63,000 METRIC TONS OF EN 590 AVAILABLE ON THE RED SEA

TRANSACTION: TTO

INSTRUMENT: BLOCKED FUNDS

PRICE: $490/10

ANK TAKE OVER (TTO ) PROCEDURE.

1. Buyer issues Irrevocable Corporate Purchase Order (ICPO) with Guarantee Letter to take over Title of the product.
2. . Seller issues draft (MOU) agreement to Buyer counter-sign and return to the seller.
3. Seller acknowledged the signed MOU.
4. Seller sends to Buyer the following documents for Buyer’s confirmation.
   A. Bill Of Lading-(in the name of the previous buyer as Consignee.)
   B. Vessel Tanker Details.
   C. Product Passport-Dip-Test Report.
   D. ATSC.
   E. USD $150,000 Escrow company deposit Invoice.
   F. Cargo Manifest.
   G. Cargo Ullage Report.
   H. Q88
5. Buyer confirms the goods documents and makes a USD $150,000 down deposit to escrow company which stands as an Allocation and Security Guarantee payment to the Escrow company bank by T/T Wire Transfer within 2 banking days to enable the seller to change every document to buyer’s name and instruct the vessel captain to re-route the vessel to the new buyer’s destination port. The USD $150,000 deposit Payment to the Escrow company made shall be deducted from the total payment value of the takeover products.
   If the seller or buyer defaults from this understanding, The defaulted party shall pay a defaulted penalty fee of 2% to the other party for damages and bridge of contract.
6. Seller signs NCNDA/IMFPA between all intermediaries involved with the notarized copy sent to Seller’s bank.
7. Seller releases a fresh dated Dip-Test Authorization to Buyer to order SGS inspection or Equivalent inspection team for Q & Q inspection upon goods/cargo arrival at the discharge port.
8. Upon the successful completion of Dip-test inspection, Buyer makes the balance payment by MT103 wire transfer after deducting the initial deposit for the total goods value, Seller transfers Title of ownership Certificate to buyer’s name as the legitimate owner of the goods and commence translating.
9. Trans-loading commences immediately.
10. Seller will release payments to the intermediaries involved within 48 hours of receiving the payment for the product from the Buyer’s bank.