Description
Instruments: � � � � � � �Fully Cash Backed/Bank
Guarantee (Standard ICC format)
Age: � � � � � � � � � � � � �Fresh
Cut
Interest Rate: � � � � � � Zero Coupon
Term: � � � � � � � � � � � � One (1) years
and One (1) day
Currency: � � � � � � � � � �Euro
Bank Menu: � � � � � � � � Top *5 Western European
Banks
�Amount: � � � � � � � � � � � XXXX Euro
with rolls & extensions
�Invoice Price: � � � � � � � �Forty (*0%)
Percent of the Face Value
Intermediary Fees:����������� Two Percent
(2%) of Face Value payable by Buyer
First
Tranche:�������������������
Negotiable.
Subsequent tranches:������� As per agreed tranching
schedule
�
Delivery:��������������������������
Issuing Bank sends PRE-ADVICE SWIFT MT***9/Buyer�s Bank sends
ICBPO SWIFT MT***9/Issuing Bank sends instrument via SWIFT
MT***0.
� Hard copy of Instrument will be delivered to Buyer�s Bank via
Bank Bonded courier within 7 banking days after receipt and
authentication of payment.
�
Payment: � � � � � � � Within 7 banking days after
receipt and authentication of SWIFT MT***0, Buyer�s Bank will
release payment to Seller�s Bank via SWIFT MT***3 in accordance
with terms and conditions in Buyer�s SWIFT MT**9 ICBPO.
TRANSACTION
PROCEDURES��
�
- Buyer
submits Letter Of Intent (LOI) with full banking coordinates (there
must be sufficient cash funds in this account), Enlarged **0%
Colour copy of Passport , Client Information Sheet , Certificate of
Incorporation (if applicable), Corporate Resolution (if
applicable), Non-Solicitation Statement, and an Irrevocable Fee
Protection Agreement
-
After�conducting due diligence, the Seller will countersign the
LOI and return it to Buyer including details of the BG Issuing
bank, and Seller�s Passport copy. This LOI automatically becomes
a full commercial recourse contract. Both parties shall lodge the
executed contract with their respective Banks and Buyer
will be required to acquire
customer status with our bank by opening a business account with us
(issuing bank).
�
�
- Within
two (2) banking days, the Seller�s Bank shall send a PRE-ADVICE
SWIFT MT***9 to the Buyer�s Bank. (EXHIBIT A ) �The PRE-ADVICE
shall be valid for� four (4) banking days only.
- Within
the same banking day, the Seller shall email a courtesy copy of the
PRE-ADVICE SWIFT �MT***9 to the Buyer for confirmation. Within
three (3) banking days after authentication of the PRE-ADVICE SWIFT
MT***9,the Buyer�s Bank shall reply and send a �SWIFT MT***9
ICBPO ( EXHIBIT B ) to the Seller�s bank and a courtesy copy
shall be sent �to the Seller�s email.
- Within
three (3) banking days, after authentication of the Buyer�s SWIFT
MT***9 ICBPO, the Seller�s BG Issuing Bank shall send the Bank
Guarantee via SWIFT MT***0 to the Buyer�s Bank� ( EXHIBIT C )
and a courtesy copy shall be sent to the Buyer�s email. The
Buyer�s bank verifies and authenticate the BG sent via SWIFT
MT***0.
- Within
three (3) banking days, after authentication of the BG sent via
SWIFT MT***0, the Buyer shall send payment to the Seller via SWIFT
MT***3 and concurrently pay Consultants commission fees of Two
Percent of each tranche face value. Courtesy copies of the
commission payments shall be sent to the respective
consultants/beneficiaries and their paymasters.
- Within
seven (7) banking days after authentication of receipt of payment
to the Seller, the Seller�s BG Issuing Bank shall send the hard
copy of the BG to the Buyer�s Bank� via Bank Bonded
Courier.
- All
subsequent tranches will be based on the same procedures until
collateral or funds become exhausted.
- Any
unauthorized calls by any party or its representative lawyers to
probe or communicate in an improper way to bank(s) in this
transaction shall be prohibited and contract terminated.
�
Should Buyer default to pay the fees to the Seller and the
Intermediaries fees as agreed on this contract within the allowed
number of days onauthentication of SWIFT MT***0,
the Seller shall instruct the BG Issuing Bank to put a claim on the
BG thereby forcing the Buyer\'s Bank to return the BG
SWIFT MT***0 to the issuing Bank.
�
SANCTIONS FOR NON
PERFORMANCE
After this contract is signed by both Seller and Buyer, and copies
exchanged electronically or otherwise by a delivery service,
failure to follow the closing procedure in time and form herein is
considered breach of this contract and puts the failing party in
default position to pay a onetime penalty fee of 1% of the first
tranche of the contract to the suffering Party.�
�
