THIS PROCEDURE IS NOT FOR REFINERY DIRECT FROM US! DO NOT SEND THIS PROCEDURE TO A REFINERY!!!!
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1 Amended 11/4/2018 previous versions void CHINA ONSHORE TANK FARM MT799-MT760 SPOT PURCHASE TRANSACTION PROCEDURE FOR RE-SELLERS / RE-SELLING TO REFINERY! THIS PROCEDURE IS NOT FOR REFINERY DIRECT FROM US! DO NOT SEND THIS PROCEDURE TO A REFINERY!!!! IF YOU ARE DIRECT TO A REFINERY CONTACT US FOR REFINERY DIRECT PROCEDURE!!! ABSOLUTELY NO CHANGES TO THIS PROCEDURE WILL BE ACCEPTED WITHOUT ADVANCE WRITTEN APPROVAL BY SELLER! 1. Seller prepares Sales Purchase Agreement (SPA) and sends SPA to Buyer. Within four (4) business days buyer and Seller signs and seals Sales Purchase Agreement (SPA) and exchanges the signed copy of the SPA by electronic mail. Seller shall issue letter of Confirmation and Acceptance to buyer within twenty (24) hours with copy of Seller s International Passport or Identification and copy of Seller s Business Registration. The electronic signed and sealed copy of the SPA by both parties is considered legally binding and enforceable and should be lodged in nominated Buyer and Seller banks. 2. Buyer provides MT199 or MT999 or MT799 PRE - ADVICE Immediately (within twenty (24) hours) from Buyer s Bank to Seller s Bank giving notice to place instrument and requesting Tank Farm Documents ( SEE SELLER APPOVED VERBIAGE APPENDIX A ), Seller provides all the Tank Farm documents, including, Tank Receipt for Buyer's verification and confirmation of Product. 3. Upon the Buyer's verification and confirmation of the Tank Farm documents and product availability, within one working day Buyer Bank SWIFTS BLOCK FUND - MT799, or SWIFT SBLC-MT760 to Sellers Bank Account (within one working day) in an amount covering the product and good for (30) thirty days according to Sellers Approved Instrument Verbiage Appendix B or C. NOTICE: Purchase/Lease or Rented Instruments MUST be cash backed! 4. Upon the confirmation of MT799 or MT760, Seller issues Authority-to- Inspection for Q&Q Testing and provides the copy of all Tank Farm Documents and other related POP documents in buyer s name for MT103 preparation.
2 5. Upon the completion of Q&Q Test, the final CIQ report is sent to Seller and Buyer. 6. Within 3 banking days after the presentation against all the original POP documents of Commercial Invoice, Warranty of Title, other related POP document in Buyer s name at the counter of Buyer s bank, Buyer s Bank shall make the cargo payment per CIQ turn-out quantity and quality via Swift MT103 and Buyer simultaneously pays all commissions as in IMFPA or in SPA.. 7. Buyer has Cargo transferred from Onshore Tank Farm to Buyer Storage Facility within 72 hours after Final Payment for Cargo MT For future CIF delivery, after successful spot purchase, agreed CIF procedures shall be placed in SPA in secondary transaction procedures to be followed after the above procedures have been successful. Buyer s instrument shall be extended for future CIF deliveries. MUST COMPLETE PRE CONTRACT (SPA) QUALIFICATION PROCEDURES TO RECEIVE SPA. APPENDIX A SELLER S APPROVED SWIFT MT199/MT999/MT799 PRE-ADVICE VERBIAGE SENDER INFO. ISSUING BANK DETAILS (XXXXXXXXXXXXXX) BANK NAME: ADDRESS: ACCOUNT NAME: ACCOUNT NO.: SWIFT CODE: TELEPHONE NO.: BANK OFFICER: TRANSACTION REFERENCE NUMBER: DATE OF ISSUE: DATE OF MATURITY: DATE/PLACE OF EXPIRY: CURRENCY: UNITED STATES DOLLARS AMOUNT: XXX HUNDRED MILLION UNITED STATES DOLLARS (US$XXX,000,000.00) BENEFICIARY: AMOUNT: XXX,000,000 (XXX HUNDRED MILLION ONLY) WE, (ISSUING BANK), add: (ISSUING BANK ADDRESS), HEREBY IRREVOCABLY CONFIRM WITH FULL BANK RESPONSIBILITY THAT WE ARE READY TO ISSUE AND DELIVER THE [MT760 SBLC VIA SWIFTMT760 OR MT799 BLOCKED FUNDS VIA SWIFT MT799 ] ON BEHALF OF THE APPLICANT (ISSUER COMPANY
3 NAME). IN THE AMOUNT OF USDXXX,000, WITH A VALIDITY OF (30) THIRTY SINCE DATE OF ISSUE WITH OPTION OF EXTENSION OR ROLL OFER BY SENDER IN YOUR FAVOR FOR THE ACCOUNT OF XXXXXXXXXXXXXXXXXXXX ACCOUNT N0: XXXXXXXXXX UPON REPLY TO THIS SWIFT THAT RECEIVING BANK IS READY TO RECEIVE THE INSTRUMENT AND UPON APPLICANT RECEIVING VERIFIABLE AND CONFIRMABLE TANK FARM DOCUMENTS FROM SELLER PURSUANT TO THE SALES PURCAHSE AGREEMENT (SPA) BETWEEN THE PARTIES SUBJECT OF THIS PRE ADVICE. THIS SWIFT MESSAGE IS VERIFIABLE ON A BANK-TO-BANK BASIS, WITH DELIVERY OF MT999/MT199 WITHIN TWENTY FOUR (24) HOURS AFTER THIS MESSAGE. THERE WILL BE NO LIENS AND ENCUMBRANCES ON THESE INSTRUMENTS WHICH SHALL BE ALL DELIVERED TO YOUR BANK AND AVAILED VIA SWIFT MT760. FOR AND ON BEHALF OF [NAME OF THE APPLICANT S BANK] [ADDRESS OF THE APPLICANT S BANK] Officer 1 Officer 2..MESSAGE TRAILER COPY OF MT799 BLOCKED FUNDS OR MT760 SBLC TO BE SENT PLACED HERE APPENDIX B SELLER S APPROVED SWIFT SBLC - MT760 VERBIAGE FORMAT
4 SENDER INFO. MT760 BANK NAME: BANK ADDRESS: ACCOUNT NO: IBAN NUMBER: ACCOUNT HOLDER: SWIFT CODE: BANK BANK OFFICER: Bank Officer Tel: RECEIVING BANK: BANK : ACCOUNT NAME : BANK ADDRESS : SWIFT CODE : ACCOUNT. : BANK OFFICER NAME: BANK TEL. : BANK FAX : AMOUNT: XXX,000,000 (XXX HUNDRED MILLION ONLY) CURRENCY: USD DATE OF ISSUE: TBP 2018 DATE OF EXPIRATION: TBP 2019 REF.NO: TBP ON OFFICIAL SBLC WITH REFERENCE TO CONTRACT NO. XXXXXXXXXX In XXX AUGUST 2016 WE,XXXXXXXXX. ADDRESS AT: XXXXXXXXXXXXXX HEREBY OPEN OUR IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER (XXXXXXXX. IN THE TOTAL AMOUNT OF USDXXX,000, IN FAVOUR of THE XXXXXXXX., FOR THE ACCOUNT OF XXXXXXXXXX, ACCOUNT NUMBER: XXXXXXXXXX.THIS INSTRUMENT IS FOR CONTRACT REFERENCE NUMBER XXXXXXXXXXXX FOR THE PURCHASE OF BONNY LIGHT CRUDE OIL AND CAN NOT BE USED FOR ANY OTHER PURPOSE. THIS STAND BY LETTER OF CREDIT IS REDEEMABLE AND PAYABLE UPON PRESENTATION ON DUE DATE AT OUR COUNTERS AGAINST YOUR DRAFT DRAWN AT SIGHT ON US ACCOM- PANIED BY YOUR SIGNED, NOTARIZED, AND DATED CERTIFICATE THAT THE AMOUNT CLAIMED HAS BECOME DUE AND REMAINS UNPAID. THIS STANDBY LETTER OF CREDIT IS ASSIGNABLE AND TRANSFERABLE. THE DRAFT DRAWN UNDER THIS CREDIT MUST BE MARKED ON THE FACE DRAWN UNDER (ISSUING
5 BANK) AND (ISSUING BANK ADDRESS, STANDBY LETTER OF CREDIT NUMBER (XXXXXX. ALL BANK CHARGES OTHER THAN THAT OF THE ISSUING BANK ARE FOR THE ACCOUNT OF THE BENEFICIARY. WE HEREBY ENGAGE WITH YOU THAT THE DRAFT DRAWN HEREUNDER WILL BE DULY HON- OURED BY US IF DRAWN IN ACCORDANCE WITH THE TERMS AND CONDITIONS STATED IN THIS STANDBY LETTER OF CREDIT. SUCH PAYMENT SHALL BE MADE WITHOUT SET OFF AND CLEAR OF ANY DEDUCTIONS OR CHARGES, FEES, OR WITHHOLDING OF ANY NATURE, NOW OR HEREINAFTER IMPOSED, LEVIED, COLLECTED, WITHHELD OR ASSESSED BY THE GOVERNMENT OR ANY POLITICAL SUBDIVISION OR AUTHORITY THEREIN OR THEREOF. THIS STANDBY LETTER OF CREDIT IS VALID FOR (30) THIRTY DAYS FROM THE DATE OF ISSUE WITH OPTION OF EXTENSION OR ROLLOVER BY THE SENDER.. THIS SWIFT IS AN OPERATIVE INSTRUMENT, NO HARD COPY SHALL FOLLOW. THIS STANDBY LETTER OF CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRAC- TICE FOR DOCUMENTARY CREDITS ICC PUBLICATION NO. 600 LATEST EDITION AND ISP 98. FOR AND ON BEHALF OF (NAME OF THE APPLICANT 'S NAME) (ADDRESS OF THE APPLICANT 'S BANK Officer 1 Officer 2 APPENDIX C SELLER S APPROVED SWIFT MT799 BLOCKED FUNDS VERBIAGE FORMAT SENDER: RECEIVER: BANK NAME:
6 ADDRESS: ACCOUNT NAME: ACCOUNT NO.: SWIFT CODE: TELEPHONE NO.: BANK OFFICER: TRANSACTION REFERENCE NUMBER: DATE OF ISSUE: DATE OF MATURITY: DATE/PLACE OF EXPIRY: CURRENCY: UNITED STATES DOLLARS AMOUNT: XXX HUNDRED MILLION UNITED STATES DOLLARS (US$XXX,000,000.00) BENEFICIARY: AMOUNT: XXX,000,000 (XXXX HUNDRED MILLION ONLY) CURRENCY: USD DATE OF ISSUE: TBP 2018 DATE OF EXPIRATION: TBP 2018 REF.NO: TBP ON OFFICIAL BLOCKED FUNDS MT SWIFT MESSAGE TEXT WE BANK LOCATED AT addressed ON BEHALF OF OUR CLIENT, HEREBY CONFIRM WITH FULL BANK RESPONSIBILITY THAT WE HAVE BLOCKED AND RESERVED CASH FUNDS, IN THE TOTAL AMOUNT OF USD XXX,000, (XXXX HUNDRED MILLION US DOLLAR) IN CLIENT ACCOUNT HOLDER: XXXXXXXXXXXXXXX With ACCOUNT NUMBER : XXXXXXXXXXXXXXXXX IN FAVOR OF: XXXXXXXXXXXXXXXXXXXXXXX. THIS INSTRUMENT IS FOR CONTRACT REFERENCE NUMBER XXXXXX FOR THE PURCHASE OF BONNY LIGHT CRUDE OIL AND CANNOT BE USED FOR ANY OTHER PURPOSE. WE HEREBY CONFIRM THAT WE HAVE IRREVOCABLY BLOCKED THE CASH FUNDS FOR ONE YEAR AND ONE DAY (366 DAYS) FOR THE BENEFIT OF ED PARTNERS LTD. THE CASH FUNDS ARE BLOCKED ON /. /2018, AND THE BLOCK WILL EXPIRY ON. /. /2019 WITH OPTION FOR EXTENSION OR ROLLOVER BY THE SENDER. THE PHYSICAL COPY OF THIS BLOCK FUNDS HAS BEEN DELIVERED TO THE BENEFICIARY'S RECEIVING BANK, FOR THE BENEFIT OF... WITH ACCOUNT NUMBER:. VIA BANK BONDED COURIER ACCORDING TO BANK PROTOCOLS. WE FURTHER CONFIRM AS PER INSTRUCTION OF OUR CLIENT THAT WE HAVE IRREVOCABLY BLOCKED, RESERVED THE AFOREMENTIONED CASH FUNDS IN THE FAVOR OF., ACCOUNT NUMBER: THESE CASH FUNDS WHICH ARE CLEAN, CLEAR AND FREE OF ANY LEVY LIENS OR ENCUMBRANCE AND THE RULE OF FULL DISCLOSURE HAS BEEN ESTABLISHED THAT SUCH FUNDS WERE LEGALLY OBTAINED FROM NON-CRIMINAL BUSINESS ACTIVITIES. WE CONFIRM THAT THESE FUNDS HERE HELD IN CUSTODY ARE NOT PERMITTED TO BE WITHDRAWN, MOVED OR TRANSFERRED DURING THE PERIOD OF THIS IRREVOCABLE BLOCK AND SHALL SERVE AS COLLATERAL TO SECURE ANY LOAN, CREDIT FACILITY OR CREDIT LINE.
7 THIS OPERATIVE INSTRUMENT IS NEGOTIABLE, ASSIGNABLE, TRANSFERABLE, DIVISIBLE AND CALLABLE AT MATURITY OR UPON REQUEST OF THE BENEFICIARY. THIS INSTRUMENT MAY BE CONFIRMED ON A BANK TO BANK BASIS. FOR AND ON BEHALF OF BANK: Officer 1 Officer 2
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