Cleared Payment definition
Cleared Payment means, in relation to a payment of moneys under this PDS and the Instalment Receipts Deed, that Macquarie or the Security Trustee, as the case may be, has received the moneys in immediately available funds, so that no further confirmation is required to vest the moneys in the recipient and so that the property of the recipient in the funds cannot be revoked or disputed by any person.
Examples of Cleared Payment in a sentence
All payments to be made to the Lender under any Related Document shall, except to the extent otherwise provided in any relevant Security Documents, be made by automatic payment authority (or by Same Day Cleared Payment if it relates to a payment referred to in clause 5 of this Agreement) in cleared funds prior to 3.00pm on the day on which payment is due and shall be made to the bank account recorded in the First Schedule or any other bank account nominated by the Lender in writing.