Euroclear Procedures
TRANSACTION PROCEDURE: MTN - BG- Bond- Bank Instrument on Euroclear
Party-A Sender. Party-B. Prosperity
- Sender (Party-A) sends in his KYC/CIS, DOA and other documents needed for the transaction.
- Party-A provides a Ready and Willing and Able from its Bank (RWA) verifying it willingness to assign the Bond to PABCS and send via Swift or Euroclear Free Delivery.
- Party-A’s sends RWA, to PABCS (RWA verbiage is provided by PABCS)
- Sender and Receiver execute, sign, and seal a DOA, Dead Of Agreement, which thereby automatically becomes a full commercial recourse Contract:
- DOA will have authorization to use Bond to open Prosperity's Line of Credit and a Authority to Verify Bond (ATV) included in the agreement.
- Party-A assigns Bond to Prosperity for one year and one day.
- Within 24 hrs of signing the DOA, Party-A will send the Bank Instrument by SWIFT or Euroclear Free Delivery to the account designated by Prosperity.
- The receipt of the Slip Copy or Euroclear must be sent to PABCS at it compliance dept.
- The Slip copy or Euroclear must be signed and sealed by 2 bank officers and include their business cards.
- Prosperities Credit line is used to provide Funding for the investment or humanitarian project.
