Three projects approved for Greenway funding
Greenway funding was approved by the Host Community Standing Committee on Tuesday for projects in Niagara Falls, Lockport and Hartland.
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Since: Nov 12
#6 Nov 26, 2012
Below is our terms and procedure needed to be followed to get our
instrument delivered to your client's account.
Description of Instruments:
1. Instrument: Bank Guarantee (BG)/StandBy Letter of Credit(SBLC)(Appendix A)
2. Total Face Value: Eur/USD 1Million (Min) to Eur/USD 10Billion (Max)
3. Issuing Bank: HSBC Bank London, Barclays Bank , Credit Suisse Zurich , Deutsch Bank AG, Frankfurt or any AA Rated Bank.
4. Age: One Year and One Day
5. Leasing Price: 5.0% of Face Value plus 2% brokers commission( 1% for the lessee side and 1% for the lessor side)
6. Delivery: Bank-To-Bank Swift.
7. Payment: Wire Transfer
8. Hard Copy: Bonded Courier within 7 banking days.
1. Both parties (Lessor and Lessee) execute,
sign and initiate the
Deed of Agreement, which thereby
automatically becomes a full
commercial recourse contract.
2. Within 3 days after Both parties sign the
Agreement, Lessor will
issue a Bank Officer endorsed, Notarized signed and sealed
Corporate Refund Recourse
Undertaking to the Lessee guarantying to
refund Lessee all the cost
incurred by lessee for the bank transmission
charges ( For swift MT760
BG/SBLC or Pre-advice MT799 or both as
the case may be) after due
execution of the contract.
3. Within 3 working days after Lessee
receives Lessor's signed and
sealed Corporate Refund Recourse
Undertaking, Lessee will make payment
by wire transfer into the Lessor's bank
account for the bank
transmission charges for the BG/SBLC
MT760 swift transmission or
Pre-advice MT799 swift transmission or
4. Within Three (3) banking days after
confirmation of receipt of
payment of the bank transmission charges
for the BG/SBLC MT760 swift
in Lessor's bank account, the Lessor will
deliver the BG/SBLC via bank
confirmation of swift BG/SBLC MT760 to
the Lessee's banker including
the hard copy of the BG/SBLC via bank
bonded courier in Seven (7) banking days.
5. Lessee pays Lessor the leasing fee and the
brokers their commission
fees not later than 7 banking days after the
BG/SBLC hard copy is
received and confirmed at lessee's bank.
Should Lessee default to pay the leasing fees
to the Lessor and the
brokers commission fees as agreed after 7
banking days of confirmation
of BG/SBLC MT760 in lessee's bank account,
Lessor will instruct the
issuing bank to put a claim on the BG/SBLC
thereby forcing the
Lessee's bankers to return the BG/SBLC
MT760 to the issuing Bank.
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