Common use of MODE OF PAYMENTS Clause in Contracts

MODE OF PAYMENTS. The Facility can only be disbursed upon compliance with Conditions Precedent and availability of funds. (a) Payment to third party (ies) The Bank is hereby authorised by the Customer to disburse the Customer’s Selling Price(s) or such part or parts thereof directly to the Customers’ respective solicitors or firm of solicitors, Developer / Vendor, Proprietor, the existing chargee or assignee of the Property, as the case may be, (“Existing Chargee / Assignee”), courts, Takaful Operators or such other person(s) responsible for or concerned with the sale of the Property or to any other person, as the case may be, at such times in such manner by such amounts and upon such contingencies and conditions as the Bank may in its absolute discretion decide or otherwise: (i) in accordance with the manner set out in the Sale and Purchase Agreement; (ii) upon receipt by the Bank of the architect’s certificate(s) or other documentary evidence satisfactory to the Bank certifying that works on the Property in respect of which claims for payment or payments are requested have been duly carried out and completed; (iii) in the case of refinancing, sub-sale or auctioned property, such disbursement shall be further subject to the Bank’s receipt of satisfactory evidence of payment made by the Customer to the Customer’s respective solicitors or firm of solicitors, Developer / Vendor, Proprietor, Existing Chargee / Assignee, courts, Takaful Operator or such other person(s) responsible for or concerned with the sale of the Property in the form of receipts or acknowledgement of payment and where applicable, a valuation report on the Property as set out under Section 15.13; or (iv) such variations in the manner of payment as the Bank may in its discretion deem fit and the acknowledgement of receipt by the aforesaid party(ies) shall be as good and sufficient and effective as if the same had been made or given by the Customer personally AND it is hereby further irrevocably agreed and confirmed by the Customer that the Customer shall not be entitled to object to or to restrain such payment by the Bank. The Customer shall not request the Bank to stop or defer any disbursement of the Customer’s Selling Price(s) or such part or any part thereof if the Bank has already given any undertaking to any third party to disburse the said payment unless such third party expressly agrees to the Customer’s request and the release and discharge of the Bank from its undertaking. The Customer shall indemnify the Bank for all costs, expenses, claims and demand made on the Bank pursuant to the Bank giving an express or implied undertaking or covenant to any financial institution or developer or vendor or their solicitors or firm or solicitors purporting to act for any of them. (b) Default on the part of the third party (ies) And where applicable and without prejudice to the Bank’s powers and rights conferred herein, it is hereby expressly agreed between the parties herein that in the event of any default on the part of the Developer / Vendor, Proprietor or such other third parties in their obligations to the Bank and the Existing Chargee / Assignee for the purpose of discharging / reassigning the same in favour of the Bank or in the opinion of the Bank, the Developer / Vendor is/are in breach of the Sale and Purchase Agreement, the Bank shall be at liberty to withhold the disbursement of the Customer’s Selling Price(s) or any part(s) thereof.