing

Wholesale Trade

Commodities Trading

Shipping & Logistics

Corporate Finance

Commercial Real Estate

Industrial Production

Relevant Teams

Treasury

International Banking

Trade Finance

Legal

Compliance

Risk Management

Corporate Banking

Trade Operations

Documentary Credits

Financial Control

Relevant Roles

Trade Finance Manager

International Banking Officer

Credit Manager

Treasury Manager

Finance Director

Commercial Banking Officer

Trade Operations Manager

Documentary Credits Specialist

Corporate Banking Manager

International Trade Specialist

Risk Management Officer

Legal Counsel

Compliance Officer

Industries
Austrian Civil Code (ABGB): The fundamental civil law code that governs contractual relationships, obligations, and general principles of contract formation and enforcement in Austria
Austrian Commercial Code (UGB): Regulates commercial transactions and business relationships, including specific provisions for commercial papers and financial instruments
Austrian Banking Act (BWG): Governs banking operations and financial services in Austria, including regulations on issuing letters of credit and other banking instruments
ICC Uniform Customs and Practice for Documentary Credits (UCP 600): International rules for letters of credit that are widely adopted in Austria and govern international letter of credit transactions
Bills of Exchange and Promissory Notes Act (Wechselgesetz): Specific Austrian legislation governing the form, content, and enforcement of promissory notes and bills of exchange
EU Regulation No. 593/2008 (Rome I): European Union regulation on the law applicable to contractual obligations, relevant for international aspects of the letter of credit
Austrian Securities Supervision Act (WAG 2018): Regulates the supervision of securities and financial instruments, including certain aspects of negotiable instruments
Austrian Consumer Protection Act (KSchG): Must be considered if one party is acting as a consumer, as it provides additional protective measures and requirements
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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