Common use of Mode of Disbursement Clause in Contracts

Mode of Disbursement. 3.1 The Bank shall disburse the Personal Loan in the manner given in the Schedule hereto. The Bank shall credit the Personal Loan amount to the designated Bank account, details provided in the Schedule, in the name of the Borrower to be held with the Bank itself or with any other Bank or such Bank to which Electronic Debit Instructions are given as specified in Clause 6.4 hereinafter (“Personal Loan Account”). In the alternative, the Bank may, at the request of the Borrower, disburse the loan by issuing Pay Order drawn in favour of the Borrower.

Mode of Disbursement. 3.1 The Bank shall disburse the Personal Loan in the manner given in the Schedule hereto. The Bank shall credit the Personal Loan amount directly to the designated Bank account, details provided in the Schedule, Schedule in the name of the Borrower to be held with the Bank itself or with any other Bank bank or such Bank bank to which Electronic Debit Instructions are given as specified in Clause 6.4 clause 5.4 hereinafter (“Personal Loan Account”). In the alternative, the Bank may, at the request of the Borrower, disburse the loan by issuing Pay Order drawn in favour of the Borrower.