Due to issues concerning loss of fees, we have come to an agreement with our providers that all fees be paid directly to issuing bank . In light of this, see below new transaction procedures. Lease fee and purchase fee, remain the same. Issuing bank is Royal Bank of Scotland . Transaction is bank to bank 1) The Receiver sends letter of intent (LOI) to Provider. The LOI should contain copies of Receiver’s passport, Company’s resolution and Client’s Information Sheet (CIS), Company Registration and IMFPA. 2) The Provider countersigns this LOI and returns to Receiver with Provider’s company signatory’s passport, and this LOI automatically becomes a full commercial non- recourse contract. Both parties shall lodge the executed contract to their respective banks. 3) Within 3 working days the Receiver will provide bank statement not more than a week old, signed by two bank officers showing availability of funds to pay fees 4) After re...
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