Quarterly Payment Dates Clause Samples
The 'Quarterly Payment Dates' clause establishes specific dates on which payments are to be made every three months throughout the term of an agreement. Typically, this means that payments are due at the end of each quarter, such as March 31, June 30, September 30, and December 31, or on other dates explicitly set out in the contract. By clearly defining when payments are expected, this clause ensures regular cash flow and helps both parties plan their finances, reducing the risk of missed or late payments.
Quarterly Payment Dates. Quarterly Payment Dates shall have the meaning set forth for such term in the Subordinated Secured Promissory Note. SEC. SEC shall mean the U.S. Securities and Exchange Commission.
Quarterly Payment Dates. The term "
Quarterly Payment Dates. On each Quarterly Payment Date, the Administrative Agent shall instruct the Depositary Bank to release and distribute 100% of the funds then held in the Borrower Waterfall Account in accordance with the following order of priority:
(a) First, to deposit in the Module Replacement Reserve Account an amount equal to the Module Replacement Reserve Payment Amount in respect of such Quarterly Payment Date;
(b) Second, on a pari passu basis, to pay (i) a portion of the accrued and unpaid interest on each Loan in an amount equal to the Mandatory Cash Interest Amount in respect of each such Loan as of such Quarterly Payment Date, and (ii) all amounts payable to the Administrative Agent on such Quarterly Payment Date pursuant to the Agent Reimbursement Letter;
(c) Third, to deposit in the Debt Reserve Account an amount equal to the Required Debt Reserve Payment Amount in respect of such Quarterly Payment Date;
(d) Fourth, to pay all remaining accrued and unpaid interest on each Loan in an amount equal to the total accrued PIK Interest Amount in respect of each such Loan as of such Quarterly Payment Date;
(e) Fifth, to deposit in the ECF Offer Account an amount, which shall not be less than zero, equal to (i) the outstanding principal amount of the Loans as of such Quarterly Payment Date, minus (ii) the Target Debt Balance for such Quarterly Payment Date;
(f) Sixth, to deposit in the Preferred Reserve Account an amount equal to the Required Preferred Reserve Payment Amount in respect of such Quarterly Payment Date; and
(g) Seventh, to deposit all remaining amounts in such Business Unit Accounts as directed by the Borrower. In the event that, on any Quarterly Payment Date, the amount of funds in the Borrower Waterfall Account are, in the aggregate, insufficient to pay in full the maximum amounts payable on such Quarterly Payment Date under clause (b), (d) or (e) above (the aggregate shortfall amount under clauses (b), (d) or (e) above on any such Quarterly Payment Date is herein referred to as the “Shortfall Amount”) in respect of such Quarterly Payment Date, then, on such Quarterly Payment Date, the Administrative Agent shall instruct the Depositary Bank to release funds from the Preferred Reserve Account in an amount equal to the lesser of (A) the Shortfall Amount and (B) the aggregate amount then held in the Preferred Reserve Account and shall apply the proceeds thereof in accordance with the following order of priority:
(i) First, on a pari passu basis, to pay (i)...
Quarterly Payment Dates. (i) US$ Notes - the 20th day of April, July, October and January in each year (New York time)
Quarterly Payment Dates. 3.3(b)(i) Registration Statement................................
Quarterly Payment Dates. The Parties agree that Section 13.2.1 for the 2011 Renewal Term shall read as follows: