Payment Assumption Clause Samples

Payment Assumption. Unless the Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Agent for the account of the Lenders or an Issuing Bank hereunder that the Borrower will not make such payment, the Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the applicable Issuing Bank, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders or the applicable Issuing Bank, as the case may be, severally agrees to repay to the Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Agent in accordance with banking industry rules on interbank compensation.

Payment Assumption. Unless an Obligor otherwise specifies or another application is required by contract or law, any payment received by the Seller from any Obligor shall be applied as a Collection of Sold Receivables of such Obligor (starting with the oldest such Sold Receivable) and remitted to the Collection Agent as such.

Payment Assumption. The Purchaser shall: (i) pay the Cash Payment in cash by wire transfer in immediately available funds and free of bank charges, deductions or set-off from any course of action in any way arising into the third party bank account of the Notary at the ABN AMRO Bank (account number: 55.58.86.999). The Notary shall thereafter hold the ▇▇ount for and on behalf of the Purchaser; Sellers hereby instruct the Notary to transfer the Cash Payment in cash by wire transfer in immediately available funds and free of bank charges, deductions or set-off from any course of action in any way arising by the Notary to the Sellers into the account of [-] at the [-] bank (account number [-]) immediately upon the execution of the Deed of Transfer of Shares; (ii) assume the liability of Reliant Energy Power Generation Inc. (or any of its assignees) vis-a-vis REPGB pursuant to the terms of the Note and granting Reliant Energy Power Generation Inc. full discharge from its payment obligations of the outstanding balance under the Note and any other liability under the Note by execution of the deed of assignment substantially in the form as attached as Annex 22 to this Agreement.

Payment Assumption. Annual payments are made in quarterly installments at the end of each period. The rates for the oldest ages are somewhat lower than the rates that would follow from the above assumptions. Single life rates are capped at 10.1% for annuitants aged 90 and above. Single life rates for annuitants between ages 81 and 89 are graduated downward from the rate cap. Two life rates are capped at 9.9% for annuitants above 90 and are graduated downward in a similar way. Additional Assumption for Deferred Gift Annuities The annual compound interest rate credited during the deferral period for deferred payment gift annuities is 4.75% (the same investment return assumption as for immediate payment gift annuities after subtracting the 1.0% expense assumption). In other words, each dollar contributed to a deferred gift annuity is presumed to grow at an annual compound interest rate of 4.75% between the date of contribution and the annuity starting date. If payments will be made at the end of the period, which is usually the case, the annuity starting date would be at the beginning of the first period for which a payment is made. For example, if payments will be made quarterly, and the first payment will be made on September 30, 2034, the annuity starting date is July 1, 2034. If payments will be made semi-annually, the annuity starting date in this case is April 1, 2034. Assuming that the annuitant will be nearest age 65 on the annuity starting date, and that the period between the contribution date and the annuity starting date is 10.5 years, the compound interest factor is 1.047510.5 or 1.627861. To determine the deferred gift annuity rate, this factor is multiplied by the immediate gift annuity rate, now in effect, for the nearest age of the annuitant at the time payments begin. In this example, the deferred gift annuity rate is 1.627861 times 5.7%, or 9.3% (rounded to the nearest tenth of one percent). The 4.75% compounding rate applies to the entire compounding period, whatever its length. (At times in the past, the compounding rate for periods in excess of 20 years was less than the compounding rate for the first 20 years of the deferral period.) Historically, it has sometimes been necessary to apply a slightly lower compounding rate when the deferral period is relatively long in order not to exceed the maximum allowable deferred gift annuity rates allowed by the states of New York and New Jersey. However, this has not been the case in recent years. Procedure for Calcu...

Payment Assumption. Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the relevant Lenders or an Issuing Bank hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the applicable Issuing Bank, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the relevant Lenders or the applicable Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation (including without limitation the Overnight Foreign Currency Rate in the case of Loans denominated in a Foreign Currency).