Direction as to Payment Clause Samples
The 'Direction as to Payment' clause specifies how and to whom payments under a contract should be made. It typically outlines the authorized recipient, the method of payment (such as bank transfer or cheque), and may include instructions for splitting payments or redirecting them to third parties if required. This clause ensures that all parties are clear on payment logistics, reducing the risk of disputes or misdirected funds by providing explicit instructions for the disbursement of money.
Direction as to Payment. MLI hereby irrevocably directs MFC to make the Deficiency Payment to the transfer agent(s) for the MLI Preferred Shares for distribution to the holders of MLI Preferred Shares outstanding as of the date of the Triggering Event according to their respective rights and interests in MLI. MLI shall cause the transfer agent(s) to co-operate with MFC for the purpose of making such payments to such holders. If there is no transfer agent for the MLI Preferred Shares at that time or the transfer agent will not co-operate, MLI hereby irrevocably directs MFC to take commercially reasonable steps to make the Deficiency Payment to the holders of MLI Preferred Shares outstanding as of the date of the Triggering Event according to their respective rights and interests in MLI or to make commercially reasonable arrangements for those amounts to be held for the benefit of and distributed to such holders as soon as practicable. MFC hereby agrees to cause payment of the Deficiency Payment to be made punctually when the same shall become due and payable and, in any event, within 15 days of the final determination of the Deficiency Payment and as if such payment were made by MLI.
Direction as to Payment. SLA hereby irrevocably directs SLF to make any Deficiency Payment to the transfer agent(s) for the SLA Preferred Shares for distribution to the holders of SLA Preferred Shares outstanding as of the date of the Triggering Event according to their respective rights and interests in SLA. SLA shall use commercially reasonable efforts to cause the transfer agent(s) to co-operate with SLF for the purpose of making such payments to such holders. If there is no transfer agent for the SLA Preferred Shares at that time or the transfer agent will not co-operate, SLA hereby irrevocably directs SLF to take commercially reasonable steps to make any Deficiency Payment to the holders of SLA Preferred Shares outstanding as of the date of the Triggering Event according to their respective rights and interests in SLA or to make commercially reasonable arrangements for those amounts to be held for the benefit of and distributed to such holders as soon as practicable.