This document is essential for transactions requiring a Cash Collateralized Letter of Credit under Dutch law, commonly used in international trade and financial transactions where the applicant provides cash collateral to secure the bank's issuance of a Letter of Credit. The agreement is structured to comply with Dutch financial regulations, including the Financial Supervision Act and relevant provisions of the Dutch Civil Code, while also incorporating international banking standards such as UCP 600. It is particularly useful when parties seek additional security in trade transactions, as the cash collateral provides the issuing bank with immediate recourse in case of a drawing under the Letter of Credit. The document includes comprehensive provisions covering collateral requirements, maintenance obligations, drawing conditions, and the rights and responsibilities of all parties involved.
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1. Parties: Identification of all parties: the applicant, the issuing bank, and the beneficiary
2. Background: Context of the transaction and relationship between the parties
3. Definitions: Definitions of key terms used throughout the agreement
4. Letter of Credit Terms: Core terms including amount, validity period, and purpose of the LC
5. Cash Collateral Provisions: Terms regarding the cash collateral including amount, maintenance, and top-up requirements
6. Security Arrangements: Details of how the cash collateral is secured and held
7. Drawing Requirements: Conditions and documentation required for drawing under the LC
8. Bank's Rights and Obligations: Responsibilities and rights of the issuing bank
9. Applicant's Representations and Warranties: Standard representations and warranties from the applicant
10. Fees and Expenses: All applicable fees, charges, and expense allocation
11. Events of Default: Circumstances constituting default and consequences
12. Governing Law and Jurisdiction: Choice of law and jurisdiction provisions
1. Multiple Beneficiary Provisions: Additional terms for LCs with multiple beneficiaries
2. Transfer and Assignment: Terms governing if and how the LC can be transferred or assigned
3. Foreign Currency Provisions: Special provisions for LCs in foreign currencies
4. Electronic Presentation: Terms for electronic presentation of documents
5. Force Majeure: Provisions dealing with extraordinary events and their impact
6. Tax Provisions: Specific tax-related terms if cross-border elements exist
7. Anti-Money Laundering Compliance: Additional AML requirements if needed for high-risk transactions
1. Form of Letter of Credit: Template or actual form of the LC to be issued
2. Required Documents: Detailed list of documents required for LC drawing
3. Fee Schedule: Detailed breakdown of all applicable fees and charges
4. Cash Collateral Account Details: Specifications of the account(s) where collateral will be held
5. Drawing Procedures: Step-by-step procedures for making drawings under the LC
6. Form of Drawing Request: Template for beneficiary's drawing request
7. Specimen Signatures: Authorized signatures for relevant parties
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Commodities Trading
Retail
Energy
Construction
Agriculture
Shipping and Logistics
Relevant Teams
Legal
Treasury
Trade Finance
Risk Management
Compliance
Corporate Banking
International Banking
Commercial Banking
Finance
Credit Risk
Relevant Roles
Trade Finance Manager
Treasury Manager
Financial Controller
Credit Risk Manager
Commercial Banking Officer
Trade Operations Manager
Legal Counsel
Compliance Officer
Corporate Banking Relationship Manager
International Business Development Manager
Import/Export Manager
Chief Financial Officer
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