Step 1 of the buyer’s procedures stipulate that a signed Contract/RWA will be sent to the provider, along with additional application documents.  However, prior to the buyer actually sending the Contract/RWA, there must be some communication between provider representative and buyer representative to reach an understanding about the offer to be made as follows:

1. MTN Bank Instrument: Obtain the price, and verify that the offered instrument is similar to the bank instrument that the Pension Fund is in the market to purchase.
2. Procedures: Make certain the provider has received and reviewed the procedures that the buyer must follow.
   a. Verbal (written preferred) agreement to the procedures without any changes.
   b. Provider agrees to send the corporate invoice along with the countersigned Contract/RWA.
   c. Provider must be prepared to submit the selling entity’s name, email and fax for the completion of the Contract/RWA that will be sent.
3. MFPA: The buyer pays the fees and will sign and submit an MFPA along with the Contract/RWA.  The buyer wants information on the participating intermediaries.  The buy side/sell side split must be presented to and accepted by the buyer.  (Note: intermediaries representing the sell side demanding being paid on the buy side has been rejected in past offerings.)

Check your MTN sources and contact me.  I will send you the Pension Fund’s Procedures.