Common use of First pre-financing payment Clause in Contracts

First pre-financing payment. The aim of the pre-financing is to provide the beneficiary with a float. The pre-financing remains the property of the NA until the payment of the balance. [Option if the NA requires a pre-financing guarantee: The first pre-financing payment is done when the NA receives financial guarantee that fulfils the following conditions: it is provided by a bank or an approved financial institution or, if requested by the beneficiary and accepted by the NA, by a third party; the guarantor stands as first-call guarantor and does not require the NA to first have recourse against the principal debtor (i.e. the beneficiary); and it explicitly remains in force until the pre-financing is cleared against payment of the balance by the NA. If the payment of the balance takes the form of a recovery, the financial guarantee must remain in force until three months after the debit note is notified to the beneficiary. The NA must release the guarantee within the following month.] [NA to choose between the following options:

First pre-financing payment. The aim of the pre-financing is to provide the beneficiary with a float. The pre-financing remains the property of the NA until the payment of the balance. [Option if the NA requires a pre-financing guarantee: The first pre-financing payment is done when the NA receives financial guarantee that fulfils the following conditions: it is provided by a bank or an approved financial institution or, if requested by the beneficiary and accepted by the NA, by a third party; the guarantor stands as first-call guarantor and does not require the NA to first have recourse against the principal debtor (i.e. the beneficiary); and it explicitly remains in force until the pre-financing is cleared against payment of the balance by the NA. If the payment of the balance takes the form of a recovery, the financial guarantee must remain in force until three months after the debit note is notified to the beneficiary. The NA must release the guarantee within the following month.] [NA to choose between the following options:options Option 1: One pre-financing payment in one instalment, with or without a progress report.