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Typical SBLC/BG/MTN Buy Procedures*
Instrument: BG (Bank Guarantee), MTN (Medium Term Note) STAND BY credit (SBLC)* *NOTE: NOTE: CASH-BACK & Lease BG / SBLC procedures require escrowed funds to o complete the transaction. Term: One (1) year and one (1) DAY (Or as agreed) Issuing Bank: Top 25 Bans & Rated AAA Age: FRESH CUT, Seasoned (BG/MT N) NOTE: NOTE: FRESH CUT Instruments do not have ISIP’s or CUSIP’s. o Currency: Euro Amount of contract: 10 M MIN- MAX 5Bil Euro Price: on request Cost: Purchase: Purchase: % of Face Face Amount Amount + Min. Min. 2% (Two (Two Percen Percentt of Face Face Amount Amount ) - 1% and and 1% o BUYER & SELLER SELLER side Commission Commission Lease: Lease: on request request (between (between 8% to 14% of of face amount of of the instrument) instrument) o Payment: Purchase: Purchase: BY SWIFT MT-103 o Lease: Lease: Escrow. Cost/Payment must be deposited deposited to Issuer designated designated License and o Bonded Escrow Agent Escrow approved by Client in advance of deposit. Instrument Delivery: SWIFT MT 760 / courier within seven (7) business days after receipt of payment.
Procedures: Procedures:
Purchase: Buyer submits Buyer submits the following documents: o Letter of Intent (LOI) to the Seller, including details of the company Passport Copy Receiving bank banking coordinates Proof of Funds demonstrating liquid funds available to purchase the requested instrument instrument (Bank Statement Statement – within 3 days old, old, Tear Sheet, Sheet, MT799) MT799)
Lease ( All All Services except Instrument Pur chase Follow the Instrument Lease Doc ument and Escrow Closing Procedures) Procedures) Buyer executes the following documents: o Request for Services CIS – CIS – Customer Informati on Sheet including details of the compan y, copy of passport and, and, transaction and receiving bank coordinates. Proof of Funds demonstrating liquid funds available to escrow cost of service (Bank Statement – within 3 days old, Verification of Deposit Deposit on bank letterhead) Memorandum of Understanding Escrow Escrow Agent and Escrow Escrow Instructions Instructions (cost of service must be escrowed following the approval/execution of escrow agent/escrow instructions). Important Note regarding escrow: Buyers who cannot follow the instructions outlined above or who are incapable of providing proof of funds at engagement are discouraged requesting services. Deviation from the prescribed Issuer/Investor procedures is discouraged.
Buy Procedures
Procedures Cont’d
Purchased Instrument Closing Procedures: Seller executes the LOI and returns it to the buyer with detailed information about the o financial instrument and it automatically becomes a complete LOI commercial contract. Within two (2) banking days Seller's bank sends BG/Bank Instrument Pre-Advice via o SWIFT MT-799 in the Buyer's bank Within two (2) business days after receipt of the preliminary consultation on SWIFT MTo 799, the Buyer instructs his bank to send SWIFT MT-799 with confirmation of acceptance of financial instruments and guarantees payment to the Buyer after verification MT760 within 5 (five) bank days. Seller's bank sends the BG/Bank Instrument by SWIFT MT-760 in the Buyer's bank. o Buyer's bank checks and verifies the received BG/Bank Instrument through the SWIFT o MT-760 and send the payment via SWIFT MT-103 to the Seller within 5 (five) days from the international banking, and at the same time pays 1% of the nominal value of each tranche, as payment for consulting services / commissions, in accordance with the Agreement Irrevocable Master Fee Protecti on and method of payment is an integ ral part of this agreement. Seller's Bank within seven (7) international banking days from receipt of full payment of o the invoice, send hard copy of the original BG/Bank Instrument to Buyer’s bank by bonded courier. Leased Instrument Closing Procedures: Issuer executes MOU and returns it to the buyer with detailed information about the o financial instrument and it automatically becomes a complete commercial contract. Buyer approves then executes Issuer Agreement/Escrow Agent and Escrow instructions. o Within two (2) banking days buyer deposits Lease Fee into Escrow o Within two (2) business days after receipt of the preliminary consultation on SWIFT MTo 799, the Buyer instructs his bank to send SWIFT MT-799 with confirmation of acceptance of financial instruments and guarantees payment to the Buyer after verification MT760 within 5 (five) bank days. Seller's bank sends the BG/Bank Instrument by SWIFT MT-760 in the Buyer's bank. o Buyer's bank checks and verifies the received BG/Bank Instrument through the SWIFT o MT-760. Within three (3) banking days after Buyers bank confirmation, authentication of BG/Bank o Instrument Escrow releases consulting services / commissions, in accordance with the Escrow Agreement Seller's Bank within seven (7) international banking days from receipt of full payment of o the invoice, send hard copy of the original BG/Bank Instrument to Buyer’s bank by bonded courier.
