Finance / Banking (Sellers) Published date: November 2, 2020

*MONETIZATION* Below is the universally agreed program process & procedure for domestic monetization Regardless of Volume of fund.

Full Recourse: 25%-40% and 5% to Brokers as commission (all parties).

Non-Recourse: 20% and 3% to Brokers as commission.

1st Payout: 15 Banking days from confirmation of instruments.

MONETIZATION PROCEDURE: LOCAL. WE CAN MONETIZE WITH THE TOP 20 BANKS’ SBLC.

1. Provider sends a Letter of Intent with full disclosure of commodity and CIS attached and Receiver (*GLBT-NG*) responds with EOI.

Note that there's an absolute irrevocable non-refundable fee of N226,000.00 in favour of MIRELLA EVENTS & SERVICES/UBA to be paid alongside with the LOI and copy of payment or deposit slip made available for verification (There's an upwards review in the fees to N2,570,000.00 to take effect from 18th November 2020.)

2. Provider through her bank sends RWA in favour of Receiver and upon validation of the RWA, DOA is executed with the below terms and conditions.

:::ABSOLUTE & IRREVOCABLE TRANSACTION PROCEDURE:::

PARTIES MAY DESIGNATE A PROVIDER/RECEIVER OF THEIR CHOICE WITH FULL PERFORMANCE OBLIGATION RESTING ON THE SIGNERS OF THIS DOA.

A. PROVIDER SIGN’S DEED OF AGREEMENT (DOA) AND RETURNS IT TO THE PROVIDER SEALED AND NOTARIZED.

B. PROVIDER; THROUGH HER BANK READY WILLING AND ABLE LETTER IN FAVOUR OF THE FUNDER, PROVIDES DETAILS OF THE BANK GUARANTEE INSTRUMENT WHICH SHALL BE FOR THE PURPOSE OF BANKING DOCUMENTATION ONLY, WHILE THE FUNDER PROVIDES DETAILS OF DESIGNATED BENEFICIARY.

C. PROVIDER’S GIVES ITS WRITTEN NOTARIZED UNDERTAKEN AND ABSOLUTE AND IRREVOCABLE INSTRUCTION TO ITS BANK TO ISSUE THE BANK GUARANTEE AND SOFT COPY RELEASED TO FUNDER AND FUNDER BANK OFFICERS FOR CONFIRMATION.

D. FUNDER & PROVIDER INSTRUCTS ITS BANK TO ISSUE A 1% PERFORMANCE BOND IN FAVOUR OF THE PROVIDER & FUNDER AND AN IRREVOCABLE BANK PAYMENT UNDERTAKEN (IBPU) FOR THE TOTAL RECOURSE OR NON-RECOURSE LOAN-TO-VALUE (LTV) IN FAVOUR OF THE PROVIDER AND SOFT COPY RELEASED TO PROVIDER AND PROVIDER BANK OFFICERS FOR CONFIRMATION.

E. PROVIDER BANK; UPON SUCCESSFUL CONFIRMATION AND VALIDATION OF 1% PERFORMANCE BOND AND THE RECEIVED IRREVOCABLE BANK PAYMENT UNDERTAKEN (IBPU) OF THE BG, THE PROVIDER THROUGH HER BANK HEAD OFFICE, SHALL DISPATCH HARDCOPY OF THE BANK GUARANTEE THROUGH THE BANK’S OFFICIAL DISPATCH COURIER PROTOCOL TO THE FUNDER BANK.

F. FUNDER IS ABSOLUTELY REQUIRED TO IRREVOCABLY PAY A TOTAL OF XYZ % OF BG VALUE TO PROVIDER VIA THE IBPU WITHIN 30 BANKING DAYS, WHILE THE BALANCE OF XYZ % SHALL BE PAID TO THE FACILITATORS/AGENTS/BROKERS/MANDATES.

G. BANK GUARANTEE (BG) IS RECALLED AFTER 365 DAYS OF ISSUANCE.

(ALL VERBIAGE AVAILABLE ON REQUEST)

Contact: mail@intercontinentalagency.com for further information.

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