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Fees - Edit a Phase of Recurring Fees in a Guarantee

Updated

After adding fees to a guarantee in Fairways Guarantees, you may need to edit the phase configuration if its terms have changed.

 

Prerequisite

 

Navigate to the Guarantees Section
  1. Log in to your Fairways Guarantees account.
  2. Select a customer account.
  3. Navigate to Guarantees.

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Edit a Phase of Recurring Fees in a Guarantee
  1. Click a guarantee to open its profile.

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  1. Navigate to the Financial Fees section.
  2. Click Edit beside the fee phase to edit.

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  1. Complete the form with all relevant details.

Note: Fields marked with an asterisk * are mandatory.

Field Description
From Payer.
To Receiver.
Start Date

Start date of the fee phase.

Note: By default, the same date as the effective date of the guarantee.
End Date

End date of the fee payment.

Note: By default, the same date as the expiry date of the guarantee.
Invoicing Type

Fairways Guarantees automatically calculates fees according to 3 invoicing types:

  • Invoicing: Fees paid by the principal(s) to the guarantor(s).
  • Markup: Fees charged by the principal to the applicant, according to the internal rules of the group in terms of transfer pricing, for acting as an intermediary.
  • Refund: Fees paid by the principal but due to being paid by the applicant.
End Date of First Period End date of the first period, if it is a stub period.
Adjustment Adjustment mode for the payment date.
Frequency Frequency of the payments.
Calculation Mode Basis amount used to calculate the fees.
Last Payment Calculation mode of the last payment.
Rate Rate applied.
Day Count Convention Used to compute the day fraction of an interest accrual period.
Decimals Count of decimals in the amount. 
Rounding Mode Rounding rule. 
Currency Currency in which fees are charged. It can be different from the currency of the guarantee.
Minimum Amount Minimum amount of the fees that can be charged by the (local) guarantor.
Payment Method
  • Start of Period: In advance
  • End of Period: In arrears

Note: If you have manually updated individual fees of the phase, select how the recomputation should treat them.

  1. Click Save.

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The fee phase updates.

Fee_Recurring_Edited_EN.png

 

Adjustment

Adjustment modes define how the system rolls dates in case of holidays in the calendar.

Field Description
None Not rolled.
End of Month Rolled to the last day of the month.

 

Day Count Convention
Field Description
30E/360 30 days a month, assuming the year has 360 days.
30E/360 ISDA 30 days a month, with leap years of 366 days.
Actual/360 Actual day count of the period, assuming the year has 360 days.
Actual/Actual Actual day count of the period on the actual day count of the year.
Actual/365 Actual day count of the period, assuming the year has 365 days.

 

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