Common use of PAYMENT DEMAND Clause in Contracts

PAYMENT DEMAND. The Intermediary may claim payment for Defaulted Amounts under the Guarantee by sending a payment demand to the EIF in the form set out in the Guarantee Agreement. A Payment Demand can be sent any time after the occurrence of the Defaulted Amount (until the termination of the Guarantee Agreement), but the Defaulted Amounts must be reported to EIF (as further specified below) by no later than the third Report Date following the calendar quarter during which they occurred. Only one payment demand may be made per quarter (during a period of (i) 30 days following the end of each of the first 3 calendar quarters of a year; and (ii) 20 days following the end of the last calendar quarter of a year). The EIF is required to pay any amounts claimed under a payment demand within 60 calendar days after the last day of such payment demand period.

PAYMENT DEMAND. The Intermediary may claim payment for Defaulted Amounts under the Guarantee by sending a payment demand to the EIF in the form set out in the Guarantee Agreement. A Payment Demand can be sent any time after the occurrence of the Defaulted Amount (until the termination of the Guarantee Agreement), but the Defaulted Amounts must be reported to EIF (as further specified below) by no later than the third Report Date following the calendar quarter during which they occurred. Only one payment demand may be made per quarter (during a period of (i) 30 calendar days following the end of each of the first 3 calendar quarters of a year; and (ii) 20 calendar days following the end of the last calendar quarter of a year). The EIF is required to pay any amounts claimed under a payment demand within 60 calendar days after the last day of such payment demand period.