Beneficiary and Provider Agreement Process

Step-by-Step Procedure:

1. Documentation Completion:
   The Beneficiary and Provider sign all necessary contracts and documentation, including the Memorandum of Understanding and Letter of Intent.

2. Provider’s Institution Actions (Next Business Day):

   • Confirm the Bank Draft.
   • Verify the Beneficiary.
   • Assess Bank Delivery Coordinates by compliance.

3. Beneficiary Actions (Within 2 Business Days):
   The Beneficiary must instruct their bank to send a SWIFT for the full draft amount. The reservation cost will be 5% of the total value of the bank draft.

4. Provider’s Institution Actions (Within 3 Business Days):
   Once the Provider’s bank receives the cost, they will:

   • Create the Bank Draft.
   • Schedule its delivery to the Beneficiary’s institution.

5. Hard Copy Delivery (Within 10 Business Days):
   The Provider’s institution will send a hard copy of the Bank Draft to the Beneficiary.

6. Bank Payment Undertaking (If Applicable):

   • Bank Draft funds must be released within 5 business days.
   • A 2% consulting fee or commission will apply to the draft.

7. Subsequent Tranches:
   All additional tranches will follow the same protocol until the funds are depleted.

SWIFT MT110 Closing Procedures

1. Contract Signing:
   The Beneficiary and Provider sign all required documentation.

2. Provider’s Institution Actions (Next Business Day):

   • Confirm the Bank Draft.
   • Verify the Beneficiary.
   • Assess compliance for Bank Delivery.

3. Beneficiary Actions (Within 2 Business Days):

   • Send SWIFT for the full draft cost, including the portfolio fee and a reservation fee (5% of the face value).
   • Provide a copy of the wire transfer receipt to the Provider.

4. Provider’s Institution Actions (Within 3 Business Days):
   Acknowledge receipt of the funds, cut the Bank Draft, and schedule delivery.

5. Hard Copy Delivery (Within 10 Business Days):
   The Provider’s bank delivers the Original Hard Copy of the Bank Draft. Upon receiving a request from the Beneficiary’s bank, SWIFT MT110 is sent as per the signed agreement.

6. Bank Payment Undertaking (If Applicable):

   • Funds are released within 5 business days, inclusive of any fees and a 2% consultancy fee.

7. Additional Tranches:
   Follow the same procedures until all funds are depleted.

Required Documents

• Bank Draft Application:
  Complete the Bank Draft Application form below and email it to: [email protected].

Compliance Standards

Accepted Standards:

• Clients must comply with all required Client Standards and accurately complete the application, including a Bank Comfort Letter (BCL).

Rejected Standards:

• Bank Draft delivery from entities on the Forbidden Assets and Instrument Providers list.
• Failure to pay the deposit fee with the Bank Draft application.
• Failure to include a Bank Comfort Letter in the application.

Important Information

• Non-Negotiable Terms:
  The procedures and pricing for bank instrument delivery services are fixed and cannot be altered.

• RWA/BCL Policy:
  Exeter Group does not issue RWA or BCL letters. These documents are often misused for credit line shopping and are not permitted under our policy.

• No Free Bank Drafts:
  A Bank Draft must be fully paid for upfront or through a Bank Payment Undertaking. Banks will not deliver Bank Drafts for free or with the hope of later payment.

• Payment Policy:
  All payments are processed exclusively through an attorney’s client trust account. Exeter Group does not receive payments directly or through third parties, including brokers or delegation offices.

For more details, contact us at [email protected] or visit exetergroupofcompanies.com.