Routine Payments Clause Samples
The Routine Payments clause defines the procedures and expectations for regular, recurring payments between parties under an agreement. It typically outlines the payment schedule, acceptable methods of payment, and any conditions or documentation required for processing these payments, such as monthly service fees or installment payments for goods. This clause ensures that both parties have a clear understanding of when and how payments will be made, reducing the risk of disputes or missed payments and promoting smooth financial operations throughout the contract term.
POPULAR SAMPLE Copied 1 times
Routine Payments. 3.4.2.1 All monies payable shall be paid once each fortnight throughout the school year.
3.4.2.2 The school will make provision to meet its employees' requests for payroll deductions. These include at least the following: Association membership fees, tuition fees, tea money, medical benefits, superannuation premiums and union dues.
3.4.2.3 An annual leave loading of 1.346% will be incorporated in all annual salaries and paid fortnightly unless otherwise packaged at the employee's request.
Routine Payments. Except as otherwise specifically provided ---------------- in this Agreement, each payment (including each prepayment) by Borrower pursuant to this Agreement or the Notes, whether in respect of principal, interest, or increased costs and the Commitment Fees and all other fees to be paid to the Agent, the Swing Line Lender and the Banks in connection with the Loan Documents (collectively, "Payments"; and the portion of such payments that are on account of the Commitment Fee, together with all of such other fees, is sometimes hereinafter collectively referred to as the "Fees") shall be made by the Borrower without set-off, withholding, deduction, or counterclaim, to the Agent at the applicable Agent Payment Office in funds immediately available to the Agent at such office by 12:00 noon (local time in the city in which such Agent Payment Office is located) on the due date for such Payment. The failure of the Borrower to make any such Payment by such time shall not constitute a default hereunder, provided that such payment is made on such due date, but any such Payment made after 12:00 p.m. (local time in the city in which such payment is to be made in accordance with the terms hereof) on such due date shall be deemed to have been made on the next Business Day for the purpose of calculating interest on amounts outstanding on the applicable loans. Subject to Section 9.5, promptly upon receipt thereof by the Agent, (a) each Payment of principal and interest on the Revolving Credit Loans, Term Loans and Swing Line Loans shall be remitted by the Agent in like funds as received to each Bank and the Swing Line Lender, as the case may be, pro rata according to its Exposure Percentage of such loans, and (b) each payment of the Commitment Fee shall be remitted by the Agent in like funds as received to each Bank pro rata according to such Bank's Revolving Credit Commitment.