Payment; Assignment Sample Clauses
The 'Payment; Assignment' clause defines the rules governing both the payment obligations under a contract and the ability of parties to transfer their rights or obligations to others. Typically, this clause outlines when and how payments must be made, and specifies whether a party can assign its rights or delegate its duties to a third party, often requiring prior written consent. Its core practical function is to ensure clarity and control over financial transactions and the transferability of contractual interests, thereby preventing unauthorized assignments and ensuring that payment terms are strictly followed.
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Payment; Assignment. Benefits payable under this Agreement will be paid only from the general assets of the Company. No person has any right to or interest in any specific assets of the Company by reason of this Agreement. To the extent benefits under this Agreement are not paid when due to any individual, he or she is a general unsecured creditor of the Company with respect to any amounts due. Benefits payable pursuant to this Agreement and the right to receive future benefits may not be anticipated, alienated, sold, transferred, assigned, pledged, encumbered or subject to any charge.
Payment; Assignment. Benefits payable under this Agreement will be paid only from the general assets of the Successor and the Executive will be a general unsecured creditor.
Payment; Assignment offsetting Unless expressly agreed otherwise, payment shall be made with a discount of 2% of the invoice amount or within 90 days of receipt of the goods and invoice without deduction.
Payment; Assignment. Notwithstanding the provisions of Section 8.1(a), the rights of the Developer to receive payments and reimbursements for the Oak Creek Projects pursuant to this Agreement, including but not limited the rights in Sections 4.1, 4.3, 4.4, 4.5, 4.7 and 4.8 of this Agreement (the “Payment Rights”) may be assigned in whole or in part by a written assignment (each, a “Payment Assignment”) to any person or entity receiving such rights (a “Payment Assignee”) provided that such Payment Assignment shall not be effective until the City Manager of the City acknowledges such Payment Assignment (the “City Acknowledgement”) in the form provided on Annex 1 to Exhibit A, which City Acknowledgement shall not be unreasonably conditioned, delayed or withheld. Nothing herein shall modify or limit the Authority’s right to suspend reimbursement payments under the terms and conditions of the Agreement. Furthermore, the Authority shall be entitled to suspend reimbursement payments to a Payment Assignee even if the Payment Assignee is not the party in default under the Agreement or is not the party who is delinquent in payment of the ad valorem taxes or PID assessments. The assignor of the Payment Rights and the Payment Assignee shall deliver to the City Manager notice of any Payment Assignment (the “Assignment Notice”) in the form attached hereto as Exhibit A along with a review fee of $2,500.00 at the time the Payment Assignment is requested. Upon receipt of the Assignment Notice and the review fee, the City shall promptly acknowledge receipt of such Assignment Notice, which City Acknowledgement may be executed via electronic or facsimile signature and provided to the Payment Assignee vie electronic communication.