The Letter of Credit Promissory Note serves as a crucial financial instrument in Singapore's banking and trade landscape. This document is typically used when parties require both the payment security of a letter of credit and the transferable nature of a promissory note. It's particularly valuable in international trade transactions where the beneficiary needs documented payment assurance that can be potentially negotiated or discounted. Under Singapore law, this instrument must comply with the Bills of Exchange Act and Banking Act, while typically following UCP 600 guidelines for international standardization. The document combines the creditworthiness of the issuing bank with the maker's direct payment obligation.
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1. Promise to Pay Statement: Unconditional promise to pay a specific sum, clearly stating the amount in numbers and words
2. Payment Terms: Due date, place of payment, and payment method specifics
3. Issuing Bank Details: Complete details of the bank issuing the letter of credit, including registration number and address
4. Beneficiary Details: Complete details of the party to whom payment is to be made, including full legal name and address
5. Governing Law: Statement specifying Singapore law as the governing law and jurisdiction
1. Security Provisions: Details of any collateral or security, used when additional security is required for the promissory note
2. Interest Rate Clause: Details of interest rate and calculation method, included when interest is chargeable on the principal amount
3. Acceleration Clause: Conditions under which full payment becomes immediately due, included for additional security
4. Default Provisions: Consequences and remedies in case of default, included when specific default terms are required
1. Payment Schedule: Detailed schedule of payments if installment payments are involved
2. Security Details Schedule: Comprehensive description of security or collateral if applicable
3. Letter of Credit Details: Copy or detailed reference to the associated letter of credit
4. Bank Authorization Documents: Required bank forms and authorization documents
Relevant legal definitions
Letter of Credit
Promissory Note
Issuing Bank
Beneficiary
Maker
Principal Amount
Maturity Date
Payment Date
Place of Payment
Business Day
Event of Default
Interest Rate
Default Interest Rate
Banking Day
Applicable Law
UCP 600
Confirming Bank
Collection Documents
Payment Obligation
Security Interest
Governing Law
Drawing
Presentation
Original Letter of Credit
Credit Facility
Due Course
Promissory Note
Issuing Bank
Beneficiary
Maker
Principal Amount
Maturity Date
Payment Date
Place of Payment
Business Day
Event of Default
Interest Rate
Default Interest Rate
Banking Day
Applicable Law
UCP 600
Confirming Bank
Collection Documents
Payment Obligation
Security Interest
Governing Law
Drawing
Presentation
Original Letter of Credit
Credit Facility
Due Course
Clauses
Promise to Pay
Payment Terms
Interest
Security
Default
Acceleration
Presentment
Notice
Waiver
Assignment
Transferability
Currency
Place of Payment
Bank Details
Governing Law
Jurisdiction
Amendment
Force Majeure
Representations and Warranties
Documentary Requirements
Protest
Demand
Collection
Enforcement
Stamp Duty
Taxes
Payment Terms
Interest
Security
Default
Acceleration
Presentment
Notice
Waiver
Assignment
Transferability
Currency
Place of Payment
Bank Details
Governing Law
Jurisdiction
Amendment
Force Majeure
Representations and Warranties
Documentary Requirements
Protest
Demand
Collection
Enforcement
Stamp Duty
Taxes
Relevant Industries
Relevant Teams
Relevant Roles
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