Trade Finance 61
(b) Goods: [______________]
(c) Cost price: US$[__________]
(d) Value date: [_____________]
(e) Payment instructions: [insert details of account]
We hereby irrevocably and unconditionally undertake that immediately
after we purchase and take possession (physical or constructive) of the goods
on your behalf, we shall purchase in our own name the goods from you on
the proposed transaction date for the deferred sale price. The deferred sale
price (comprising the cost price (to be paid in instalments) plus profit
calculated by you) shall be payable by us in accordance with the Agreement.
_______________________
Authorized signatory
[the customer]
Schedule 2: Form for a transaction approval
[To be addressed to the customer as the purchaser]
[Date]
We refer to the Agreement dated [•] and your transaction request dated
[•] in relation thereto.
We hereby authorize you to purchase and take possession (physical and
constructive) of the goods having the general description set out in the
transaction request as our undisclosed agent upon the terms specified in
that transaction request and the conditions specified in this transaction
approval.
Subject to you complying with the terms of the Agreement and the
conditions numbered (a), (b) and (c) below, the cost price in the amount of
US$ [•] shall be paid by us on thevalue date to the following bank account:
[details to be inserted]
Conditions
(a) In accordance with the terms of the Agreement you shall inform us of
the purchase of the goods referred to in the transaction request no later
than 11.00 am (London time) on the transaction date by way of a
facsimile transmission substantially in the agreed form, failing which
this transaction approval shall be deemed to have been immediately
revoked and, accordingly, you shall be deemed to have purchased the
goods solely for your own account.
(b) You have irrevocably and unconditionally undertaken that immediately
after you have purchased and taken possession (physical and construc-
tive) of the goods on our behalf you shall purchase in your own name the
goods from us on the transaction date for the deferred sale price in
