PAYMENT COVENANTS Sample Clauses
The Payment Covenants clause sets out the obligations of one party to make payments to another under the terms of an agreement. It typically details the timing, method, and conditions for payment, such as due dates, acceptable forms of payment, and any requirements for invoicing or documentation. By clearly defining these payment terms, the clause helps prevent disputes over when and how payments should be made, ensuring both parties understand their financial responsibilities and reducing the risk of late or missed payments.
PAYMENT COVENANTS. 4.01 The Owner hereby covenants with the Secured Creditors:
(a) to pay and indemnify the Secured Creditors for all such expenses, claims, liabilities, losses, costs, duties, fees, charges or other moneys as are stated in this Mortgage to be payable by the Owner to or recoverable from the Owner by the Secured Creditors (or in respect of which the Owner agrees in this Mortgage to indemnify any of the Secured Creditors) at the times and in the manner specified in this Mortgage;
(b) to pay interest on any such expenses, claims, liabilities, losses, costs, duties, fees, charges or other moneys referred to in Clause 4.01(a) from the date on which demand is made by any Secured Creditor for payment by the Owner of the relevant expense, claim, liability, loss, cost, duty, fee, charge or other money incurred by a Secured Creditor for which the Owner is responsible (both before and after any relevant judgment) at the Default Rate; and
(c) to pay and perform its obligations which may be or become due or owing to a Secured Creditor under this Mortgage and the Subsidiary Guaranty at the times and in the manner specified herein or therein.
PAYMENT COVENANTS. The Mortgagor hereby covenants duly to observe and perform all its obligations under the Financial Agreement in accordance with the terms and conditions thereof and in particular:
(a) to repay the Loan by the instalments and on the dates referred to and otherwise in the manner and upon the terms set out in the Financial Agreement;
(b) to pay interest on the Loan and on other moneys payable under the Financial Agreement at the rate or rates from time to time applicable thereto in the manner and upon the terms set out in the Financial Agreement;
(c) to pay all other moneys payable by the Mortgagor under or in connection with the Security Documents or any of them at the times and in the manner therein specified.
PAYMENT COVENANTS. 4.01 The Owner hereby covenants with the Indenture Trustee, the Agent and the Lenders:-
(a) to pay and indemnify the Indenture Trustee, the Agent and the Lenders for all such expenses, claims, liabilities, losses, costs, duties, fees, charges or other moneys as are stated in this Mortgage to be payable by the Owner to or recoverable from the Owner by the Indenture Trustee, the Agent or the Lenders (or in respect of which the Owner agrees in this Mortgage to indemnify the Indenture Trustee, the Agent or the Lenders) at the times and in the manner specified in this Mortgage;
(b) to pay interest on any such expenses, claims, liabilities, losses, costs, duties, fees, charges or other moneys referred to in Clause 4.01(a) from the date on which demand is made by the Indenture Trustee, the Agent or the Lenders, as the case may be, for payment by the Owner of the relevant expense, claim, liability, loss, cost, duty, fee, charge or other money incurred by the Indenture Trustee, the Agent or the Lenders for which the Owner is responsible (both before and after any relevant judgment) at the Default Rate; and
(c) to pay and perform its obligations which may be or become due or owing to the Indenture Trustee, the Agent or the Lenders as the case may be, under this Mortgage and the other Security Documents to which the Owner is or is to be a party at the times and in the manner specified herein or therein.
PAYMENT COVENANTS. Phase Two Owner shall pay to Phase One Owner Forty Two and 13/100 percent (42.13%) of the maintenance, utilities, replacements, repairs, taxes, insurance and any and all other costs and expenses involved in the operation and use of the Lift Station (the “Operating Costs”), however that Phase Two Owner shall have no obligation to contribute its share until the improvements to be constructed on the Phase Two Property have received a temporary or permanent Certificate of Occupancy. Phase One Owner shall be responsible for Fifty Six and 87/100th percent (56.87%) of the Operating Costs. Phase One Owner shall provide Phase Two Owner with copies of all maintenance contracts and service agreements entered into that will generate fixed costs, and shall consult with Phase Two Owner prior to incurring any extraordinary costs for unanticipated service or repairs. Phase One Owner shall invoice Phase Two Owner for all routine and extraordinary aspects of the use, maintenance or repair of the Lift Station, and payment shall be made to Phase One Owner within ten (10) days following the date of any invoice for Operating Costs associated with the Lift Station. Invoices shall include copies of all bills and statements pertaining to the Lift Station for the billing period in question. Phase One Owner shall use reasonable efforts to tender invoices on a quarterly basis but the right is reserved to alter the billing period in any manner consistent with its bookkeeping procedures. In the event Phase One Owner discovers that any previously tendered invoice was in an amount which was insufficient to cover Phase Two Owner’s share of Operating Costs for any billing period, payment shall be made within ten (10) days following receipt of a supplemental invoice therefor. Each of the Parties shall each be individually responsible for the maintenance, repair and replacement of any portion of the pipes or other equipment pertaining to the Lift Station which solely serve their individual properties.
PAYMENT COVENANTS. 2.1 In consideration of the agreement of the Mortgagee to make available the Loan to the Borrowers and to maintain available the Loan to the Borrowers throughout the Security Period in accordance with the provisions of and subject to the terms and conditions of the Loan Agreement, the Owner hereby covenants with the Mortgagee to repay the Loan by (a) twenty eight (28) consecutive quarterly repayment instalments (the “Repayment Instalments”), each to be repaid on each of the Repayment Dates so that the first be repaid three (3) months from the Drawdown Date and each of the subsequent ones consecutively falling due for payment on each of the dates falling three (3) months after the immediately preceding Repayment Date with the last of such Repayment Instalments falling due for payment on the Final Maturity Date and (b) a balloon instalment of Dollars five million six hundred fifty thousand ($5,650,000) (the “Balloon Instalment”) falling due for payment together with the last (28th) Repayment Instalment on the Final Maturity Date; subject to the provisions of the Loan Agreement, each Repayment Instalment shall be in amounts as follows:
(i) 1st to 4th (both inclusive) of such Repayment Instalments shall be in the amount of Dollars five hundred thousand ($500,000) each; and
(ii) 5th to 28th (both inclusive) of such Repayment Instalments shall be in the amount of Dollars eight hundred and thirty seven thousand five hundred ($837,500) each; Provided that (a) if the last Repayment Date would otherwise fall after the Final Maturity Date, the last Repayment Date shall be the Final Maturity Date, (b) in the event that the Commitment is not drawn down in full, the amount of each of the Repayment Instalments and the Balloon Instalment shall be proportionally reduced, (c) there shall be no Repayment Dates after the Final Maturity Date and (d) on the Final Maturity Date the Borrowers shall also pay to the Mortgagee any and all other moneys then due and payable under this Agreement and the other Security Documents. The Owner shall be entitled to prepay the Loan in whole or in part, subject to and in accordance with Clause 4.2 of the Loan Agreement and the Loan or any part thereof may become repayable or prepayable in accordance with Clauses 3.6, 4.3, 9.9, 12.1 and 12.2 of the Loan Agreement.
2.2 The Owner will pay in accordance with Clause 3.1 of the Loan Agreement to the Mortgagee interest on the Loan calculated on the actual number of days elapsed and on the basis of a ...
PAYMENT COVENANTS. Producer covenants and agrees to timely pay all bills and invoices associated with its obligations under this Agreement and to timely pay its contractors and subcontractors for work performed by such in association with this Agreement. Processor reserves the right to shut-in Producer’s production and discontinue all services defined herein, for non-payment of all fees associated with this Agreement until Producer cures all Defaults promptly. Producer covenants and agrees to not permit any liens or other encumbrances be filed against the Host Processing Facility or any part thereof as of a result of Producer’s failure to timely pay any bill or invoice, and further agrees to indemnify, defend and hold harmless Processor from any such liens or encumbrances that may arise as a result of Producer’s acts or omissions in association with this Agreement.
PAYMENT COVENANTS. 3.1 For the consideration aforesaid the Owner hereby covenants and undertakes with the Mortgagee:
(a) Covenant to repay the Loan: that the Loan will be repaid by the instalments at the times and in the manner specified in Clause 4.1 of the Loan Agreement.
(b) Covenant to pay interest on the Loan: that the Owner will pay, in accordance with Clause 3.1 of the Loan Agreement, to the Mortgagee, interest on the Loan (or any part thereof) calculated on the actual number of days elapsed and on the basis of a 360 day year for each Interest Period selected or determined as per Clause 3.2 and 3.3 of the Loan Agreement relative thereto at the annual rate of interest (the “Interest Rate”) which is conclusively (save for manifest error) certified by the Mortgagee to be (subject to Clause 3.6 of the Loan Agreement), the aggregate of (i) the Margin and (ii) the LIBOR.
(c) Covenant to pay default interest: that in the event of any delay by the Owner in the payment on the due date of any sum due under the Loan Agreement, this Mortgage or any of the Security Documents the Owner shall, without affecting any other remedy of the Mortgagee, pay in accordance with Clause 3.4 of the Loan Agreement on demand interest on all sums overdue from the due date therefor to the date of actual payment (as well as after as before judgement) accruing on a daily basis at the interest rate set forth in Clause 3.4 of the Loan Agreement.
PAYMENT COVENANTS