Import Factor Information Sheet (IFIS)

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1 Import Factor Information Sheet (IFIS) GUARANTEE FOR INTERNATIONAL FACTORING TRANSACTIONS MEMBER OF FACTORS CHAIN INTERNATIONAL

2 Table of contents 1. Company Overview 2. Range of Activities 3. Credit Approvals 4. Pricing 5. Collection Procedures 6. Transfer of Funds 7. Reporting 8. Assignment Procedures 9. Notification of Transfer of A/R 10. PUG (payment under guarantee) 11. Anti Money Laundering 12. Visits, Hours of Operation & Contacts

3 GUARANTEE FOR INTERNATIONAL FACTORING TRANSACTIONS 1. Company Overview 3. Credit Approvals Bancomext is a Mexican Development Bank for Foreign Trade, duly incorporated in 1937 and is owned by the Mexican Government. Our mission is to encourage foreign trade as well as foreign exchange in Mexico, the extension of the productive capacity of the export companies and if applicable, the internationalization of such companies by providing our customers with quality assistance in financing and guarantee programs, and other financial services. Bancomext is pleased to assist you as fast as possible with all of your applications. Our time range for a credit approval is around 10 working days and the regular accepted payment term is up to 120 days. In order to process in a more efficient way the assessment we will need your support to obtain the following information: Full name, address and telephone number of the Buyer 2. Range Of Activities Company registration number known in Mexico as RFC We have more than 70 years experience over the Mexican market and granting financing for companies involved in Mexico s foreign trade, including exporters and their vendors, importers, and companies that manufacture import substitutes. Required credit amount Invoice currency Terms of payment (Please notice that we will not accept invoices exceeding the approval terms) Permission to contact directly the Buyer (If there is not an answer about the permission we won t proceed with the request) Full name, address and telephone number of the Seller As part of our wide array of credit products and financial services, we offer the business community International Factoring transactions as member of the FCI (Factors Chain International) as follows: Credit cover for factoring lines & Collection only In Latin America financial information is very difficult to obtain. In this sense it is very important to obtain the permission to contact the Buyer directly in order to ask and validate such financial information. If the Buyer refuses to provide financial information or he does not cooperate we will have to decline the cover credit request. For further questions or notices about the assessment process we invite you to contact any of our representatives.

4 4. Pricing Bancomext is always looking to promote foreign trade and benefit the parties with a fair deal for all. Considering the aforementioned, we are willing to offer a competitive pricing and excellent service levels. All bank charges will be covered by the Export Factor. Pricing is usually established case by case, based on the assessment process. It is important to let you know that any other commission will be previously notified. For normal import transactions we consider the follow aspects: Risk coverage. Payment Terms (including Assessment Process). Buyer s Commissions must be remitted in the currency in which they are quoted. For collection only we consider the follow aspects: Collection fees and legal expenses.

5 5. Collection Procedures Our collection process is handled by a specific debt collection department as follows: 1. Phone calls before and after due date, according to the invoice s amount. 2. Letters are sent after due date, including all outstanding amounts in the debtor s account. 3. Legal actions will take place 91 days after due date, when the PUG is paid. In case of initiating legal actions we will need the Export Factor to provide us with the information established in section 10 of this document. Collection Fees will apply according to section 4 of this document. 6. Transfer Of Funds All debtor s payments are collected in the invoice currency and sent via SWIFT daily. Bank commissions and charges will be paid by the Export Factor. 7. Reporting We have full edifactoring capability therefore we follow edifactoring rules and other FCI regulations. Bancomext will send FCI standard format receivables ledgers monthly. Such documents can also be sent to you by , according to your preferences.

6 8. Assignment Procedures The following assignment clauses must be placed on all invoices and credit notes (original and all copies): Assignment Clause (Spanish)

7 Assignment Clause Payment made to any other party does not constitute valid payment of this invoice or credit note.

8 9. Notification Of Transfer In order to cover the assigned invoices the following procedure must be done as follows: 1. The Exporter sends the Importer the Notification Letter duly signed. 2. The Export Factor sends Bancomext a copy of the Notification Letter duly signed by the Exporter. 3. Once the Importer receives such Notification Letter he will have to send Bancomext the Confirmation Letter duly signed. 4. As soon as we received the aforementioned documents we will inform the Export Factor through edifactoring if the invoices can be assigned. Notification Letter (Spanish)

9 Notification Letter

10 Confirmation Letter (Spanish)

11 Confirmation Letter

12 10. PUG (Payment Under Guarantee) Bancomext is committed to promptly and fairly make the PUG in terms of the GRIF. In case of any dispute or legal action please help us by having available documentary evidence as follows: A certified copy of the invoice duly assigned to Bancomext Evidence of order, delivery and shipment Terms of sale and/or purchase Copy of all available correspondence between the Buyer and the Seller Copy of any legal agreement between the Buyer and the Seller Original document showing evidence of title Evidence that the contract/agreenment of sale or service has been fulfilled Any other document requested before shipment 11. Anti-money Laundering We expect our partners to comply and conduct according to Anti Money Laundering regulation. Bancomext appreciates if you could inform any supposition of money laundering practices or acts of terrorism. 12. Visits, Hours Of Operation & Contacts Bancomext welcomes all visitors and we are always glad in helping you out with all of your travel arrangements and accommodation. In order to assist you, we inform to you the following: Our website: Work hours: Monday through Friday 9:00 a.m. to 6:00 p.m. (GMT-6). Contact Information Ms. Gabriela Guillermoprieto Senior Vice-President of Export Financing Phone: +52 (55) Ms. Karla Hernández Vice-President of International Import Factoring Phone: +52 (55) Mr. Héctor Gómez Vice-President of International Export Factoring Phone: +52 (55)

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