() Bank Remittance Promise Letter.docx () Bank Remittance Promise Letter.docx
Size : 281.86 Kb
Type : docx

Description of Instrument:

 

1. Instrument:  BG, LC, SBLC, FRESH CUT (FC), 100% CASH-BACKED, ON ICC FORMAT 458 OR 758 OR 600

2 (A). MinimumFace Value:: 1 Million to up to 50 Billion USD/Euro  in Tranches of 500 Million  USD/Euro each.

2. (B). Contract Amount: XXXXXXXX Million Euro/Dollar;

1st Trnache: XXXXXXXX Million Euro/Dollar; Euro/$xxx,000,000,

2 (C). Beneficiary:

3. Issuing Bank: HSBC Bank London, Barclays Bank, Credit Suisse, Zurich, Duetsch               Bank and other AA Rated Banks.

4. Age:  One Year and One Day

5. Leasing Price:9%+ 3% commission, making it 12% of the BG Face Value

6. Delivery: {Bank-To-Bank Swift}

7. Payment: MT103

8. Hard Copy: Bonded Courier Service {within three banking days}

 

TRANSACTION PROCEDURES

 

1)    (A) LESSEE SUBMITS TO LESSOR THIS SIGNED AGREEMENT, TOGETHER WITH CLIENT INFORMATION SHEET, CORPORATE BOARD RESOLUTION, NON-SOLICITATION LETTER, SIGNATORY'S PASSPORT COPY, CORPORATE REGISTRATION AND THE IRREVOCABLE MASTER FEE PROTECTION AGREEMENT. 

 

        (B) LESSEE PROVIDES ON HIS BANK RWA LETTER (AS PER APPENDIX X) PROMISING TO REMIT EURO/$26,000 TO LESSOR’S DESIGNATED ACCOUNT AS PER HIS INVOICE AND UNDERTAKING BEFORE GETTING COUNTERSIGNED CONTRACT FROM THE LESSOR IN ORDER TO GET PRE-ADVICE FROM THE TOP ISSUING BANK FOR THE FULL FACE VALUE OF THE BG REQUIRED BY LESSEE AS PER APPENDIX (A).

 

        (C) AFTER RECEIVING LOI FROM LESSEE, PROVIDER WILL PREPARE INVOICE AND UNDERTAKING IN THE NAME OF LESSEE WHILE ALLOTTING TRANSACTION CODE FOR THE LESSEE DOA, REQUESTING REMITTANCE OF $26,000 TO LESSOR’S DESIGNATED ACCOUNT.

 

2)(A) WITHIN THREE (3) BANKING DAYS AFTER RECEIPT AND CONFIRMATION OF THE REMITTANCE OF EURO/$26,000, AFTER COMPLETING DUE DILIGENCE, LESSOR COUNTERSIGNS THIS AGREEMENT AND IT THUS BECOMES A FULL RECOURSE COMMERCIAL CONTRACT AND RETURNS IT TO LESSEE, ALONG WITH LESSOR’S FULL BANKING COORDINATES.

 

3)   (A) WITHIN (3) TO (5) DAYS AFTER THE COUNTERSIGNED CONTRACT LESSOR SHALL ARRANGE TO ISSUE A PRE-ADVICE FROM THE PRIME BG-ISSUING BANK VIA SWIFT MT-799 (AS PER "APPENDIX B").

 

       (B) WITHIN THREE (3) BANKING DAYS AFTER RECEIVING PRE-ADVICE, LESSEE BANK SHALL SEND ICBPO OR BLOCKFUNDS POF OR PROMISSORY NOTE THROUGH MT799 ASSURING PAYMENT OF 12% WITHIN 3 TO 5 BANKING DAYS AFTER RECEIVING AND VERIFYING MT760 BG/SBLC SENT BY LESSOR SIDE.

 

4)   (A) CLIENT VERBIAGES OF MT799 BLOCKFUNDS OR ICBPO OR PROMISSORY NOTE ARE NOT ACCEPTABLE. ONLY OUR VERBIAGES AS GIVEN IN IN VARIOUS APPENDICES OF THIS DOA WILL BE ACCEPTABLE.

       

       (B) ANY ONE OF ALL THESE 3 PAYMENT DOCUMENTS, ICBPO, OR BLOCKFUND POF, OR PROMISSORY NOTE HAVE TO BE SENT BY MT799 FOR 60 OR 90 DAYS VALIDITY, BUT VALIDITY WILL AUTOMATICALLY EXPIRE AT THE COMPLETION OF THE TRANSACTION, I.E. BY THE PAYMENT OF THE BG/SBLC COST. MOREOVER, THEY WILL ALL EXPIRE AUTOMATICALLY IF MT799 PRE-ADVICE BY THE ISSUING BANK IS NOT SENT WITHIN 7 OR 10 BANKING DAYS.

 

5)    WITHIN THREE (3) BANKING DAYS OF RECEIPT OF THE CONFIRMATION OF THE ABOVE MT-799 PRE-ADVICE AND THE RECEIPT OF ICBPO OR BLOCKFUNDS POF OR PN THROUGH MT799 FROM LESSEE’S BANK, LESSOR’S ISSUING BANK THEN ISSUES THE BANK GUARANTEE (BG) VIA SWIFT MT-760 (AS PER "APPENDIX C") TO LESSEE’S DESIGNATED BANK RECEIVING ACCOUNT. LESSOR SHALL PROVIDE A SCANNED COLOR COPY OF SAID MT-760 TO LESSEE’S EMAIL ADDRESS FOR TRACING LATER.

 

6)   WITHIN FIVE (5) BANKING DAYS AFTER CONFIRMATION OF THE ABOVE MT-760 BANK GUARANTEE (BG), LESSEE'S PAYING BANK SHALL RELEASE THE AGREED FUNDS TO LESSOR’S DESIGNATED BANK ACCOUNT, AND SIMULTANEOUSLY LESSEE PAYS DIRECTLY WIRE TRANSFER THROUGH THE RELEASE OF FUND VIA MT-103 FOR THE CONSULTING FEES TO EACH OF THE CONSULTANTS AS PER THE IRREVOCABLE MASTER FEE PROTECTION AGREEMENT ATTACHED HEREWITH AS PART OF THIS CONTRACT.

 

7)   WITHIN SEVEN (7) BANKING DAYS OF RECEIPT OF AGREED PAYMENTS, LESSOR’S BANK SHALL SEND THE BG HARD COPY ORIGINAL TO LESSEE’S DESIGNATED BANK RECEIVING ACCOUNT BY BANK BONDED COURIER.

 

8)   ANY UNAUTHORIZED BANK CALLS, PROBES OR COMMUNICATIONS, OR AN IMPROPER SOLICITATION OR DISCLOSURE INVOLVING ANY OF THE BANKS CONCERNED IN THIS TRANSACTION WILL RESULT IN IMMEDIATE CANCELLATION OF THIS TRANSACTION AND SUBJECT THE VIOLATING PARTY TO DAMAGES.