documentary letter of credit monetized

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1. When a client discovers that their bank can't monetize their DCL, they contact Line of Credit and ask us to act as an intermediary. 
2. At the time of contacting us, clients must submit a bank comfort letter (BCL), a Know Your Client Form (KYC), the pre-advice (how the DCL will be issued). 
3. Line of Credit reviews the file and provides the client with a service contract outlining our monetization process and the fee agreement.
4. Once the client signs the agreement, both parties will execute at the same time.
5. Monetization often takes 3-10 banking days, and our fees are 2%. 1% is our facilitation fee, and 1% is for intermediaries. 

Please note: Clients must come fully prepared with all of the required paperwork to start a transaction. You can download all of the paperwork required for documentary letters of credit here.

Step 1:Application is made to 2705565 Ontario Inc. C/O Line of Credit.Ai for opening of a DLC including but not limited to the following:

1. DLC application form. (Provided by 2705565 Ontario Inc. upon request)

2. Performa Invoice of Transaction.

3. Desired verbiage of DLC. (If none provided 2705565 Ontario Inc. will provide its normal DLC verbiage).

4. SWIFT code and address of beneficiary bank.

5. KYC and AML documents including but not limited to: Passport copy of applicant, articles of incorporation of applicant company and brief summary and/or business plan of underlying transaction. 

Step 2: 2705565 Ontario Inc. reviews all documents presented and evaluates acceptability of documents. 2705565 Ontario Inc. will then send the application to its partner(s) and either approves application or denies and shall inform the applicant of such decision. 

Step 3:2705565 Ontario Inc. or its partner(s) prepares draft of the DLC as it is comfortable to issue and forwards to client for approval. All drafts shall be in lined with rules and regulations governing the issuance of DLC. 

Step 4:The client approves the draft and:1. Signs a contract agreeing to the terms and conditions of issuance and issuance charges asnegotiated.2. 2705565 Ontario Inc. or its partner(s) issues the invoice for the agreed upon charges.2705565 Ontario Inc. 6A-170 The Donway West, Suite 1403, Toronto, Ontario, M3C 2E8 

Step 5: Client makes payment of charges as per agreed upon payment structure.1. Client shall provide TT/Wire copy of payment made to 2705565 Ontario Inc.escrow account.2. 2705565 Ontario Inc. or its partner(s) shall confirm to client credit of funds upon receipt of funds to 2705565 Ontario Inc. designated account. 

Step 6: 2705565 Ontario Inc. or its partner(s) uploads draft to SWIFT system and provides copy to applicant for final approval of message. Upon approval given by applicant 2705565 OntarioInc. then releases the SWIFT to beneficiary bank coordinates. 

Step 7: Copies of released SWIFT are then forwarded to the client via email or hard copy as requested.In case the client is represented by an advisor, then it is forwarded to the advisor only.

Step 8: Any amendments to DLC are subject to approval of 2705565 Ontario Inc or its partner(s).

Please note: Clients must come fully prepared with all of the required paperwork to start a transaction. You can download all of the paperwork required for documentary letters of credit here.