Cleared funds Sample Clauses
The 'Cleared Funds' clause defines when money received by a party is considered fully available for use, typically after it has been processed and confirmed by the receiving bank. In practice, this means that payments such as checks, wire transfers, or other forms of remittance must be verified as irrevocably credited to the recipient’s account before any obligations dependent on payment are triggered. This clause ensures that parties do not act on the assumption of payment until the funds are actually accessible, thereby reducing the risk of bounced payments or financial disputes.
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Cleared funds. With the exception of the Escrow Amount which must be paid into the Escrow Account, all payments under this agreement must be paid by bank cheque, telegraphic transfer to an account or accounts nominated by, as applicable, the Vendors or the Purchasers or otherwise in cleared funds.
Cleared funds. (i) The Client acknowledges and agrees that PKF Capital will credit those moneys to the Segregated Funds Account only when they become cleared funds. Accordingly, moneys paid by international electronic transfers, in accordance with relevant bank and currency practice, may not be available as collateral and, therefore, Free Margin for a number of Business Days.
(ii) PKF Capital will, in accordance with the normal practices of the Registered Bank at which the Segregated Funds Account is held, arrange for the credit of those moneys to the Segregated Funds Account as soon as practicable after they become cleared funds.
Cleared funds. All cash payments made under this agreement to the Vendor must be paid in cleared funds by electronic transfer to the Nominated Bank Account or other accounts nominated by the Vendor.
Cleared funds. I/We acknowledge that is my/our responsibility to ensure that there are sufficient cleared funds in the nominated account by, and at all times on, the due date of the payment (“Day to Debit”) to enable the direct debit to be honoured on the Day to Debit. I/We acknowledge and agree that sufficient funds will remain in the nominated account until the direct debit amount has been debited from the account and that if there are insufficient funds available when the debit is attempted, I/we agree that I/we will be responsible for any fees and charges that may be charged by my/our Financial Institution.
Cleared funds. All payments under this clause 3 must be paid by bank cheque, telegraphic transfer to an account or accounts nominated by the Vendor or otherwise in cleared funds.
Cleared funds. In applying any money towards the satisfaction of the Secured Money, the Chargor is to be credited only with funds which have been cleared and are not subject to any set-off or claim.
Cleared funds. Payments to be made under this Agreement by one Party to the other shall be made in Pounds Sterling not later than three (3) Business Days after the date on which they become due and payable and shall be made in immediately available funds free and clear of all deductions or withholdings of any kind except for those required by law, and if any withholding must be made by law, the paying Party will pay that additional amount so that the Party entitled to receive payment receives a net amount equal to what would have been received had there been no withholding. All payments to be made under this Agreement by one Party to the other shall be credited to the Parties’ respective accounts as set out in Schedule 2 or to such other account(s) at such other bank(s) as the Parties shall notify to each other in writing from time to time.
Cleared funds. 7.1 All withdrawals or investments may only be made by me/us against cleared and sufficient funds in my/our account. Any withdrawal or investment made by me/us, on the assumption that funds will be cleared, will be repaid by me/us ,if not so cleared, and I/we hereby acknowledge that the Bank reserves the right to refuse to make payment against uncleared and/or insufficient funds. All cheques or drafts will be purchased or discounted by the Bank on this basis.
7.2 No overdrafts are allowed unless by prior special arrangement with the Bank, provided that the Bank shall be entitled to pay any bills of exchange, drafts, promissory notes, orders or other instruments for the payment of money notwithstanding that such payment results in any account becoming overdrawn.
7.3 Without prejudice to the above, the Bank may debit any of my/our accounts which is overdrawn without prior special agreement with interest at the rate specified by the Bank for the time being for unauthorised overdrafts.
Cleared funds. All amounts payable under CLAUSE 4.3, CLAUSE 4.4 and CLAUSE 5.4 in connection with repayment of the SPV Inter-Company Debt and UK Inter-Company Debt must be paid by bank cheque, telegraphic transfer to an account or accounts nominated by the Vendor Guarantor (as agent for the Vendors) or by the Purchaser (as appropriate) or otherwise in cleared funds.
Cleared funds. For the purpose of this Bank Agreement, Subscription Payments shall constitute "Cleared Funds" in accordance with the following:
(a) if paid by wire transfer, such funds shall constitute Cleared Funds on the date received by the Bank;
(b) if paid by check drawn on a New York Clearing House Bank, such funds shall constitute Cleared Funds on the second Business Day following the date received by the Bank; and
(c) if paid by check drawn on any bank other than a New York Clearing House Bank, such funds shall constitute Cleared Funds on the third Business Day following the date received by the Bank.