Common use of First Installment Clause in Contracts

First Installment. Within five (5) Business Days after Buyer’s receipt of a photocopy of the Letter of Guarantee issued by the Guarantor under Article XI by facsimile, of which the original shall be simultaneously delivered to Buyer in accordance with Article XXVI, the Buyer shall remit by wire transfer the First Installment in the amount set forth in Schedule 1 to The Export-Import Bank of Korea, Head Office Seoul, Korea with Deutsche Bank Trust Company Americas, (Address: ▇▇ ▇▇▇▇ ▇▇▇▇▇▇, Mail Stop NYC 60-1310, ▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇, ▇▇▇), Account No. ▇▇-▇▇▇-▇▇▇ in favor of Samsung Heavy Industries Co., Ltd., or to such other bank which the Builder may designate in writing at least ten (10) days in advance of the Initiating Event defined in Schedule 1, in favor of Samsung Heavy Industries Co., Ltd (hereinafter called the “Builder’s Bank”) under advice by authenticated cable or facsimile to the Builder’s Bank.