Alternative Fuel Systems ATF:VSE Message Board

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Gold/Mining/Energy : Alternative Fuel Systems ATF:VSE

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To: Stew who wrote (650)	4/5/1998 10:41:00 AM
From: Ally	Read Replies (5) of 4605

>>Denise: What about getting irrevocable L/Cs up front? Also, would there not be some export guarantees from the Cdn. Gov't<< Stew, Sorry for the delay in replying. The arrangment for the 1,050 units is a cash advance to AFS, and a letter of credit (which I assume is irrevocable as most are in such cases) whereby the bank will pay AFS the balance after the units have been delivered. There wouldn't be export guarantees from Cdn Govt on deals of this nature. Purely commercial and nothing unusual. AFS given sole distributor rights to CCM, which in turn supplies and retrofits the buses as per contract between CCM and CEM. The 1,050 Sparrowunits is only a project. A letter of intent is not yet an agreement for the 10000 units for 10 years. They'll have to work out an agreement upon completion of the project. d

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