Seller Procedures for MTN Contract Transactions

Seller Procedures for MTN Contract Transactions March 1, 2009 Please take note that the following is important information for Buyer's Representatives and Buyers to carefully take into account in order to save time and avoid wasted effort. 1. Seller does not perform Spot Sales. Seller operates in Contracts only. 2. Seller does not use any Procedures other than their own. Therefore, sending potential Buyer Procedures for Seller review and acceptance is not a good use of time. 3. Seller will only consider Buyer Procedures from previously contracted Buyers (to the Seller), where past performance has been established, or after the first Contract is completed with a new Buyer (again performance capacity established). 4. The Procedures within the LOI are the specific Procedures. Nothing has been omitted. Also, there is no ambiguity to the Procedures as written. 5. Procedures require a Proof of Funds (POF) in all cases. POF may be in either MT760 or MT 103/23 form. Note that POF is not required in advance of a countersigned Contract. 6. Seller, under no circumstances, speaks with any Buyer or Buyer's representative, until Seller has received a complete Submittal including signed LOI and non-Solicitation Letter. There are no exceptions. Representatives are advised not to frustrate their Buyer clients by saying "you will ask". 7. Once the Seller speaks with the Buyer and/or their Representative, it will be solely to clarify steps and not to negotiate any steps. The signed LOI acknowledges Buyer acceptance of the Procedures as written. 8. Buyer will not receive the Seller contact information and security code, for delivery of their package, until Seller, or their representative, has reviewed and cleared the signed LOI, against the required Procedures, and advised us to proceed. Buyer has a choice of submitting LOI on letterhead and signed, but without banking information, or Buyer may submit a brief statement (we can provide you with the verbiage, if required) that will be sent to us along with the LOI, that they will be submitting, as a PDF file, the signed LOI along with a completed non-Solicitation Letter. 9. Once it is determined that the Buyer will be using Seller's LOI, we will send the following information directly to the Buyer: a. Seller Name b. Seller Principal c. Seller email address d. Security Code for all contact These Procedures, and the specific Procedures written in the LOI, do not fit the needs or capabilities of all Buyers. However, sharing this information and the LOI with Buyer candidates upfront will allow the Buyer to make an informed, timely decision on whether to proceed, or whether they can proceed, or not. It makes no sense to stretch out communications with a Buyer who will not or cannot meet the Procedures as written. The Seller is a "Proof of Funds and Guarantee of Payment" Seller. The Procedures, as written, are excellent for Buyers exiting their paper. EFTA00730017