Common use of Completion of a Payment Notice Clause in Contracts

Completion of a Payment Notice. Each Payment Notice is irrevocable and will not be regarded as having been duly completed or valid unless: (a) it is delivered by the Sellers and received by the Buyers before the Long Stop Date; (b) it clearly: (i) identifies (A) the Instalment(s) to which such Payment Notice relates, and (B) the proposed date of payment; and (ii) sets out the precise amount of the Instalment(s) to which such Payment Notice relates; (c) it is signed by an authorised signatory of the Sellers; (d) the currency of the proposed Instalment(s) to be paid is US Dollars; (e) the proposed date of payment is a Business Day and is no later than the relevant Long Stop Date; (f) for any Direct Payment in relation to a Pre-Delivery Instalment, the Builder’s Account is designated to receive such Direct Payment (either directly or through an Escrow Agent); and (g) for any Direct Payment, unless the Buyers inform the Sellers in advance that the Direct Payment may be effected by the Buyers directly without involving any Escrow Agent, (i) an Escrow Agreement is entered into in relation to that Delivery Payment; and (ii) the relevant Escrow Agent’s account is designated to receive such Direct Payment for onward payment.