Common use of Joint Instructions Clause in Contracts

Joint Instructions. ‌ (a) Upon and in-line with the: (i) joint instruction of Lender, Platform and Borrower, the Escrow agent may dispose of the Borrower's BTC or any part thereof in any way; (ii) joint instruction of Lender and Platform made in Self-liquidation case, the Escrow agent may dispose of the BTC used for repayment or any part thereof in any way; (iii) joint instruction of Lender and Platform made in Liquidator involved case, the Escrow agent may send the BTC used for repayment or any part thereof to Liquidator's address (A) despite conditions for such release stipulated by these Rules have not been met, or (B) after fulfillment of (different) condition or conditions specified by the instruction – for the avoidance of doubt, conditions stipulated by the instruction will be alternative to conditions laid down in these Rules (and thus the Escrow agent will remain obliged to make any release contemplated by these Rules should the respective conditions be met first); (iv) joint instruction of Lender, Platform and Liquidator made in Liquidator involved case, the Escrow agent may dispose of the BTC used for repayment or any part thereof in any way. (b) Joint instruction of multiple persons means instruction of all such persons, all made in writing, and identically (in substance) asking the Escrow agent to act or refrain from acting in a defined way. For the sake of clarity, it is not required that instructions of individual persons be contained in the same document, nor that their wording be identical. (c) Escrow agent is entitled, but has no obligation or any other duty whatsoever, to comply with joint instruction. Without limiting the generality of the foregoing, Escrow agent will generally not act upon any instruction without verification, acceptable for Escrow agent, that instruction as received was indeed made by the authorized person. (d) In order to verify an instruction, Escrow agent may for instance demand that instruction satisfies specified formal or other conditions (e.g qualified electronic signature, notarized signature), be presented by specified communication channel(s), supplemented by additional information or accompanied by supportive documents.