OUR CLOSING PROCEDURE:
1. PROVIDER
AND BORROWER SIGN THE DOA THEREBY MAKING IT A FULL RECOURSE
CONTRACT.
2. WITHIN (2) TWO BANKING DAYS AFTER SIGNATURE OF THE DOA BY BOTH PARTIES BORROWER BANK WILL ISSUE TO PROVIDER NOMINATED BANK THE BANK COMFORT LETTER (BCL).
3. PROVIDER NOMINATED BANK WILL VERIFY THE BANK CONFORT LETTER
(BCL) TO BE SURE BORROWER HAS FUNDS. WITHIN (3) BANKING DAYS PROVIDER BANK WILL ISSUE MT799 TO BORROWER BANK. UPON RECEIPT MT799, WITHIN (3) THREE BANKING DAYS BORROWER WILL ISSUE THE BANK PAYMENT UNDERTAKING (BPU) TO PROVIDER NOMINATED BANK.
2. WITHIN (2) TWO BANKING DAYS AFTER SIGNATURE OF THE DOA BY BOTH PARTIES BORROWER BANK WILL ISSUE TO PROVIDER NOMINATED BANK THE BANK COMFORT LETTER (BCL).
3. PROVIDER NOMINATED BANK WILL VERIFY THE BANK CONFORT LETTER
(BCL) TO BE SURE BORROWER HAS FUNDS. WITHIN (3) BANKING DAYS PROVIDER BANK WILL ISSUE MT799 TO BORROWER BANK. UPON RECEIPT MT799, WITHIN (3) THREE BANKING DAYS BORROWER WILL ISSUE THE BANK PAYMENT UNDERTAKING (BPU) TO PROVIDER NOMINATED BANK.
UPON
PROVIDER NOMINATED BANK RECEIPT THE BANK PAYMENT UNDERTAKING (BPU) WITHIN (3)
THREE BANKING DAYS PROVIDER WILL DELIVER AUTHENTICATED MT760 SBLC TO
BORROWERS BANK NOMINATED ACCOUNT FOR CONFIRMATION. THE SWIFT COPY AND THE TRACER REPORT
SHALL BE FORWARD TO BORROWER EMAIL ADDRESS IMMEDIATELY.
5. BORROWER
RECEIPT THE SWIFT COPY AND THE TRACER REPORT VERIFY OF THE SBLC MT760 AT
HIS BANKERS, BORROWER’S NOMINATED BANK SEND THE AUTHENTICATION VIA SWIFT TO
THE PROVIDER’S BANK TO CONFIRM THE VALIDATION OF THE SBLC MT760, PROVIDER’S
BANK SHALL WITHIN (24) TWENTY-FOUR HRS REPLY THE AUTHENTICATION CONFIRMATION
VIA MT199 FOR THE SBLC MT760. UPON BORROWER’S NOMINATED BANK RECEIVE THE
VALIDATION SWIFT AND WITHIN (14) FOURTEEN BANKING DAYS PAYS PROVIDER THE LEASE
FEE AND THE COMMISSION FEES TO THE BROKERS.
6. WITHIN (7) SEVEN BANKING
DAYS AFTER PROVIDER RECEIPT THE LEASE FEE AND THE COMMISSION FEES FOR THE
BROKERS, THE HARD COPY OF THE BANK BONDED SHALL COURIER TO BORROWER NOMINATED
BANK IMMEDIATELY.
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