Payment Return Sample Clauses
The Payment Return clause outlines the procedures and obligations related to returning payments that were made in error or are otherwise subject to refund. Typically, this clause specifies the timeframe within which a party must return funds, the method of repayment, and any conditions that must be met before the return is processed. Its core practical function is to ensure that mistaken or excess payments are promptly and properly returned, thereby preventing disputes and maintaining financial accuracy between the parties.
Payment Return. If you receive a Payment for which the Reduced Amount was determined pursuant to clause (x) of Section 7(a) and the Internal Revenue Service determines thereafter that some portion of the Payment is subject to the Excise Tax, you agree to promptly return to the Company a sufficient amount of the Payment (after reduction pursuant to clause (x) of Section 7(a)) so that no portion of the remaining Payment is subject to the Excise Tax. For the avoidance of doubt, if the Reduced Amount was determined pursuant to clause (y) of Section 7(a), you shall have no obligation to return any portion of the Payment pursuant to the preceding sentence.
Payment Return. In the event the New Notes are redeemed by the Company pursuant to Section 3.07(d) of the Indenture no later than 120 days after the Closing Date (the “Return Outside Date”), the Exchanging Holders and the Purchasers shall refund to the Company the portion of the Exchange Payment and the Purchase Payment identified on Schedule IV and Schedule III, respectively, as subject to the return. Such return of the Exchange Payment and the Purchase Payment shall be paid on the date of the redemption of such Notes pursuant to Section 3.07(d). If no redemption of the New Notes shall have occurred on or prior to the Return Outside Date, the Exchange Payment and the Purchase Payment shall be non-refundable for any purpose.
Payment Return. 5.1. Each borrower undertakes to pay his loan in accordance with the terms and conditions in the loan agreement.
5.2. The repayment of the loan shall be done by the borrower into the trust account which details shall be set forth in the loan agreement, or any other trust account in the name of the trustee, and the repayment of the loan to the lenders shall be done from this account.
5.3. In any case when the time of repayment has arrived and the borrower has failed to transfer the payment in accordance with his undertaking, the lenders irrevocably instruct the website company and/or the trustee to act, at the sole discretion of the website company and/or the trustee, and under the limitations of the law, in order to collect the debt, including their request to provide the debt for immediate repayment and/or to appoint attorneys for this purpose and/or to take any legal action and/or to arrive at an arrangement to spread the payments with the borrower and/or with the guarantors or to reach a new loan agreement with the borrower and/or to request that the borrower complete the balance of the debt in any way which the trustee and/or the website company shall see fit. Furthermore, in case of failed returns, the lenders authorized the website company and the trustee to reach any agreement and/or that arrangement they see fit with the borrower and/or with the guarantors of the loan at the soul and soul discretion, including, giving a discount and/or absolving and/or renouncing and/or setting a payment arrangement different to the one set forth in the loan (in whole or in part), to spread the debt over a longer return period, to renounce interest, to absolve a borrower and/or guarantors and/or to set and/or change any other term they see fit with regards to that failed loan and/or to delete the loan with regards to the lender if the website company shall determine that the loan isn't collectible. It is expressly clarified, that the details of the borrowers are concealed from the lenders, and in any case, therefore the lenders are not entitled, and they absolutely and finally renounce any right to collect the debt of the borrower toward them independently, namely, not via the website company and/or the trustee. Any loan (including a loan with an arrangement) in arrears of four consecutive payments as well as any loan where there is arrears in payment exceeding 120 days when that payment was not made to the lenders via the cash for mutual guarantee in accordance wi...