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Dear:Sir
1. CAN YOU PROVIDE US WITH A BG OF EITHER 1-2 YEARS? SUCH A BG WILL BE
USED
> AS COLLATERAL FOR A BANK LOAN THAT HAS NOW BEEN APPROVED FOR US.
Yes, we can provide Leased BG for one year which can be used for credit
enhancement. The client's bank has to give an undertaking that it will
be
returned 15 days before expiry, free and clear of all encumberances. If
extensions are needed annually, you have to apply one month before
expiry.
>2. IF BG'S CAN BE PROVIDED AS COLLATERAL, FROM WHICH BANKS ARE YOU
MOST >
>LIKELY GOING TO PROCURE THEM?
The BGs will be from UBS or Deutsche Bank or similar.
The time taken to complete the transaction could be two to three weeks
subject to no delays on either side of the procedures.
1. Client signs and sends LOI.
2. Provider accepts, signs and returns the LOI to make it a MOA. 3.
Client's
Bank to send CONDITIONAL SWIFT MT103 for leasing fees along with a
Letter of
Undertaking to return the leased instrument before expiry free & clear
of
all encumberances.. 4. Provider's Bank sends the leased BG/SBLC with
ISIN
elecronically via SWIFT MT760. 5. Client's Bank receives it, verifies &
authenticates and unblocks and releases payment of fees. 6. Client's
Bank
simultaneously remits commissions to Paymasters as per FPA signed by
client.
7. Hard copy of the Instrument is sent by bonded bank courier.
Best Regards
Ricardo Bailey
Bailey ASSOC.
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