Cash Backed Letters of Credit are commonly used in international trade transactions where the applicant's creditworthiness needs to be secured by cash collateral. Under English and Welsh law, this document type provides additional security to the issuing bank while offering the beneficiary the assurance of payment upon presentation of compliant documents. The Cash Backed Letter of Credit includes specific provisions regarding the cash deposit, its management, and the conditions under which it can be utilized or released. It is particularly useful in situations where traditional unsecured credit facilities are not available or when regulatory requirements necessitate full cash backing.
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1. Letter Details: Date, reference number, and parties involved
2. Credit Amount: Specification of the credit amount and currency
3. Cash Backing Details: Information about the cash deposit securing the letter of credit
4. Expiry Date: Validity period of the letter of credit
5. Documentary Requirements: Required documents for credit utilization
6. Terms and Conditions: Standard terms governing the letter of credit
1. Transferability Clause: Additional provisions to be included when the letter of credit needs to be transferable to another beneficiary
2. Revolving Credit Provisions: Provisions to be included when the letter of credit is intended to be used for recurring trade transactions
3. Red Clause Provisions: Provisions governing advance payment terms when required by the transaction structure
1. Schedule of Documents: Detailed list of required documents and their specifications
2. Fee Schedule: Breakdown of all applicable fees and charges
3. Form of Demand: Template for making demands under the letter of credit
4. Cash Collateral Terms: Detailed terms governing the cash backing arrangement
Relevant legal definitions
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