from SBLC Buyer TRANSACTION PROCEDURES

TRANSACTION PROCEDURES

1. BUYER WILL SIGN AND SUBMITS THIS LOI/DOA WITH FULL BANKING COORDINATES, CORPORATE RESOLUTION, NON-SOLICITATION STATEMENT, CLIENTS INFORMATION SHEET, SIGNATORY'S COLORED COPY OF PASSPORT, CERTIFICATE OF INCORPORATION.

2. WITHIN TWENTY-FOUR (24) HOURS, SELLER COUNTERSIGNS AND RETURNS TO BUYER THE LOI/DOA WITH FULL BANKING COORDINATES, CORPORATE RESOLUTION, NON-SOLICITATION STATEMENT, CLIENTS INFORMATION SHEET, COLORED COPY OF PASSPORT OF THE SIGNATORY, CERTIFICATE OF INCORPORATION.

3. WITHIN TWENTY-FOUR TO FORTY-EIGHT HOURS (24-48) HOURS, SELLERﾒS BANK WILL SEND VIA SWIFT MT199 THE RWA BANK LETTER RESPONSE TO ISSUE THE SBLC TO THE BUYER.  (APPENDIX 1)

4. WITHIN TWENTY-FOUR TO FORTY-EIGHT (24-48) HOURS, BUYERﾒS BANK SEND VIA SWIFT MT199, VERIFIABLE BANK LETTER RESPONSE (RWA) TO THE SELLERﾒS BANKER ABOUT READINESS TO RECEIVE (THE PRE-ADVICE IN THE WINDOW TIME PROVIDED) THE SBLC AND TO PAY FOR SBLC.

5. UPON VERIFICATION RWA, WITHIN 72 HOURS, SELLERﾒS BANK SHALL SEND A PRE-ADVICE VIA SWIFT MT 799 OR BY SWIFT MT 199 WITH BKE (BILLATERAL KEY EXCHANGE) AUTHENTICATOR TO INDICATE PROVIDERﾒS READINESS TO DELIVER THE MT-760 IN FAVOR OF THE BUYER.

6.UPON POSITIVE VERIFICATION AND AUTHENTICATION OF THE PRE-ADVICE MT-799 WITHIN 1-2 BANKING DAYS BUYERﾒS BANK WILL ISSUE BPU - Bank Payment Undertaking via MT799 IN THE AMOUNT OF 40+2 % OF BG/SBLC FACE VALUE TO SELLERﾒS DESIGNATED BANK ACCOUNT.

7.UPON POSITIVE VERIFICATION AND AUTHENTICATION OF MT-799 BPU, SELLER BANK WILL SWIFT THE BG VIA MT-760 TO BUYER'S BANK.

8.UPON POSITIVE VERIFICATION AND AUTHENTICATION OF MT-760, BUYER'S BANK WILL TRANSFER THE PAYMENT TO SELLER'S BANK VIA SWIFT MT-103 FINAL WITHIN 3 BANKING DAYS.

9.THE HARD COPIES OF THE BG/SBLC TO BE DELIVERED VIA BANK BONDED COURIER TO THE BUYERﾒS BANK WITHIN SEVEN (7) INTERNATIONAL BANKING DAYS.

*** IT IS AGREED AND CONFIRMED BY THE PARTIES, THAT A MUTUAL PENALTY OF 1% OF SBLC'S FIRST TRANCHE FACE VALUE, WILL BE IMMEDIATELY PAID BY THE BREACHING PARTY, IN THE EVENT OF NON-PERFORMANCE OF THE TRANSACTION'S PROCEDURE ***


TRANSACTION PROCEDURES TRANCHE 2 AND FOLLOWING:

1. FOLLOWING THE PROPOSED TRANCHE SCHEDULE, PROVIDER BANK SHALL SEND A PRE-ADVICE SWIFT MT-799 (EXHIBIT A) TO THE BUYERﾒS BANK. THE PRE-ADVICE WILL CONTAIN THE SBLCﾒS SPECIFIC INFORMATION FOR THE BUYER TO VERIFY AND CONFIRM THE SBLC. A COURTESY COPY OF THE SWIFT MT799 PRE-ADVICE SHALL BE SENT TO THE BUYER VIA SECURED EMAIL.

2. UPON RECEIPT OF THE SWIFT MT799, THE BUYER`S BANK WILL SEND THE BPU BY SWIFT MT799- BANK PAYMENT UNDERTAKING FOR THE PRICE OF 40+2% OF FACE VALUE AS PER IMFPA,
A COURTESY COPY OF THE UNDERTAKING PAYMENT SWIFT MT799 SWIFTS SHALL BE SENT TO THE PROVIDER VIA E-MAIL.

3. WITHIN 2 (TWO) BANKING DAYS UPON SATISFACTORY CONFIRMATION AND AUTHENTICATION OF THE BPU SWIFT MT799, PROVIDER BANK SHALL SEND THE (SEE VERBIAGE) TO THE BUYERﾒS BANK. A COURTESY COPY OF THE SWIFT MT-760 SHALL BE FORWARDED TO THE BUYER VIA E-MAIL.

4. WITHIN 3 (THREE) BANKING DAYS (72 HOURS) OF RECEIPT OF THE SWIFT MT760 FROM SELLER, BUYERﾒS BANK SHALL AUTHENTICATE AND VALIDATE THE SWIFT MT760 ON BANK TO BANK BASIS. WITHIN 3 (THREE) BANKING DAYS OF AUTHENTICATION OF THE SBLC, BUYERﾒS BANK SETTLES THE AGREED PRICE OF THE INSTRUMENT VIA SWIFT MT103. BUYER FORWARDS A COPY OF THE SWIFT MT103 TO THE SELLER VIA E-MAIL IMMEDIATELY AFTER TRANSMISSION OF SETTLEMENT/PAYMENT.

5. WITHIN 7 (SEVEN) BANKING DAYS OF RECEIPT OF THE PAYMENT, THE SELLER WILL DELIVER THE ORIGINAL HARD COPY OF THE SBLC VIA BANK BONDED COURIER TO THE BANK ACCOUNT OF THE BUYER.
6. BOTH PARTIES SUBSEQUENT TRANCHES SHALL BE AS PER TRANCHE SCHEDULE SPECIFIED IN THIS AGREEMENT OR AS MAY BE AGREED UPON BETWEEN THE SELLER AND THE BUYER. SUBSEQUENT TRANCHES SHALL BE AS PER THE PROCEDURES ABOVE.

7. ANY ROLLS AND EXTENSIONS HAVE TO BE AGREED UPON BETWEEN THE SELLER AND THE BUYER BY AT LEAST ONE (1) WEEK BEFORE THE INITIAL CONTRACT AMOUNT IS EXHAUSTED.

ﾕ ALL PAYMENTS MUST BE ﾓSAME VALUE AND VALIDITY DATE AND FOR IMMEDIATE CREDITﾔ.
ﾕ ALL COMMISSIONS ARE PAID BY THE BUYER AT THE SAME DAY AS OF THE PAYMENT OF THE 103.

MR. _______ RECOGNIZES AND AFFIRMS THAT SEF TECHNOLOGIES (S) PTE. LTD./xxxxxxxxxxxxxx   IS THE BENEFICIARY OF THE SBLC.

bank Name:         WELLS FARGO
Street Address:      2030 E SAMPLE ROAD, LIGHTHOUSE POINT, FL 33064
City:           FLORIDA
State:           USA
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