Common use of Payment Initiation Clause in Contracts

Payment Initiation. Where payment is to be made by transfer to a registered account, payment instructions (for value the due date, or if that is not a Payment Business Day, for value the first following day which is a Payment Business Day) will be initiated on the due date for payment or, in the case of payments of principal where the relevant Certificate has not been surrendered at the specified office of any Transfer Agent or of the Registrar, on a Payment Business Day on which the Fiscal Agent is open for business and on which the relevant Certificate is surrendered.

Payment Initiation. Where payment is to be made by transfer to a registered account, payment instructions (for value on the due datedate or, or if that is not a Payment Business Day, for value on the first following day which is a Payment Business Day) will be initiated on the due date for payment (or, if it is not a Business Day, the immediately following Business Day), or in the case of payments payment of principal where the relevant Certificate has not been surrendered at the specified office of any Transfer Agent or of the Registrarprinciple, if later, on a Payment the Business Day on which the Fiscal Agent is open for business and on which the relevant Certificate is surrenderedsurrendered at the Designated Office of the Issuer in Hong Kong.