Base Payment Terms Clause Samples

Base Payment Terms. Base Payments are payable in advance and without demand, deduction, or offset, except as specifically provided to the contrary in this Agreement or by applicable law, in equal monthly payments equal to the Adjusted Base Payment Amount, on or before the first day of each month during the term of this Agreement. If the Commencement Date is not the first day of a month, the Base Payment remitted on the Commencement Date will be prorated based on the number of days in the month of the Commencement Date. Likewise, if the Termination Date is not the last day of a month, the Base Payment remitted on the last payment day before the Termination Date will be prorated based on the number of days in the month of the Termination Date. Resident will make all Base Payments payable to “VictoryBase Corporation” and remit all payments to the Company through Resident’s authorization of ACH or direct deposit of funds electronically. The Company may later designate, in writing, another person or place to which Resident must remit amounts due under this Agreement. The Company may (but shall have no obligation to) also choose to accept other forms of payment. Resident’s failure to timely pay any month’s Base Payment in accordance with the terms of this Agreement is a default of this Agreement. The Company will apply all funds received from Resident (i) first, to any non-Base Payment obligations of Resident, including late charges, returned-check charges, repairs, brokerage fees, and periodic utilities, and (ii) next, to the Adjusted Base Payment Amount; regardless of any notations on a check or other payment method. The Company may report unpaid Base Payments, charges, or damages to credit reporting agencies.