continue or convert a maturing request a new libor … libor functionality user reference guide 2...

GE Capital

MyAccounts

LIBOR FUNCTIONALITY USER REFERENCE GUIDE

MyAccounts LIBOR functionality enables borrowers to:

• Continue or convert a maturing LIBOR rate loan

• Request a new LIBOR rate loan

• Convert from a base rate loan to a LIBOR rate loan

MyAccounts LIBOR Functionality User Reference Guide 2

LIBOR Requests, Figure 1Three ways to Initiate a LIBOR Request in MyAccounts

a Initiating a LIBOR Rate Loan Request through the Homepage. After logging in, the homepage is displayed. Initiate the LIBOR request by clicking the “Create New Transaction” button.

b Initiating a LIBOR Rate Loan Request through the Transactions Menu. After selecting the “Transactions” link in the navigation menu bar, click the “Create New Transaction” button to make a new request.

c Initiating a LIBOR Rate Loan Request through an Eligible Loan. Click the “Transact” button in the expanded view by clicking the sign of an eligible loan

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MyAccounts LIBOR Transactions

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Create a New Transaction, Figure 2After initiating the new transaction process using one of the methods mentioned above, the “Create New Transaction” page is displayed. All transactions follow a simple, 3-step process.

a Select the transaction type – New LIBOR Borrowing, LIBOR Rollover (Continuation)/Conversion or Base Rate Conversion for LIBOR transactions

b Select the facility: Select the facility where the loan resides

c Select the loan: Select the loan from which the advance will be applied

d Once these 3 steps are filled in, click “Create New Transaction”


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Step 1A - New LIBOR Borrowing Details, Figure 3When a “New LIBOR Borrowing” transaction has been initiated, the New LIBOR Borrowing screen is displayed under Step 1– Create Request and the chevron just below the menu bar is highlighted

a A summary box of the Request Details is displayedb Select the Interest Option from the dropdown list (e.g.,

LIBOR -06 MONTH)c Select the correct payment Institution (i.e., bank account)

for the Member facilityd Supporting documentation can be added to the

request using the ‘Choose File’ button and selecting the appropriate document from its location. Once attached, the file name will be displayed. Additional files can be added if necessary.

e Select ‘Add Transaction’ to add a New LIBOR Borrowing, LIBOR Rollover (Continuation)/Conversion or Base Rate Conversion to this facility

f Submit the request to Step 2 for approval by an authorized “Approver” by clicking on the “Submit For Review” button.

If the user has “Preparer” access level, they will get a success message informing them the request has been submitted. If the user has “Approver” access, they will be able to proceed to Step 2 for approval.


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Step 1B – Base Rate Conversion Details, Figure 4When a “Base Rate Conversion” transaction has been initiated, the Prime Conversion screen is displayed under Step 1– Create Request and the chevron just below the menu bar is highlighted

a A summary box of the Request Details is displayed

b The current balance of the loan selected is displayed

c Enter the amount of the base rate loan to be converted to a LIBOR rate loan in the Conversion Amount field

d Select the Convert to Interest Option from the dropdown list (e.g., LIBOR -06 MONTH)

e Select ‘Add Transaction’ to add a New LIBOR Borrowing, LIBOR Rollover (Continuation)/Conversion or Base Rate Conversion to this facility using the dropdown menu

f Submit the request to Step 2 for approval by an authorized “Approver” by clicking on the “Submit For Review” button.

If the user has “Preparer” access level, they will get a success message informing them the request has been submitted. If the user has “Approver” access, they will be able to proceed to Step 2 for approval.


Step 1C - LIBOR Rate Rollover or Conversion Details, Figure 5When a “LIBOR Rollover (Continuation)/Conversion” transaction has been initiated, the LIBOR Rollover (Continuation)/Conversion screen is displayed under Step 1– Create Request and the chevron just below the menu bar is highlighted

a A summary box of the Request Details is displayed

b Select the Convert to Interest Option from the dropdown list (e.g., LIBOR -06 MONTH)

c The current balance of the loan selected is displayed

d Enter the amount of the LIBOR rate loan to be rolled over or continued in the Conversion Amount field.


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e If the entire amount of the existing LIBOR rate loan is not being rolled over, a Conversion must occur simultaneously. If a portion is to be converted, enter the amount in the Conversion Amount field

f If an amount is entered in the Conversion Amount field, the Conversion Offsets screen will appear with a Convert to Interest Option dropdown box. Select the appropriate rate type for the Conversion portion of the loan rollover.

g Select ‘Add Transaction’ to add a New LIBOR Borrowing, LIBOR Rollover (Continuation)/Conversion or Base Rate Conversion to this facility using the dropdown menu

h Submit the request to Step 2 for approval by an authorized “Approver” by clicking on the “Submit For Review” button.

If user is also set up as Approver, this button will turn from grayed out to blue once the correct initials are entered in step (h)


Note: “Return to Preparer” option will not be displayed if Step 1 was completed by the Approver.

d Once the Approver has reviewed the details of the Request and wishes to submit to GE for approval, they enter their initials (specified during registration) in the field provided.


Approver Accesses the Transaction from the Home Page

The Approver (if different from the Preparer) will log into MyAccounts to approve the request. After logging in, the Approver will see a list of the most recent transactions at the bottom of the screen. The Approver can select the request that the Preparer submitted by clicking on the corresponding request ID number.

Step 2: Approver Reviews Request, Figure 6

The request is now in Step 2 Review/Approve. In this step the designated Approver reviews the details of the request before submitting to GE.

a The “Request Details” section now includes fields displaying the “New Balance” and rate of the loan.

b The loan details entered in Step 1, along with any supporting documentation are displayed on the screen for the Approver to review.

c The Approver can edit the request details by clicking on the Edit button, or return the request to the Preparer (if different from Approver) by clicking on the “Return to Preparer” button. If the Approver returns the request to the Preparer, they are prompted to include comments (optional) on why the request is being returned. If the request is edited, the procedure is returned to Step 1.

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e Once all steps are complete, click the “Submit for GE Approval” button. After accepting a short disclaimer (see inset), the request will proceed to Step 3 for GE Approval. A message will appear in the center of the screen, letting the Approver know that the transaction has been successfully submitted to GE. Step 3 will now read “Received”.


Step 3: GE Approval, Figure 7Step 3 of the LIBOR Rate Loan request process tracks the processing and approval of the request by GE. Once the request is approved, the status in the Step 3 chevron will change from “Pending” to “Approved” and the request will move to Step 4. If the request is canceled by GE, Step 3 will display “Canceled”. In the case of cancellation, your GE contact will call to explain the reason the request could not be completed.


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Step 4: Final Receipt, Figure 8 Step 4 tracks the status of the wire transfer.

a Once completed, the status in the Step 4 chevron will change to “Completed”.

b Upon wire completion, a wire confirmation number will be displayed for the user’s reference.

If the wire is canceled, Step 4 will display “Canceled” in the status chevron and your GE contact will call to explain the reason the request could not be completed.

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continue or convert a maturing request a new libor … libor functionality user reference guide 2...

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