MT103/72 Step by Step Procedure for the execution of a Conditional Swift MT103/72 from the USD-Providers Bank (( Or whatever major Currency to be used )) followed by; The transmission of an Unconditional Swift MT103 from the Euro-P. This activates the 1st Tranche and subsequent Tranches until the Transaction is exhausted, Step 1: The USD-P instructs his bank to establish a Con bank (Commerzbank-Germany) The bank duly creates the Swift MT103/72 in favour of the Euro Provider and nominating his bank account as detailed in the contract. nal Swift MT103/72 to the EURO-P’s ‘Step 2: The USD-P’s bank swifts the Conditional MT103/72 to the nominated Commerzbank in Germany. ‘Step 3: The Commerzbank, under instruction from the Euro Provider, verifies the authenticity of the ‘Swift MT103/72 and confirms to the Euro Provider for acceptance. Step 4: The Commerzbank, under instruction from the Euro Provider, establishes an Unconditional ‘Swift MT103 in favour of the USD-P and swifts this document, after receiving the verification of the USD-P’s Conditional Swift MT103/72, to the USD-P’s Bank nominating the USD-P’s account number. ‘Step 5: Upon receipt of the Unconditional Swift MT103, at the USD-P's bank, the USD-P’s bank will verify the authenticity of the Unconditional Swift MT103. Upon acceptance, the USD-P’s bank sends a confirming swift, to the Commerzbank which immediately releases the Conditional Swift MT103/72 out of the USD-P’s bank, to the EURO-P’s nominated account. ‘Step 6: Upon receipt of this acceptance the EURO-P immediately distributes commissions to the intermediaries in accordance with the IMFPA as set-down in the contract. Non-complianes If the EURO-P cannot issue an Unconditional Sift MT103, in a timely time-frame, as stipulated in the contract, the Conditional Swift MT103/72, is at the USD-P’s discretion, is then made null and void and his funds stay in his USD Account ‘The swift document is revoked and the USD-P’s bank notifies the Commerzbank accordingly. ‘The Second Tranche commences under the same procedures. Notes: * The USD-P’s funds are secure at all times. * The EURO-P cannot access the USD’, until the EURO has been despatched and receipted into the UsD-P’s bank account * If there is a non-compliance, with the procedures in the contract, the Conditional Swift MT103/72 is immediately made null and void. There will be no long periods for waiting for funds to be returned. In effect the USD funds never leave the control of the USD-P. * The USD funds oniy actually move by electronic means, between the banks when the tranche has been signed off by both banks.