Covenants to Pay Clause Samples
The "Covenants to Pay" clause establishes the obligation of one party, typically the borrower or debtor, to make specified payments to the other party under the terms of the agreement. This clause outlines the types of payments required, such as principal, interest, fees, or other amounts due, and may specify the timing, method, and conditions for making these payments. By clearly defining payment responsibilities, the clause ensures that both parties understand when and how payments must be made, thereby reducing the risk of disputes and providing a legal basis for enforcement if payments are missed.
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Covenants to Pay. The Mortgagor hereby covenants that it will on demand pay to the Security Trustee and the other Finance Parties, the Secured Obligations when the same become due for payment or discharge in accordance with the Finance Documents. [Mortgage of Shares]
Covenants to Pay. Declarant and each Owner covenant and agree to pay to the Association the assessments and any Additional Charges levied pursuant to this Article VI.
Covenants to Pay. 3 3. MORTGAGES, ASSIGNMENTS AND FIXED CHARGES............................4 4.
Covenants to Pay. 2.1 Covenant to pay Secured Liabilities The Company covenants that it shall promptly, on demand by the Secured Party, pay to the Secured Party in accordance with the terms of the Deed of Grant:
(a) the full and prompt payment when due (whether scheduled, upon termination or otherwise) of all obligations, liabilities and indebtedness of the Company to the Secured Party (both actual and contingent), whether now existing or incurred after the date of this Agreement under, arising out of, or in connection with, the Deed of Grant and the due performance and compliance by the Company with all the terms, conditions and agreements contained in the Deed of Grant;
(b) any and all sums advanced by the Secured Party in order to preserve the Charged Assets or preserve its security interest in the Charged Assets; and
(c) in the event of any proceeding for the collection or enforcement of any indebtedness, obligations or liabilities of the Company referred to in sub-paragraph (a) above, on and from the Enforcement Date, the reasonable expenses of retaking, holding, preparing for sale of lease, selling or otherwise disposing of or realising on the Charged Assets of any exercise by the Secured Party of its rights under this Agreement, together with reasonable attorneys’ fees and court costs, it being acknowledged and agreed that the “Secured Liabilities” shall include liabilities or extensions of credit of the types described above, whether outstanding on the date of this Agreement or extended from time to time after the date of this Agreement.
2.2 Potential invalidity Neither the covenant to pay in Clause Error! Reference source not found. (Covenant to pay Secured Liabilities), nor the Security created by this Agreement shall extend to or include any liability or sum which would, but for this Clause Error! Reference source not found., cause such covenant, obligation or Security to be unlawful under any applicable law.
Covenants to Pay. The Tenant covenants to pay:
(a) to the Landlord, all Rent owing hereunder as set forth in this Agreement;
(b) to the relevant Taxing Authority or utility provider or the Landlord, as applicable, all Taxes, Good and Services Taxes and Telecommunications Charges immediately as they become due; and
(c) to the relevant good or service provider or to the Landlord, as applicable, all costs relating to insurance as required hereby, and maintenance (except as set out in Section 5.3 or Section 10.1), and all charges, impositions, costs and expenses of every nature and kind relating to any or all of the Leased Premises and/or any improvement thereon (collectively, together with paragraph (b) above, “Additional Rent”) and, if at any time for any reason during the Term the Landlord pays on behalf of the Tenant any charges, impositions, costs or expenses comprising Additional Rent, a sum equal to the amount so paid will be included in Direct Costs and paid by the Tenant to the Landlord immediately upon demand. The certificate of an independent, third party chartered accountant appointed by the Landlord will, in the event of dispute, be conclusive and binding on the Landlord and the Tenant as to any amount payable under this Section and the cost of obtaining such certificate will be included in Direct Costs and will be borne by the Tenant if such dispute is resolved in favour of the Landlord and will be borne by the Landlord if such dispute is resolved in favour of the Tenant.
Covenants to Pay. 2.1 The Mortgagor hereby covenants with the Agent and each of the other Secured Parties that it will on demand pay and discharge each of the Secured Obligations when due to the Agent and the other Secured Parties.
2.2 A certificate signed by an officer of the Agent or other Secured Party (as the case may be) as to the money and liabilities for the time being due or incurred to the Agent or any other Secured Party from or by the Mortgagor shall for all purposes (in the absence of manifest error) be conclusive evidence against and binding on the Mortgagor.
Covenants to Pay