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Closing Procedure Sblc



1.       LESSOR CONDUCTS DUEDE AND COMPLIANCE. AFTER DUEDE AND COMPLIANCE RETURNS POSITIVE SELLER EXECUTES, SIGNS AND INITIAL THIS DEED OF AGREEMENT, WHICH THEREBY AUTOMATICALLY BECOMES A FULL RECOURSE CONTRACT PENDING THE TRANSMISSION OF MT799 POF FOR TRANSACTION ACTIVATION.  
2.       AFTER RECEIVING THE COUNTERSIGNED AGREEMENT, WITHIN 3 BANKING DAYS LESSEE’S BANK WILL ISSUE SWIFT MT799 PROOF OF FUNDS TO LESSOR’S BANK (STATING FUNDS AVAILABILITY TO LEASE THE SBLC). LESSEE SENDS COURTESY COPY OF TRANSMITTED SWIFT MT799 POF TO THE LESSOR FOR TRACING. NOTE: LESSOR’S POF VERIFYING BANK SHALL BE DIFFERENT FROM ISSUING BANK.
3.       WITHIN 3 BANKING DAYS AFTER SUCCESSFUL VERIFICATION AND CONFIRMATION OF THE LESSEE’S BANK SWIFT MT799 PROOF OF FUNDS, LESSOR BANK WILL ISSUE MT799 PRE-ADVISE AND DELIVER THE SWIFT MT760 SBLC TO LESSEE’S BANK FOR VERIFICATION AND AUTHENTICATION IN FAVOUR OF LESSEE.
4.       WITHIN 5 BANKING DAYS AFTER VERIFICATION, CONFIRMATION AND AUTHENTICATION OF THE LESSOR'S SWIFT MT760 SBLC, LESSEE BANK SHALL RELEASE BY MT103 WIRE TRANSFER THE FULL PAYMENT OF 6% TO THE LESSOR, PLUS 2% COMMISSION FEE TO LESSEE’S AND LESSOR’S AGENTS IN THE IMPFA.
5.       WITHIN 5 BANKING DAYS AFTER CONFIRMATION OF RECEIPT OF PAYMENT OF THE LEASING FEES, THE LESSOR WILL DELIVER THE HARD COPY OF THE SBLC MT760 TO THE LESSEE'S BANK VIA BANK BONDED COURIER.

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