Common use of Conditions to pre-position Clause in Contracts

Conditions to pre-position. The Buyers will only be obliged to pre-position the Delivery Instalment in accordance with Clause 7.1 (Pre-position) if, on or before the Pre-positioning Date, the Buyers have not received any notice referred to under Clause 12 and the Buyers have received: (a) in relation to the Delivery Instalment, the additional documents and other evidence listed in Part III (Pre-position conditions precedent) of Schedule 1 (Conditions precedent and subsequent) (or evidence satisfactory to the Buyers that they shall, on the Pre-positioning Date, receive such documents or evidence); (b) evidence (in such form and subject to such terms and conditions as the Buyers may specify) in writing (electronically or otherwise) on or before the proposed Pre-positioning Date that such amounts will: (i) be held by the Builder’s Bank in suspense to the order of the Buyers; and (ii) only be released to the Builder upon presentation to the Builder’s Bank of a copy (transmitted by fax, email or otherwise) of the duly executed, dated and timed Builder’s PDA, which is: (A) signed by a duly authorised officer, signatory, attorney-in-fact or other representative of the Builder and the Sellers (as original buyers under the Building Contract), whose details shall be communicated to the Builder’s Bank in writing (electronically by SWIFT message or otherwise) on or before the proposed Pre-positioning Date; and (B) countersigned by a duly authorised officer, signatory, attorney-in-fact or other representative of (1) the Buyers and, (2) if requested by a Finance Party and acceptable to the Builder, such Finance Party, whose details shall (in each case as applicable) be communicated to the Builder’s Bank in writing (electronically or otherwise) on or before the proposed Pre-positioning Date.