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SELLERS COMMODITY : BULLION GOLD
BUYERS CURRENCY : UNITED STATES DOLLAR (USD)
AMOUNT : 5,000 MT WITH POSSIBLE ROLLS AND EXTENSIONS
TRANCHES : TRANCHES QTY TO TAKE PLACE AS
MUTUALLY DECIDED ON DATES TO BE FIXED
BY SELLER & BUYER
PRICE : SECOND LONDON FIX
DISCOUNT : 10% GROSS AND 7% NET TO THE BUYER
COMMISSION 1.0% BUSINESS CORDINATOR AND 2% TO BE EQUALLY DIVIDED BETWEEN
BUYERS AND SELLERS SIDE.
TRANSACTIONS MODE : BANK-TO-BANK
SPECIAL CONDITION : THE GOLD MUST BE DEPOSITED IN A BULLION
1. Seller to signe This LOI and to fax it back to our efax number.
2. Buyer exicutes his ICPO/Agreement including his banking data.
3. Seller signs the ICPO sending it back to Buyer.
4. Seller Bank will exicute a Swift/wire transfert pre-advise with a valut of 3 business days. After the exicution of the pre-advise to the Buyer4s Bank via Swift, copy of the pre-advise will be sent to the Buyer by fax and e-mail (TIFF format) .
5. Buyer4s Bank will confirm the ability to receive the Gold Bullions and to make the refund in USD as per agreement via Swift/Bank to Bank (pre-advise response) .
6. On the valuta days the Gold Bullions transfer is exicute and the Seller will receive the agrie counter value in USD.
7. Further tranches (including extensions if any) continue as per items 3 to 5, daily, until the contract amount is exhausted.
8. Germany banking days and hours apply.
9. Commissions are paid buy the Buyer immediately after each and every tranche
10. No other procedures will be considered.
The present LOI is valid until August 30, 2006