) RECEIVER SUBMITS DULY SIGN LOI ON LESSEE’S LETTERHEAD WITH FULL BANKING COORDINATE WITH BELOW COMPLIANCE DOCUMENTS INCLUDE:
1.1 LETTER OF INTENT/CONTRACT (LOI)
1.2 CLIENT INFORMATION SHEET (CIS)
1.3 CORPORATE RESOLUTION (CR)
1.4 NON-SOLICITATION STATEMENT (NS)
1.5 NON-CIRCUMVENTION AND NON-DISCLOSURE AGREEMENT (NCND)
1.6 IRREVOCABLE MASTER FEE PROTECTION AGREEMENT (IMFPA)
1.7 RECEIVER SIGNATORY AND COLOR COPY OF PASSPORT
1.8 RECEIVER CERTIFICATE OF INCORPORATION (COI)
1.9 CURRENT DATE BANK STATEMENT SIGN AND STAMP BY 2 BANK OFFICERS
2) THE PROVIDER COUNTERSIGNS THIS DOA/ LOI AND RETURNS WITH ALL THE FOLLOWING DOCUMENTS.
I. SELLER’S PASSPORT (HIGH RESOLUTION SCAN)
II. CLIENT’S INFORMATION SHEET (CIS)
III. COMPANY REGISTRATION
THIS DOA/ LOI AUTOMATICALLY BECOMES A FULL COMMERCIAL NON-RECOURSE CONTRACT TO BE EXECUTED AND LODGED WITH THEIR RESPECTIVE BANKS.
3) NO LATER THAN 3 BANKING DAY, THE PROVIDER WILL SWIFT MT760 SBLC FOR THE 1% (ONE PERCENT) OF THE CONTRACT’S 1ST TRANCHE’S FACE VALUE TO RECEIVER BANK ACCOUNT. RECEIVER VERIFIES AND WITHIN 24 HOURS SENDS THE SWIFT MT103 PAYMENT TRANSFER TO PROVIDER ACCOUNT AT AMOUNT 16% AGAINST THE 1% OF MT760 SBLC RECEIVED.
4) WITHIN TWO BANKING DAYS UPON SATISFACTORY VERIFICATION AND AUTHENTICATION OF THE PAYMENT, THE PROVIDER SHALL SEND THE PRE ADVICE MT799 TO THE RECEIVER BANK FOR THE REMAINING 99% (NINTY NINE PERCENT) OF THE CONTRACT’S 1ST TRANCHE’S FACE VALUE.
5) WITHIN TWO BANKING DAYS UPON AUTHENTICATION OF MT799 PRE ADVICE, THE RECEIVER BANK WILL ISSUE MT799 PUG FOR THE REMAINING AGREED FEES DEDUCTING THE AMOUNT MADE FOR 1% (ONE PERCENT) OF THE CONTRACT’S 1ST TRANCHE’S FACE VALUE FEES.
6) AFTER AUTHENTICATION AND VERIFICATION, THE PROVIDER WILL THEN ISSUE THE MT760 SBLC FOR THE REMAINING 99% (NINTY NINE PERCENT) OF THE CONTRACT’S 1ST TRANCHE’S FACE VALUE
.
7) LESSEE SHALL WITHIN (5 - 7) FIVE TO SEVEN WORKING DAY OF AUTHENTICATION AND VERIFICATION OF THE MT-760 PAY THE PROVIDER THE REMAINING AGREED FEES DEDUCTING THE AMOUNT MADE FOR 1% (ONE PERCENT) OF THE CONTRACT’S 1ST TRANCHE’S FACE VALUE; TOGETHER WITH ALL THE CONSULTANTS’ FEES, MINUS THE CASH ADMINISTRATION FEES AS PER THE ATTACHED IMFPA, BY WIRE TRANSFER MT-103.
NOTE: BY LEASE SBLC HARD COPY OF THE INSTRUMENT WILL BE DELIVERED BY PROVIDER’S BANK VIA BONDED COURIER TO RECEIVER BANK WITHIN 7 BANKING DAYS AFTER RECEIPT OF THE PAYMENT MT 103 BY PROVIDER’S BANK AND IF ONLY RECEIVER SEND NOTARIZED SBLC LETTER OF INDEMNITY UNDERTAKING, THIS UNDERTAKING LETTER MUST BE SIGNED IN PUBLIC NOTARY AND ORIGINAL DOCUMENTS MUST BE DELIVERED VIA DHL TO PROVIDER.