PARTY_3_NAME

PARTY_3_ADDRESS_SINGLE_LINE

To:  PARTY_1_NAME 

PARTY_1_ADDRESS_MULTI_LINE

Dated: 23 November 2024

Dear Sirs / Madams,

Letter of Undertaking - Release of Money

We refer to the TRANSACTION (the Transaction) between PARTY_1_NAME (the "Vendor") and PARTY_2_NAME (the "Purchaser") proposed to be completed (Completion) on or about today's date. We act for the Purchaser in connection with the Transaction.

Completion Monies

We have been informed by the Purchaser that it will shortly transfer to our client account at BANK (our Client Account) the sum of CURRENCYAMOUNT (the Completion Monies), being the funds to be paid by the Purchaser to the Vendor upon Completion of the Transaction. We confirm that upon receipt of the Completion Monies in our Client Account we will hold the Completion Monies to the order of the Purchaser pending Completion in accordance with the terms of this letter.

The Purchaser may at any time, before receipt by us, instruct us in writing to return to it (or as it may direct) all or any part of the Completion Monies (together with any interest accrued thereon) provided, however, that if we receive instructions to transfer monies at a time when any monies to be transferred have been placed on overnight or other deposit then we shall not send transfer instructions until the time and/or day of maturity of the overnight or other deposit concerned or if such day is not a Business Day, the next Business Day.

Release of Completion Monies to the Vendor at Completion

We confirm that upon receipt by us of the Instruction Letter, we will cease to hold the Completion Monies to the Purchaser's order and shall thereafter hold the Completion Monies to the order of the Vendor and proceed to settle the Completion Monies (and interest earned thereon) in accordance with the following paragraphs of this letter.                              

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