On a case-by-case basis, in accordance with the set terms and in the fulfillment of stated conditions of the respective project or transaction that is being carried out in permitted countries where HD Faculty™ issues irrevocable standing instructions to its Trustees, Paymaster, or Issuing and Pay Agent, as the case maybe, to pay a specified amount, from its credit facilities, to a named service provider (referred to as the Payee) on a standby basis.
Limits. In the event the Company issues standing orders for recurring expenses related to one or more of its products, such sum will NOT exceed $5,000,000.00.
Conditions. Where the company gives a firm and binding instruction to be turned into an irrevocable payment order upon receipt of written confirmation from its attorney and/or the duly appointed prime contractor of an approved project or transaction, once the payee has provided valid confirmation that it has performed the required service, and in so doing has incurred legitimate out pocket expenses in the commissioning thereof, the Trustee shall reimburse within the timeframe specified in the respective pay order.
Eligible expenses. The Company will only issue irrevocable payment order with respect to the appointment of qualified professionals and institutional service providers for and on behalf of HD Faculty™ or its approved client, with respect to services rendered or payment made in order to initiate or put in place the required services related HD-iSPIV™ by the Payee that is named in the irrevocable payment order duly issued to its Trustees, Paymaster, or Issuing and Paying Agents.
Warning. Be advised, payment orders are ONLY issued to the Company's Trustees, Paymaster, or issuing and paying agents. Therefor[e], the peddling or presentment of an irrevocable payment order by a payee is prohibited.
