The Letter of Credit Promissory Note is a sophisticated financial instrument commonly used in Philippine commercial transactions where enhanced payment security is required. This hybrid document combines the security features of a letter of credit with the payment obligation characteristics of a promissory note, making it particularly valuable in both domestic and international trade finance. It provides beneficiaries with bank-backed security while establishing clear payment terms and conditions for the borrower. The document must comply with Philippine banking regulations, particularly the Negotiable Instruments Law and Central Bank guidelines, while often incorporating international banking practices such as UCP 600 for cross-border transactions. It's frequently used in scenarios where traditional letters of credit or standard promissory notes alone may not provide sufficient security or flexibility for the parties involved.
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1. Issuing Bank Details: Full name and address of the bank issuing the letter of credit
2. Promissory Note Details: Note number, date of issuance, and place of issuance
3. Principal Amount: The exact amount being promised, both in figures and words
4. Beneficiary Information: Complete details of the party to whom the payment is promised
5. Payment Terms: Specific terms including interest rate, maturity date, and payment schedule
6. Letter of Credit Reference: Reference to the related letter of credit number and details
7. Drawing Conditions: Conditions under which the note can be drawn against the letter of credit
8. Default Provisions: Consequences and procedures in case of default
9. Governing Law: Explicit statement that the note is governed by Philippine law
10. Signature Block: Space for authorized signatures, including bank officials and borrower
1. Collateral Details: Used when additional security is provided beyond the letter of credit
2. Currency Conversion: Include when the letter of credit and promissory note involve different currencies
3. International Banking Codes: Required for international transactions, including SWIFT codes and corresponding bank details
4. Assignment Provisions: Include when the note needs to be transferable
5. Force Majeure: Optional clause describing circumstances beyond control that may affect payment
6. Dispute Resolution: Include when specific arbitration or dispute resolution procedures are required
1. Payment Schedule: Detailed breakdown of payment dates and amounts if involving multiple payments
2. Interest Calculation Method: Detailed explanation of how interest is calculated and applied
3. Supporting Documents: List of required documents for drawing against the letter of credit
4. Bank Authorization Forms: Standard forms required by the issuing bank
5. Specimen Signatures: Authorized signatures for all relevant parties
Relevant legal definitions
Clauses
Relevant Industries
Banking
International Trade
Import/Export
Manufacturing
Wholesale
Retail
Construction
Agriculture
Energy
Mining
Shipping and Logistics
Commodities Trading
Relevant Teams
Finance
Treasury
Trade Finance
Risk Management
Legal
International Business
Credit Administration
Banking Relations
Compliance
Documentary Credits
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Trade Finance Manager
Credit Manager
Banking Relations Manager
Financial Controller
Import/Export Manager
Risk Management Officer
Commercial Banking Officer
Trade Finance Specialist
Documentary Credits Manager
Corporate Banking Manager
International Business Manager
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