The Letter of Credit Promissory Note is a specialized financial instrument commonly used in Nigerian international trade and banking transactions. This document becomes necessary when parties require both the security of a letter of credit and the negotiability of a promissory note, typically in situations involving significant cross-border trade transactions. The instrument is governed by Nigerian law, particularly the Bills of Exchange Act and Central Bank of Nigeria regulations, and provides a legally binding promise to pay that is linked to an underlying letter of credit. It includes essential details such as payment terms, parties involved, reference to the original letter of credit, and specific conditions for payment. This type of document is particularly valuable in complex international trade transactions where multiple parties are involved and additional payment security is required.
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1. Letterhead and Date: Official letterhead of the issuing party and date of execution
2. Promissory Note Declaration: Clear statement that this is a promissory note, including the unconditional promise to pay
3. Letter of Credit Reference: Details of the associated Letter of Credit, including LC number and issuing bank
4. Principal Amount: The sum promised to be paid, stated in both figures and words
5. Payment Terms: Specific terms including due date, interest rate, and payment method
6. Issuing Party Details: Full legal name and address of the party issuing the promissory note
7. Beneficiary Details: Full legal name and address of the party to whom payment is promised
8. Place of Payment: Specific location or bank account where payment is to be made
9. Governing Law Statement: Clear statement that the note is governed by Nigerian law
10. Signature Block: Space for authorized signature, name, and title of the issuing party
1. Multiple Drawdown Terms: Include when the promissory note relates to multiple drawdowns under the LC
2. Currency Conversion Provisions: Required for international transactions with currency conversion requirements
3. Security Details: Include when the note is secured by specific assets or guarantees
4. Default and Acceleration: Additional terms regarding events of default and acceleration of payment
5. Transfer Rights: Specific provisions regarding the transferability of the note
6. Tax Provisions: Include when specific tax considerations need to be addressed
7. Force Majeure: Include when specific circumstances might affect payment obligations
1. Payment Schedule: Detailed schedule of payment dates and amounts, if installment payments are involved
2. Copy of Letter of Credit: Attached copy of the referenced Letter of Credit
3. Bank Details: Complete banking information for payment processing
4. Security Documentation: If applicable, details of any security or collateral arrangements
5. Corporate Authorization: Evidence of authority to issue the promissory note, such as board resolutions
Relevant legal definitions
Applicable Law
Banking Day
Beneficiary
Bills of Exchange Act
Business Day
Confirming Bank
Default Event
Due Date
Event of Default
Issuing Bank
Letter of Credit
LC Number
Maturity Date
Payment Amount
Payment Location
Principal Sum
Promissory Note
Reference Rate
Security Interest
Stamp Duty
Trade Documents
Transaction
Transfer Rights
Underlying Transaction
Interest Rate
Interest Period
Default Interest
Force Majeure Event
Authorized Signatory
Bank Account
Currency
Exchange Rate
Governing Law
Jurisdiction
Notice
Outstanding Amount
Payment Terms
Secured Obligations
Banking Day
Beneficiary
Bills of Exchange Act
Business Day
Confirming Bank
Default Event
Due Date
Event of Default
Issuing Bank
Letter of Credit
LC Number
Maturity Date
Payment Amount
Payment Location
Principal Sum
Promissory Note
Reference Rate
Security Interest
Stamp Duty
Trade Documents
Transaction
Transfer Rights
Underlying Transaction
Interest Rate
Interest Period
Default Interest
Force Majeure Event
Authorized Signatory
Bank Account
Currency
Exchange Rate
Governing Law
Jurisdiction
Notice
Outstanding Amount
Payment Terms
Secured Obligations
Clauses
Payment Obligation
Interest
Security
Default
Enforcement
Assignment
Notices
Governing Law
Jurisdiction
Representations and Warranties
Stamp Duty
Force Majeure
Amendment
Severability
Entire Agreement
Currency
Tax
Costs and Expenses
Indemnification
Transfer Rights
Counterparts
Waiver
Time of Essence
Authority
Interest
Security
Default
Enforcement
Assignment
Notices
Governing Law
Jurisdiction
Representations and Warranties
Stamp Duty
Force Majeure
Amendment
Severability
Entire Agreement
Currency
Tax
Costs and Expenses
Indemnification
Transfer Rights
Counterparts
Waiver
Time of Essence
Authority
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Import/Export
Commodities Trading
Oil and Gas
Agriculture
Wholesale Distribution
Retail
Construction
Mining
Telecommunications
Relevant Teams
Legal
Finance
Treasury
International Trade Operations
Risk Management
Compliance
Banking Operations
Credit Administration
Trade Finance
Corporate Banking
Relevant Roles
Chief Financial Officer
Trade Finance Manager
International Banking Officer
Finance Director
Treasury Manager
Credit Manager
Risk Management Officer
Import/Export Manager
Legal Counsel
Compliance Officer
Banking Operations Manager
Documentary Credits Specialist
Corporate Banking Manager
Transaction Banking Officer
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