Direct Debit Payment Protocol

CLOSING PROCEDURE & LIABILITY

6.1. Both the INVESTOR and the CUSTOMER have signed this Agreement the INVESTOR agrees to send the funds via SWIFT MT103 SPP using Direct Debit Payment Protocol and the CUSTOMER agrees to receive funds via SWIFT MT103 SPP using Direct Debit Payment Protocol, confirming its readiness by official letter of RWA

6.2. After receiving the above RWA, the INVESTOR’s Bank will issue first trench via SWIFT MT103, Direct Debit Payment Protocol in amount of Euro X Million (€X,000,000.00) through interbank SWIFT system and INVESTOR should send to CUSTOMER printout screenshot copy of SWIFT MT103 via e-mail.  

NOTE: CUSTOMER has full responsibility together with his Banks and bank officers for the downloading of investment funds of the above SWIFT MT103 SPP (manual loading) Direct Debit Payment Protocol, as follows:

• after receiving the MT103 printout screenshot copy, the receiving bank will have 3 (Three) working days to download manually the SWIFT MT103.

• bank officer shall record an electronic copy of incoming SWIFT MT103 in the bank swift registration book.  

• bank officer enters into the internal banking it system, using ACTIVE ACCOUNT chooses the DEBIT SECTION, after he increases the bank balance for amount specified in SWIFT MT103.  

• then bank officer should download received amount from the bank account to the client’s (beneficiary) account according internal bank transfer protocol.

• bank it system automatically debits the sending bank to the amount of the payment specified in swift screenshot and transferred funds are debited from the account of the sender's bank;

• the dates are:

 -  transaction reference number: ……

 -  message input reference: ……  

 -  message output reference: ……  

• bank officer checks the correctness of the entered values, adds information about the recipient, the sender and the data of the bank officer of the sender bank;

• then bank officer will record all above operation details to the bank swift registration book and print out the performs of the completed manual downloading operation and print out the tear sheet (account statement) of the client’s (beneficiary) account.

• CUSTOMER will send above copy of printout the tear sheet (account statement) of the client’s (beneficiary) account to the INVESTOR.

• After receiving above copy of printout the tear sheet (account statement) of the client’s (beneficiary) account the INVESTOR will send to CUSTOMER the printout copy of SWIFT MT202 the confirmation of coverage money transfer in the amount of Euro X Million (€X,000,000.00) in favour of CUSTOMER. 

6.3. The PARTIES agreed that X% of the Investment amount received and credited to the account of the CUSTOMER will be used by the CUSTOMER according to his own internal investment projects, including covering bank charges, costs and consultants.

6.3.1 The PARTIES agreed the rest funds X%  of the money amount received and credited to the account of the CUSTOMER should be retransferred to the accounts designated by the INVESTOR INCLUDING ALL THE INTERMEDIATE within 5  bank days after receipt.