• Bank Issued MTN (no corporate paper)
• U.S. Treasuries
• Select Western European Treasuries

MTNs: 80% or less of current trading price

T-strips: At least minus 3% net

1. Seller provides the following:
   1. Current custodial account statement, title page, and/or securities desk information,
   2. Asking price.
2. Buyer issues to seller LOI and supporting paperwork confirming readiness to receive delivery of paper.
3. Any contracts are drafted with the procedures as agreed.
4. Any/all contracts/invoice between buyer and seller is signed and exchanged.
5. Seller delivers instrument(s) to bank/brokerage house via as agreed free and clear with free delivery for Buyer's bank/brokerage's compliance and verification.
6. After verification paper is delivered into Buyer's account and Buyer initiates payments to Seller and intermediaries as agreed.
7. Additional tranches continue as agreed.

• Both North American and European banking are available.
• Buyer will not engage without a clear outline of ultimate beneificial owner (UBO)/titleholder of the instrument and the parties in the middle clearly outlined. 
• Sellers needing to see a buyer's POF before evidencing owning anything to sell typically don't own anything to sell. 

OPTION PAPER

Sellers that own no title but actually possess a real option to sell on behalf of a titleholder are welcomed when able to transact in either of the following two conditions:

A)  Buyer is allowed to pay for the option at the same time as paper is being paid for within the settlement process.

OR

B) Seller pays for the option and enters into a joint venture (JV) agreement with the buyer to split profits as agreed.