To: CIMB Bank Berhad (13491-P)
Trade Service Centre:
APPLICATION FOR BANKERS ACCEPTANCE
Dear Sirs, Date:
We enclose herewith the Bankers Acceptance(s) mentioned below duly signed and endorsed on the reverse together with the related supporting documents. We hereby apply for Bankers Acceptance (BA) financing as follows subject to your approval and the terms herein and or such other terms as you may determine:
BA Draft No / Tenor Requested (Days) / Amount Requested (RM)**Rounded downwards to the nearest thousand
We hereby certify that this financing covers current genuine trade transaction and that this transaction has not been financed by any other means of financing. Kindly accept and discount the BAs and utilise the discounted proceeds less acceptance commission and other charges, as follows: -
(Please tick with relevant details, if applicable)
1. This BA is drawn in connection with:
Local Sales Local Purchases Imports Exports
2. The following original documents pertaining to the underlying trade transactions are enclosed:
Invoice Delivery Order Bill of Lading Airway Bill Others (specify)
3. Details of financing proceeds
3.1 Related Trade Bill ref no:3.2 Payment / Credit Details:
Pay Suppliers as below; / Please Credit proceeds to my/our account with you;
a. Payee :
Bank and Branch :
Account No : / Amount (RM) :
Mode of Payment : / Rentas Online Banker’s Cheque Foreign Remittance Others (specify)
b. Payee :
Bank and Branch :
Account No : / Amount (RM) :
Mode of Payment : / Rentas Online Banker’s Cheque Foreign Remittance Others (specify)
c. Payee :
Bank and Branch :
Account No : / Amount (RM) :
Mode of Payment : / Rentas Online Banker’s Cheque Foreign Remittance Others (specify)
d. Payee :
Bank and Branch :
Account No : / Amount (RM) :
Mode of Payment : / Rentas Online Banker’s Cheque Foreign Remittance Others (specify)
e. For Multiple Payment Instructions, please refer to the attachment
4. Merchandise (for Import/Export only) :
5. Foreign Exchange Rate contracted by us with your dealer (if applicable):
Currency / Amount / Rate / Contract / IDM no. / Dealer’s NameWe hereby agree to abide and to be bound by the terms, undertakings, covenants and representations appearing on the reverse of this page and for applications downloaded from CIMB Bank’s website on page 2 thereof (if applicable), and further agree in the event of conflict between the terms herein including the terms appearing on the reverse of this page and for applications downloaded from CIMB Bank’s website on page 2 thereof (if applicable) and terms contained in your Letter of Offer to us granting the above BA facility, the term which is more favourable to you in its meaning and construction shall prevail. / Authorized signature (s) with company’s rubber stamp
Signature verified by:
Remarks (if any) : / Contact Person:
/ Tel No: / Fax No:
CIMB Current Account No:
We hereby:-
1. Undertake and represent that
(i) BA drawn by us and presented to the Bank for acceptance and/or discounting from time to time are for the financing of our genuine trade transactions for the purchase from or sale to resident or non-resident
(ii) For BA drawn by us to finance purchases, the good purchased are not
a) on hire purchase terms
b) intended to be our fixed assets
c) intended to be leased to another person
(iii) for BA drawn by us to finance sales of goods on credit terms
a) the goods are not subject to a sale and lease-back agreement
b) we do not intend to sell, or have not pledged to sell, or have not “sold” the receivable under a factoring agreement
c) the goods were not sold under hire-purchase terms
(iv) the trade transactions in relation to the BA drawn by us and presented to the Bank for acceptance and/or discounting from time to time are between two separate legal entities
(v) where the parties to a transaction are sole proprietorships or partnerships, the proprietors or majority of the partners are not the same person(s)
(vi) where the parties to a transaction are related companies within the meaning of Section 6 of the Companies Act 1965, the transaction between the parties was a bona fide transaction resulting in a genuine transfer of title to the goods concerned evidenced by proper and adequate documentation
(vii) no other forms of financing, including but not limited to financing pursuant to a lease, hire purchase, or factoring agreement has been or will be obtained by us for the same transaction(s) under which the BA are drawn on the Bank for acceptance and/or discounting
2. Undertake to deliver to the Bank the original export or inland bills for collection through the Bank for BA presented to the Bank for acceptance and/or discounting from time to time for the financing of our sales to resident or non-resident
3. Agree that in instances where the export or inland bills are sent for collection through the Bank and in the event the sale proceeds are received by the Bank before maturity of the BA, the Bank shall have absolute discretion regarding deployment of proceeds and is hereby authorised to perform the following :-
(i) utilise the sales proceeds to redeem the outstanding BA before maturity if the BA has not been sold by the Bank
(ii) credit the sales proceeds into our current account, earmark the face value of the BA from our current account and then debit our current account and utilise the amount earmarked to settle the BA upon maturity
(iii) utilise the sales proceeds received to purchase a money market instrument, if available, up to the maturity date of the BA and then utilise the proceeds to settle the BA upon maturity
(iv) hold or dispose off the sales proceeds in any other manner deemed fit by the Bank in order to settle the BA
4. Agree to forward to the Bank all proceeds of sales collected without any deduction immediately upon the receipt thereof in the event the Bank allows us to forward the export bills or inland bills directly to our buyer for collection
5. Undertake as follows :-
(i) to produce any documentary evidence as may from time to time be required by the Bank to verify the validity of the transaction and the existence of the transacting parties including but not limited to certificates of corporation, business registrations, licenses, memorandum and articles of association
(ii) to deliver to the Bank the complete set of original supporting documents for the BA drawn by us on the Bank for acceptance and/or discounting
(iii) that in the event the Bank accepts documents produced or appearing to have been produced by reprographic systems, automated or computerised systems or carbon copies as supporting documents for drawing of BA by us, we will upon receipt of the original documents forthwith deliver the same to the Bank even though the BA may already have been drawn
(iv) that in the event the Bank allows a BA to be drawn based on a single document, we will present the remaining supporting documents to the Bank once they become available
(v) to produce the approval letter from the Controller of Foreign Exchange to the Bank in the event we extend credit terms beyond six months for export of goods to non-resident purchasers and request for a BA to be drawn to finance the trade transaction
(vi) upon request of the Bank, to deliver to the Bank any document(s) information in our possession which the Bank may from time to time require
6. Agree that the rate of acceptance commission and discount charges shall be determined at the sole discretion of the Bank
7. Authorise the Bank to discount and/or rediscount any BA drawn by us and accepted by the Bank
8. We hereby expressly authorise you to :-
(i) Debit our Current Account with you for the difference between the amount required to settle the trade bill/invoice together with interest and charges, if any, and the BAs.
(ii) Debit our Current Account for the face value of the BAs plus charges if any without giving us notice of dishonour, on or before maturity date of the BAs if the trade bill is dishonoured on or before the maturity date of the BAs.
(iii) Debit our Current Account on the maturity date of the BAs if the proceeds of the trade bill have not been received by you on the maturity date of the BAs .
(iv) Debit our Current Account with the face value of the BA at maturity together with any other incidental charges incurred if any. In the event there are insufficient funds in any or all of our accounts with the Bank to repay the amounts due under the BA, the Bank shall be at liberty to treat such amounts or any part thereof as being overdue and interest at the excess rate of BLR+ 3.5% p.a, or such other rate as the Bank may from time to time change, shall be charged on the overdue amounts. We further authorise the Bank to set-off any sums so due by us to the Bank with any deposits held by us at any of the Bank branches
9. Authorise the Bank to use any information provided by us herein and in any account or facility maintained by us with you in connection with the BAs or transactions or flow on transactions involving the BAs for your purpose of administration, statistical analysis, conducting surveys of any nature with our buyers and suppliers, operations relating to marketing, profiling, finance and your other activities including the activities of your related companies.
10. Agree and undertake to indemnify and keep the Bank indemnified against all claims, losses, damages, costs and expenses which the Bank may incur, whether directly or indirectly as a result of the Bank accepting and/or discounting the BA drawn by us
11. Agree that all applications for financing under BA shall be made on the Bank’s standard form. The Bank reserves the right to reject any application for financing under BA and/or impose its own conditions in addition to Bank Negara Malaysia’s guidelines without having to give any reasons thereto
12. Confirm that the BA presented to the Bank for acceptance and/or discounting shall conform in all respects with the current “GUIDELINES ON BANKERS ACCEPTANCES” laid down by Bank Negara Malaysia including any subsequent modifications and amendments thereto.
13. Agree that in the event of the Bank making available to us BA facility upon term(s) which is or are different from that stated in our application herein, it shall be deemed that we have accepted the Bank’s terms and counter offer upon our utilising the BA facility of the Bank.
Page 2 of 2 BL 50/ENGSC-12/2012