PROCEDURE FOR BOTH ISSUANCE OF SBLC OF $500M
FROM BARCLAYS AND ITS MONETIZTION AT 60% LTV
PAYING $50,000 AGAINST A NOTARIZED REFUND UNDERTAKING
We will first send you 4 documents or you can download these from our website.
1. Deed of Agreement (DOA) 2. IMFPA 3. Letter of Intention (LOI) for Monetization 4. Client Information Sheet (CIS)
1. You first send those documents duly filled in. Then Provider will have DD on you and if found OK, countersign your DOA and send you a Notarized Refund Undertaking Letter along with the Contract for issuing SBLC of 500M from Barclays or Deutsche Bank.
2. You will remit $50,000 to Provider Account and send me your remittance Slip.
3. Monetizer will issue a Monetizing Contract with 60% LTV. SBLC issuing fess 10+3=13% will be deducted and you will be entitled to receive 60-13=47% net cash remittance to your Account. You will sign and send back this Agreement. Monetizer will again re-check it and send it back to you in PDF format as final version of Monetizing Contract.
4. Your $50K remittance will reach Provider Account in 3-5 days.
5. Provider will issue instructions to Issuing Bank, probably Barclays London, to issue MT799 Pre-Advice to Monetizer Bank or send direct MT760. Usually Issuing Bank schedules to send MT799 after a week or two.
6. Monetizer bank will respond to Pre-Advice by its Acceptance of SBLC by MT799 within a week.
7. Issuing Bank will send MT760 after a week or two.
8. Monetizer Bank will verify MT760 and remit 1st Tranche of its 60% payments to all Recipients mentioned in the Monetizing Contract within 10 days and 2nd Tranche of payments within next 10 days.
Hussain Khan M. A. Tokyo