LEASE 6+2
PROCEDURES: 1. Receiver sends to Provider a Letter from his Receiving Bank confirming that the Receiver has met requirement for the Bank to issue CONDITIONAL PAYMENT UNDERTAKING via SWIFT MT799 on behalf of Receiver . 2. Provider and Receiver sign the Deed of Agreement, which thereby automatically becomes a full recourse commercial contract after the Provider has accepted Receiver’s application . 3. Receiver issues CONDITIONAL PAYMENT UNDERTAKING via SWIFT MT799 for 6% of Full Face Value + 2% commission. 4. Within 3 banking days after CONDITIONAL PAYMENT UNDERTAKING/ SWIFT MT799 is confirmed by Providers Bank; Provider’s Bank will send SWIFT MT799 Pre-Advice to Receivers Bank and the BG/SBLC by SWIFT MT-760. 5. The Receiver’s bank receives, confirms and verifies the SWIFT MT760 (BG/SBLC); The Receiver's Bank then releases the CONDITIONAL PAYMENT UNDERTAKING for the benefit of the Provider within two banking days. Provider