EquityBase Payment Terms Clause Samples

EquityBase Payment Terms. EquityBase 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 EquityBase 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 EquityBase Payment remitted on the Commencement Date will be prorated based on a 30-day period. Likewise, if the Termination Date is not the last day of a month, the EquityBase Payment remitted on the last payment day before the Termination Date will be prorated based on a 30-day period. EBI will make all EquityBase Payments payable to “VictoryBase Corporation” and remit all payments to the Company through EBI’s authorization of ACH or direct deposit of funds electronically. The Company may later designate, in writing, another person or place to which EBI must remit amounts due under this Agreement. The Company may (but shall have no obligation to) also choose to accept other forms of payment. EBI’s failure to timely pay any month’s EquityBase Payment in accordance with the terms of this Agreement is a default of this Agreement. The Company will apply all funds received from EBI (i) first, to any non-EquityBase Payment obligations of EBI, including late charges, returned-check charges, repairs, brokerage fees, and periodic utilities, (ii) next, to the Base Amount, and (iii) finally, to the Monthly Equity Subscription Amount, regardless of any notations on a check or other payment method. The Company may report unpaid EquityBase Payments, charges, or damages to credit reporting agencies.