The Bank Guarantee Term Deposit agreement is utilized when a party requires both a secure investment vehicle and a bank guarantee for business operations. This document, governed by English and Welsh law, establishes the relationship between the bank and the depositor, detailing the deposit amount, term, interest rates, and the conditions under which the bank guarantee can be called upon. It is particularly relevant for international trade and corporate transactions where secured funds are required, combining the security of a term deposit with the flexibility of a bank guarantee.
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1. Parties: Details of the bank and depositor
2. Background: Context of the term deposit arrangement and regulatory framework
3. Definitions: Key terms used throughout the agreement including banking, regulatory and financial terms
4. Deposit Terms: Amount, duration, interest rate, and payment terms of the term deposit
5. Early Withdrawal Provisions: Conditions and penalties for early withdrawal of the deposit
6. Bank's Obligations: Security measures, protection of deposits, and compliance with regulatory requirements
7. Representations and Warranties: Standard declarations from both parties regarding capacity and authority
8. Governing Law and Jurisdiction: Application of English and Welsh law and jurisdiction details
1. Automatic Renewal: Terms for rolling over the deposit at maturity - include when offering automatic renewal options
2. Multiple Currency Provisions: Rules for deposits in different currencies - include for multi-currency deposits
3. Tax Provisions: Tax implications and withholding requirements - include for international depositors
4. Force Majeure: Provisions for extraordinary events affecting banking operations - include based on bank policy
1. Schedule 1 - Interest Rate Schedule: Detailed breakdown of applicable interest rates and calculation methods
2. Schedule 2 - Fee Schedule: List of applicable fees and charges including early withdrawal penalties
3. Schedule 3 - FSCS Information Sheet: Standard information about deposit protection under the Financial Services Compensation Scheme
4. Schedule 4 - Account Opening Forms: Required documentation and forms for account setup and regulatory compliance
5. Schedule 5 - Regulatory Compliance: Details of compliance with FSMA, PRA, and FCA requirements
Relevant legal definitions
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