Foundations of Structured Trade Finance by Dr Benedict O. Oramah

Author:Dr Benedict O. Oramah
Language: eng
Format: epub
Publisher: Trade & Forfaiting Review
Published: 2015-04-15T00:00:00+00:00

Permitted accounts

a. Trust account

The borrower shall maintain two accounts:

a. A trust account in Naira, held with the LAA, into which all Naira receivables will be deposited. The LAA will be expected to convert agreed amounts in the trust account into US dollars and transfer to a USD collection account, held with the bank, within seven days of receipt of such funds.

b. Off-shore collection account

b. US dollars collection account opened with the bank into which USD payments shall be deposited. Funds in this account shall be applied in meeting:

(i) Taxes and duties when due;

(ii) Fees, costs, and expenses due under this facility; and

(iii) Debt service (principal and interest).

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