Common use of Payments Between the Parties Clause in Contracts

Payments Between the Parties. (a) On each date on which the Borrower or the Lender is required to make a payment under a Finance Document, the Borrower or the Lender shall make the same available to the payee (unless a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the payee as being customary at the time for settlement of transactions in the relevant currency in the place of payment. (b) Payment shall be made: (i) in respect of amounts payable in SDRs, to the Lender’s SDR Account (for payments to be made to the Lender) or to the Borrower SDR Account (for payments to be made to the Borrower); or (ii) in respect of amounts payable in any other unit or currency, to such account in the principal financial centre of the country of that currency and with such bank as the payee specifies by not less than five (5) Business Days’ notice. (c) Payments by the Lender to the Borrower are subject to Clause 21.2 (Payments to the Borrower).