credit finance
A night of terror in Paris leaves more than 150 people dead
A series of shootings and explosions have rocked Paris in at least three separate attacks, with more than 150 dead, according to police and news reports. French president François Hollande declared a state of emergency after the “unprecedented” attacks, calling in the army as the country temporarily sealed its borders.
French authorities said all of the attackers were dead, but were looking for accomplices. Eight terrorists were involved in the attacks, and seven of those killed themselves with explosive devices, authorities said.
Here are where the attacks took place:
Le Bataclan
The deadliest of the attacks took place at the music hall Le Bataclan, in the 11th arrondissement, where an American band, Eagles of Death Metal, were playing a concert.
After reports of many people being taken hostage, and of the attackers beginning to fire on the concert goers, French police stormed the building, killing two attackers.
Reports suggest a horrendous death toll of more than 100 people at the venue, according to AFP, citing anonymous police sources.
Here’s a shot of the concert before the attack took place:
Julien Pearce, a journalist with Europe 1 who was in the concert hall during the attack, had this account (translated from French):
I was inside the concert hall when many armed individuals entered in the middle of the concert. Two or three people without masks arrived with automatic weapons, Kalashnikov style, and started to fire blindly into the crowd. … It was extremely violent and there was a wave of panic—everybody ran from the scene, there were moments of trampling, I myself was trampled. … The assailants had to often reload, at least three times. They were not masked. They were very young. They did not say a word, as far as I could tell.
A 23-year old Turkish woman who was at the concert told Libération (translated by Slate):
I was in the pit, when suddenly I heard noises, like fireworks. At the time I thought it was part of the show, then I turned around and I saw a person who had just taken a bullet in the eye. She grabbed her head and collapsed. Then, everyone got on the ground, we were hearing shots. The shooters were shooting at random at people who were lying down, everyone was playing dead but it didn’t make any difference for them. I was lying in the fetal position but my feet were blocked by someone’s body. I managed to slide my feet out of my shoes and I ran backstage, because an exit was just nearby, with three other people, who were injured.
Le Petit Cambodge
In another attack, several gunmen reportedly opened fire at Le Petit Cambodge, a beloved Cambodian restaurant in rue Bichat, part of the the trendy Canal Saint Martin neighborhood. Eleven people were killed, the AP reported, citing a police official.
Vincent Berthézène, a reporter for France 24, was on the scene:
Liberation (link in French) reported that patrons of a nearby bar, Le Carrillon, were also injured in the shooting.
Stade de France
At least one explosion took place near the Stade de France, where the French and German national soccer teams were playing. Police subsequently confirmed that the explosion took place in a bar near the stadium.
At least three people were killed, according the AP.
Reports say president Hollande was attending the match and was subsequently moved to safety.
The explosion is audible in this Vine:
Mashable reported that as match attendees left the stadium, they sang the French national anthem.
France’s response
France’s state of emergency—the first time such an act has been imposed country-wide, according to Le Monde (link in French)—will “allow the house arrest of any person whose activity is dangerous, the temporary closure of theaters and meeting places, the confiscation of weapons, and the ability to carry out administrative searches,” thecabinet said in a release.
The president also cancelled a trip to Turkey on Nov. 15 for the G20 summit, and sent 1,500 troops to Paris.
The world reacts
US president Barack Obama held a brief press conference, where he called the events an attack “not just on Paris, not just on the people of France” but “on all of humanity and the universal values we share.” He said he had not yet spoken to Hollande but would soon, and that the two had spoken earlier in the day about preparations for the G20 meeting scheduled for this weekend in Turkey.
“We’re going to do whatever it takes to work with the French people and with nations around the world to bring these terrorists to justice and to go after any terrorist networks that go after [our people],” Obama said.
An office with gold toilets and champagne on demand. What hedge fund could refuse?
What do hedge funds really want in an office? Armani-inspired gold-plated toilets and in-house dining, apparently.
Real-estate investor Enstar Capital has spent £4 million ($6.2 million) transforming the inside of its new boutique office at 54 Brooks Mews in Mayfair, central London, which is home to the city’s hedgies and boutique investment shops. In a bid to attract hedge funds as well as super-rich Middle Eastern royals, the building now has a rooftop terrace and timber flooring imported from a 16th-century Tuscan monastery.
It may seem odd to unveil what’s being described as London’s “most expensive offices” during a period of unpopular austerity, but Simon Lyons, joint chief executive of Enstar Capital, said: “People spend a third of their lives at work, so this is why we have fitted these premises out to a luxury-resi finish.”
Lyons points out that residents of Mayfair—one of the wealthiest areas of a city already experiencing a property boom that is pricing out average-salaried workers—“think nothing of spending” millions on their homes but that standard of luxury has yet to be applied to office space.
London mayor Boris Johnson called on Londoners to be less embarrassed about accumulating large sums of wealth, and it’s clear Lyons and founding partner Farid Alizadeh aren’t. Lyons and Alizadeh bought the building in 2009, after falling in lovewith the ground-floor restaurant, La Petite Maison.
They took the top floor for themselves, but are offering the other office floors, which will include on-demand champagne and three-course meals.
DL Financial Ltd issues Real Bank Guarantees, real and genuine SBLC’s and completes Real Funding without long stories!
Others Talk, but DL Financial Delivers. If you are tired of brokers and scammers cheating you and telling you stories and no one ever delivering what they promised, maybe its time you became a customer of DL Financial Ltd.
How to investigate the bottom of the ocean — without getting wet
Imagine climbing into the cockpit of your own personal submarine, zooming and diving through the depths of the ocean and exploring otherwise-unreachable underwater worlds — all without needing to know how to swim. That’s the promise of Trident, a new, ultra-compact underwater drone that can travel faster, dive deeper and stay submerged longer than the average scuba diver can, all while sharing discoveries live to the Internet. David Lang, TED Fellow and co-founder of OpenROV – the robotics company that pioneered the world’s first open source, low-cost underwater robot – shares why he thinks this new robot heralds a new era of underwater exploration.
Now you, too, can be an underwater explorer. About the size of a fat three-ring binder, Trident is a portable, remote-controlled, easy-to-use underwater robot that promises to open up underwater exploration to anyone curious about what lies beneath the waves. Costing $1,199, the hope is that it will appeal to a broad cross section of society: adventurers exploring underwater caves or alpine lakes; underwater treasure hunters; kids peeking into kelp forests to learn about marine ecosystems; activists monitoring plastic pollution or the effects of oil spills …
It might be small, but Trident packs a punch. Underneath its sleek, hydrodynamically tapered white plastic shell, Trident’s three powerful thrusters allow the remotely operated vehicle (ROV) to take off at high speeds — it can zoom forward at up to two meters per second, shoot straight up, and dive to 100 meters. “This device is so powerful that it can actually jump out of the water like a dolphin or whale,” says Lang. Trident can also hover and change depth with precision at low speeds, allowing the diminutive ROV to shimmy into hard-to-reach nooks and crannies, while the overmolded rubber around the edge protects it from bumps. A battery pack allows Trident to stay submerged for about three hours.
How to drive a remote-controlled submarine. The pilot controls Trident with a laptop, iPad or iPhone that sends wifi signals to a floating buoy, which in turn is tethered to the ROV and follows along wherever it roams. This sets the ROV free from the pilot, allowing long-range exploration. The tether also sends the live camera feed back to a dashboard window on the pilot’s device; plans are currently underway to enable the pilot to detach the tether altogether so that the ROV can go on autonomous, programmed missions.
The pilot is right there in the middle of the action. So too is anyone with an Internet connection. Lang’s team is now designing a cockpit interface that, like a video game, adds to the sense that you’re really underwater. You can even use Oculus Rift or other virtual reality devices to experience soaring through the water in a visceral way. As you explore, you can share what you see with the world in real time: Trident’s live feed can be streamed online, expanding the experience of exploration from the confines of a single diver, submarine or research vessel to anyone with Internet access.
Trident is different from yesterday’s underwater robots. Underwater ROVs developed for military and industrial purposes have been around for decades. But Trident is the first robust ROV to be manufactured for the general public, with Lang and his team taking advantage of the proliferation of cheap sensors and computing to create an affordable device — and democratizing access to underwater exploration in the process. It’s all part of the same underlying trend that’s driving the boom in microsatellites and aerial drones and why, Lang says, Trident is a small part of a much larger movement happening around citizen science and exploration. “All of a sudden, asking an interesting question no longer requires a research grant and university affiliation,” he says. “That has huge implications for the process of discovery.”
Trident can help answer important questions about what’s really going on in our oceans. We still only know very little about our oceans — only five percent of them have been explored. “Underwater exploration is still about raw discovery,” says Lang, who says that Trident is ready for such scientific tasks as making 3D maps of the sea floor, monitoring marine protected areas and observing invasive species. But Lang believes the most exciting applications are likely still yet to come, as people start experimenting. “I don’t think anybody expected that aerial drones would be so popular, but people soon moved beyond capturing aerial video footage to delivering food and medicine,conservation and so on,” says Lang. “Trident will transform how we interact with underwater environments and, we hope, turn a lot of people into citizen scientists.”
Images courtesy David Lang.
DL Financial Ltd issues Real Bank Guarantees, real and genuine SBLC’s and completes Real Funding without long stories!
Others Talk, but DL Financial Delivers. If you are tired of brokers and scammers cheating you and telling you stories and no one ever delivering what they promised, maybe its time you became a customer of DL Financial Ltd.
Understanding the Difference Between Institutional and Private Capital Funding and Funders
Banking as we once knew it is gone for a very long time. In fact, very few institutional banks funded large commercial projects in 2008. I have substantial visibility into the market and the only institutional activity I saw was banks calling their notes due immediately. Banks were forced to do this because of their own liquidity issues and many developers were left with no funds and the project(s) came to a screeching halt.
“Joe Developer” then knocked on every bank’s door only to find the same answer: “sorry, we are not lending right now.”
Since the death of institutional banking, the developers have gone to the private equity world to get their projects funded. My company has always worked exclusively in the private equity side of funding and have had to introduce many of these seasoned developers to the private funding world. Fortunately, this world is actually more simple and efficient than the traditional, institutional banking model. There are, however, some differences that anyone seeking private financing for the first time needs to be made aware of.
1. Your private funder usually has his own idiosyncrasies. For example, a funder may only be interested in hospitality projects in Costa Rica, Mexico and Panama. That’s just his funding footprint. He knows the area and is comfortable lending there.
2. There are no referrals in the private money world. Period. Your local bank advertises their closings. Private money never discloses their transactions or their clients. Your private funder will have you sign an NCND, which means you cannot even reveal who funded your project. This protects the funder. He does not want to be vetted, interviewed or interrogated. He usually has a “gate keeper” or “master broker” that will qualify you. Once you fit his funding footprint, he will want to meet you face to face. At this point, the funder will give you every comfort level you will need to assure you of his abilities to fund your project.
3. Private money moves fast. If you, as a developer, have all of your business in order, you can fund in as little as a week.
4. Private money has no rules. Every funder has their own terms and will structure a loan in the most “make sense” way for your project. It’s best to hear what is offered than tell him what you will accept. As the old addage goes, “the tail will not wag the dog”.
Bank Guarantee Warning Signs…. BEWARE!
Homeless people buying, owning, leasing, renting or monetizing Bank Guarantees is never going to happen! Despite this every day we get contacted by so many people who are under the false illusion that they can own or lease a BG/SBLC free of charge with EMPTY POCKETS. They want the Funder or BG provider to pay all expenses so they can do a deal for FREE, taking no risk, investing none of their own money and having no liability. Those types of deals do not exist in the real world, if they did there wont be any poor man in the world today.
Bank Guarantee vs SBLC – Which is Better?
Bank Guarantees and SBLC (Standby Letter of Credit) are both financial instruments but each has a very different financial purpose. Most banks can issue either a Bank Guarantee or an SBLC so we are often asked by clients which one is better?
If your primary purpose is to have your Bank Guarantee or SBLC monetized, discounted or funded so you receive the most amount of cash from the instrument as possible…. Then a BANK GUARANTEE will be BETTER!
The reason is funders who monetize Bank Guarantees and SBLC (Standby Letter of Credit) prefer Bank Guarantees and generally pay MORE for Bank Guarantees than they do for SBLCs. LTV (Loan to Value) ratios on Bank Guarantees tend to be higher than SBLCs so if your sole goal is to maximize the monetized return from your financial instrument, request a Bank Guarantee Not an SBLC.
A ‘Dead’ Man in India Woke Up Just Minutes Before a Postmortem Examination
The 50-year-old homeless man had been brought to the morgue apparently lifeless
A man, presumed dead and brought to a mortuary in the Indian city of Mumbai on Sunday, gave the facility’s staff a considerable shock when he woke up a few minutes before they were about to conduct a postmortem examination.
The 50-year-old homeless man was declared dead by a doctor on Sunday afternoon and sent immediately to the morgue despite rules that stipulate a two-hour waiting period after death, the BBC reported.
The head of Mumbai’s Lokmanya Tilak Municipal General Hospital, Dr. Suleiman Merchant, told reporters on Monday that doctors didn’t detect a pulse or heartbeat on the man, whom doctors named only as Prakash. His face was also reportedly covered in maggots, and local media reported that he was found lying at a bus stop.
“Maggots eat human tissues. Usually dead bodies have maggots,” Merchant said. “He must have been lying around for at least six or seven days.”
Prakash is currently stable and is undergoing treatment for malnourishment and an ear infection at the hospital’s intensive care unit, the BBC says.
Top 5 Useless Financial Products That Will Disappear Soon
Thanks to creative entrepreneurs who aren’t content with the status quo, banking and shopping have come a long way in the past couple of decades. Younger generations no longer recognize financial tools their parents found indispensable. The Internet and smartphones have given rise to new technology that’s made our lives easier and helped us save money. Here are five financial tools that a few Luddites still cling to, but the rest of us no longer need.
1. A Checkbook
Electronic banking has made checkbooks virtually obsolete. You can complete almost any financial transaction with a credit or debit card, an ACH or wire transfer, online bill pay, mobile payments and online and social payment systems like PayPal and Venmo. For those on the cutting edge, there’s even bitcoin and other virtual currencies.
The new payment methods are faster and more secure than checks, and more and more of us are using them. In 2012, about 15% of noncash transactions were made by check, according to the Federal Reserve, compared to about 50% of noncash transactions in 2003. Now, when people do use checks, they use them for large transactions that average more than $1,400. Debit cards are, by far, our favorite way to pay.
You don’t need checks to give money as a gift or to pay your bills. One of the only times you might still use a check, in fact, is if you regularly pay a small business that doesn’t accept other forms of payment, and you want to be able to trace or prove the transaction (which you can’t do with cash). When it comes to an emergency, cash is still king: In a power outage, for instance, businesses may be reluctant to accept checks as payment since they won’t be able to use their usual electronic check verification systems.
Some people insist that it’s still important to learn how to balance a checkbook, but the truth is that instantaneous electronic transactions, online banking software and personal finance apps accomplish this chore more easily. Need to know how much available cash is in your checking account? Just go to the scheduled payments page of the online bill pay screen and see what your balance will be in the next week, two weeks or month after all your scheduled payments go through. You can use your bank’s smartphone app to check your balance after your latest debit card purchase and set up alerts to tell you when your balance is low. If it is, you can instantly transfer funds from a linked account at the same bank. And software like Mint or Personal Capital can help you keep track of all your credit cards and bank accounts in one place so you always know what bills are coming due, how much you have in each account and what your balance is on each credit card.
2. Deposit Slips
Back in the day, you could deposit a check two ways: in person at the bank or through the mail. Both methods required you to fill out a deposit slip, a check-sized piece of paper on which you filled in the date, your name, the number of the bank account you wanted to deposit your check or checks to and the amount of the check. Bank tellers wouldn’t accept a check without a deposit slip. (Another thing we don’t miss: the clueless customer holding up the line at the bank because they hadn’t filled the slip out.)
Automated teller machines (ATMs) started the phase-out of deposit slips. The machines could identify your account using your debit card and personal identification number (PIN). You typed in the amount of your check and selected the account it should be credited to. No deposit slip was necessary.
Remote check deposit through the Internet made deposit slips even less necessary. Today, the simplest way to deposit a check doesn’t even require you to leave the house. You can scan your endorsed check and upload the image to your bank online, or use your smartphone to take a photo of the check and transmit it to your financial institution through its mobile banking app.
3. Handheld Calculators
Do you remember when calculators could only add, subtract, multiply and divide? When they were so expensive your whole department at work had just one that everyone shared? How about those solar-powered electronic calculators that didn’t work in dim light? Thankfully, we don’t have to depend on those anymore. Between the spreadsheet software on your computer or tablet, the calculator software on your smartphone and online calculators for everything from getting out of debt to estimating mortgage payments, when was the last time you used a stand-alone, handheld calculator? High school? Maybe college math class?
Today’s calculator software makes it possible to perform in seconds complex financial calculations that took forever on handheld electronic calculators. Accuracy has improved, too; computers make it easier to see any typos. The need to memorize complex formulas has nearly vanished, too. While bookkeeping and accounting whizzes might memorize the spreadsheet formulas they use regularly, the rest of us can Google equations as we need them. And when you’re at the grocery store and you’re not sure which is a better deal – the small box of Lucky Charms that’s on sale or the family size box that isn’t – you can whip out your smartphone, divide the price by the number of ounces in the box, and see which option offers the best value – without looking like a dweeb.
4. Travelers Checks
One of the first steps of a trip abroad used to be getting in touch with American Express weeks in advance to purchase travelers checks (or cheques, as it calls them.) If you’re a millennial or Gen Z’er, you have no idea what we’re talking about. These slips of paper used to be the safest and best way to carry your money around in a foreign country. Some establishments would accept them as payment, and banks would exchange them for local currency if you needed cash. Travelers checks were safer than cash because their unique serial numbers meant they could be tracked and replaced if they were lost or stolen. But if you still had checks left over when you got back to the states, you had to take the extra step of turning them back into cash or depositing them to your bank account, which might incur another fee.
For the last decade or so, travelers checks haven’t been necessary. ATMs are prevalent abroad and tend to offer the best exchange rates. Some don’t even charge fees, thanks to relationships between foreign and domestic banks. It’s easy to make withdrawals throughout your trip and turn your home bank account balance into local cash. Credit cards have become much easier to use abroad, too. They also offer excellent exchange rates, especially compared to exchanging U.S. dollars at a foreign bank or getting fleeced at a currency exchange kiosk. It’s even possible to get a credit card that won’t charge you any foreign transaction fees. Furthermore, travelers checks aren’t as widely accepted as they once were. (
5. Coins
Inflation has so diminished coins’ value that we no longer stop to pick up spare change we find on the ground, and any coin change we get when we pay cash goes straight into the tip jar. Some of us keep coin jars at home to collect our change, but how often do we pull coins out to make purchases? When the coin jar is full, we take it to the nearest Coinstar machine to trade it in for an Amazon gift card.
Coins used to be particularly useful for vending machine purchases. Finicky bill readers often didn’t work except on pristine notes; if you wanted a soda or a bag of chips, a handful of quarters was your best bet. Coins were also necessary if you wanted to park in an older but highly trafficked part of the city where there were no parking lots, only metered street parking. Now, both vending machines and parking meters commonly accept credit cards.
The Bottom Line
Technological innovation has replaced what once seemed like indispensable financial tools with superior alternatives. Ten years from now, we’ll probably be wondering why we ever wore out the back pockets of our jeans carrying a wallet full of plastic cards around.
What is a Bank Guarantee (BG)
The term “bank guarantee” has no precise definition, particularly in international law. Some use the term exclusively to describe a transaction in which one party makes an independent guarantee commitment in respect of another party’s liabilities, regardless of the latter’s form and enforceability. Others describe guarantees as all transactions in which security is offered; from letters of comfort (which often are morally binding at most) to surety bonds and abstract payment undertakings.
A Bank Guarantee can be described as a Letter of Guarantee issued by one bank to another bank to guarantee the performance of an obligation on the part of the applicant, guaranteeing the beneficiary.
A Bank Guarantee is where one Bank (the Issuing Bank) issues an indemnity to another Bank (the Beneficiary Bank) or directly to a Beneficiary, on behalf of its account holder. The Issuing Bank will expect its account holder to pledge ‘assets’ to the bank for its issue.
Bank Guarantee’s take many forms.
Some Guarantees are written to guarantee rental payments, some are written to guarantee payments upon the meeting of certain conditions. Some are even issued to guarantee loans and credit lines. All of them are written for a specific purpose to a specific party.
Each Bank Guarantee will be worded for the purposes it is intended. Some may be ‘callable upon demand’ or some may only be ‘callable’ when the Beneficiary provides notice of satisfaction of a pre-determined condition.
Currently, under the new Uniform Rules for Demand Guarantees (URDG 758) an underlying contract should be provided that states clearly the purpose of the Bank Guarantee and forms part of the Guarantee, for example a Rent Agreement or Payment Obligation.
In international trade dealings, buyers and sellers often experience problems of trust within each other to honour their payment obligations. A seller may find it difficult to ascertain the buyer’s willingness and ability to make payment, whilst the buyer may not be convinced that the seller genuinely intends to perform his side of the agreement or has the necessary financial and technical resources to do so. Just as the buyer needs protection against non-performance, so the seller will want to minimize or insure against the risk of non-payment. Documentary credits are generally used in such cases, yet various other forms of bank guarantees are available.
The common element in all these arrangements is that the guarantor undertakes to be answerable for the payment of a debt or the fulfilment of a payment obligation in the event of default by the party that is responsible for it.
DL Financial Limited are direct provider of bank Guarantees (BG), SBLC, DLC and All other types of Letters of Credit. We are legally registered Financial Firm with good reputation. We only work with Top Prime rated global banks.
We deliver with time and precision as set forth in the Deed of Agreement (DOA). All our customers can engage our leased bank instruments into trade programs, Business expansion projects, Aviation projects, Agricultural projects, Petroleum/Oil/Gas, Telecommunication, Construction Projects and any other turnkey project. Our terms and Conditions are reasonable.
DESCRIPTION OF INSTRUMENTS:
1. Instrument: Bank Guarantee (BG)/SBLC
2. Total Face Value: Eur/Usd 1M MIN and Eur/Usd 50B MAX).
3. Issuing Bank: HSBC, Barclays Bank, Standard Chartered, Citibank or AA rated Bank in Western Europe or USA.
4. Age: One Year, One Day
5. Leasing Price: 4% of Face Value plus 1% brokers commission (only if there is a broker involved in the transaction)
6. Delivery SWIFT TO SWIFT.
7. Payment: Wire Transfer.
8.. Hard Copy: Bonded Courier within 7 banking days.
All relevant information will be provided to any serious customer upon request.
Please forward all your inquiries & consultations to our contact details as follows:
(B) LEASING BANK GUARANTEES USD/EURO 5 M +
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QUESTION: WILL THE TERMS OF ISSUING AND PROVIDING REMAIN THE SAME, OR CAN THERE BE CHANGES?
Answer: This is not a regular banking service. The market of providing financial instruments is constantly on the move and we try to obtain best possible terms at any time. So you must be aware that an indication provided today might not be valid and available tomorrow.
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QUESTION: WHAT IS AN SBLC OR A BANK GUARANTEE?
Answer: An SBLC is a Stand By Letter of Credit. A BG is a Bank Guarantee instrument. It has nothing to do with the classical documentary Letter of Credit, which is used for international trading of commodities. An SBLC is the USA format of the well known Bank Guarantee (BG). The SWIFT message type (MT) is SWIFT MT799 for a pre-advice message and SWIFT MT760 for the actual guarantee instrument transmission.
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QUESTION: HOW IS AN SBLC OR BANK GUARANTEE USED?
Answer: SBLC’s (and BG’s) can be used to enhance your ability to apply for a line of credit with your bank; in other words, it can be used as collateral when your bank is asking for additional comfort when you ask them to fund your project.
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QUESTION: WHAT IS THE TYPICAL VALIDITY PERIOD OF AN SBLC/BG?
Answer: The SBLC/BG is generally issued for 1 year and 1 day (With the option of Rolls and Extension), but can easily be extended up to 5 years, sometimes longer. Once issued the SBLC is transferred to your bank via the SWIFT protocol MT760.
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QUESTION: WHAT ARE BASIC CRITERIA FOR AVAILING AN SBLC OR A BANK GUARANTEE?
Answer: To successfully apply for an SBLC you need to be aware of four vital points: You need to have a good project, You need to have a bank funding your project based on the supporting collateral, You need to have the money to pay for the leasing of the Bank Guarantee or SBLC, You need to have a realistic exit strategy to repay the loan and return the SBLC at the end of the term, or renew the instrument, year after year.
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QUESTION: IS THERE A DIFFERENCE IN APPLYING IF MY BANK IS AWARE OF THE LEASING TRANSACTION OR NOT?
Answer: YES, you have to provide an RWA that is bank endorsed indicating that the SWIFT and bank fees are blocked in your account. If your bank is not aware of your transaction, and you cannot come up with a bank endorsed RWA, then you will have to pay a USD/EUR 5,000.00 processing fee, after application and following invoice. This fee will be credited towards a commission payment that will be due after you followed through with the transaction and your relevant obligations.
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QUESTION: ARE THERE ANY ADVANCE FEES?
Answer: The SWIFT and bank arrangement fees will have to be placed directly with the provider and paid into an account as nominated by the provider after executed contracts and before the SWIFT MT799/760 is sent to your receiving bank. This is fully refundable and credited towards your annual leasing fees.
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QUESTION: WHY SHOULD I PAY FOR SWIFT AND BANK ARRANGEMENT FEES?
Answer: Once you have signed the contract with the provider, and the provider accepted you as a potential client and countersigned the contract, you will receive the provider’s corporate refund undertaking and the invoice for the SWIFT and bank arrangement fees are due to be paid. This fee is refundable and will be credited towards the annual leasing fees. As soon as your payment reaches the provider’s designated account, he will block his cash funds or assets for your transaction and applies for delivery of the SWIFT MT799 and MT760 to your bank. The provider will block his cash or assets for your transaction, once you have paid for the arrangements. You will pay for the actual leasing fees only after receipt and verification of the SWIFT MT760 through your own bank within 7 banking days.
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QUESTION: WHAT ARE THESE SWIFT AND BANK ARRANGEMENT FEES?
Answer: Depending upon the size of your transaction, these SWIFT and bank arrangement fees apply:
USD/EURO 10M TO 49M USD/EURO 50,000.00
USD/EURO 50M TO 99M USD/EURO 70,000.00
USD/EURO 100M TO 199M USD/EURO 100,000.00
USD/EURO 200M TO 499M USD/EURO 200,000.00
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QUESTION: WHEN AND TO WHOM DO I HAVE TO PAY THESE SWIFT AND BANK ARRANGEMENT FEES?
Answer: SWIFT and bank arrangement fees have to be placed directly with the provider into his nominated account. The fees are refundable once the client followed through with payment of the yearly leasing fees
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QUESTION: WHICH FEES ARE INVOLVED IN THIS LEASING TRANSACTION OF USD/EUR 5 M TO USD/EUR 250M?
Answer: The Processing Fee – which is only relevant, if your bank does not confirm that you have the SWIFT and bank arrangement fees ready
The SWIFT and bank arrangement fees – which are relevant in any transaction of less than USD 250 million. These fees will have to be placed with the provider and paid into an account nominated by the provider after contract, refund undertaking and invoice, but before the SWIFT MT799/760 is sent to your receiving bank.
The annual leasing fees and broker commission – This is 6% (leasing fee) and 2% (broker commission) which will have to be paid within 21 banking days of receipt of the financial instrument at your receiving bank and verification by your bank.
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QUESTION: WHAT RECOURSE IS AVAILABLE IF AFTER REMITTING THE SWIFT AND BANK FEES, THE INSTRUMENT IS NOT ISSUED? IS THIS CONCERN COVERED IN THE CONTRACT BETWEEN THE BORROWER AND THE PROVIDER?
Answer: YES, it is covered in the contract and there is a Corporate Refund Undertaking which spells out the refund in the event the instrument is not issued in line with the contract. Also, there is a 1% penalty payment in the event of default on the contract terms, also if the default is on the side of the provider.
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QUESTION: DO YOU STILL LEASE INSTRUMENTS AT $5M LEVEL OR HAS YOUR Q&A SECTION NOT BE UPDATED?
Answer: Instruments can still be leased at USD/EUR 5,000,000 but in that case the provider will have to combine several transactions, which could possibly result in a slightly longer processing period.
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QUESTION: IF THE SWIFT AND BANK FEES ARE TO BE REFUNDED, WHY MAKE THE APPLICANT PAY IT UPFRONT?
Answer: Because these are costs that occur and have to be paid to conduct the transaction of the client. Why should the provider have to advance these fee payments for the client who is the ultimate beneficiary of the service? Would the client’s own bank send a (any) SWIFT message for the client, if the client’s account is not in funds for them to deduct the transmission fees right away?
DL Financial Ltd. 