cover payment definition

cover payment means a wire transfer that combines a payment message sent directly by the ordering institution to the beneficiary institution with the routing of the funding instruction from the ordering institution to the beneficiary institution through one or more intermediary institutions;

cover payment shall have the meaning as set forth in Section 10.4 of the Agreement.

cover payment has the meaning assigned to it in Section 8.04;

Examples of cover payment in a sentence

• Each and every Cover Payment shall constitute a demand loan bearing interest from the date of the advance at the rate provided in Section 10.3. If more than one Cover Payment is made, the Cover Payments shall be aggregated and the rights and remedies described herein pertaining to an individual Cover Payment shall apply to the aggregated Cover Payments.

• If a Participant defaults in making a contribution or cash call required by an adopted Program and Budget, the non-defaulting Participant may, but shall not be obligated to, advance some portion or all of the amount in default on behalf of the defaulting Participant (a "Cover Payment").

• Each and every Cover Payment shall constitute a demand loan bearing interest from the date of the advance at the rate provided in Section 9.3. If more than one Cover Payment is made, the Cover Payments shall be aggregated and the rights and remedies described herein pertaining to an individual Cover Payment shall apply to the aggregated Cover Payments.

• If more than one Cover Payment is made, the Cover Payments shall be aggregated and the rights and remedies described herein pertaining to an individual Cover Payment shall apply to the aggregated Cover Payments.

• The Members acknowledge that if either Member defaults in making a contribution required by Section 3 or a cash call, or in repaying a loan, as required under Sections 11.2, 11.3 or 11.4, whether or not a Cover Payment is made, it will be difficult to measure the damages resulting from such default (it being understood and agreed that the Members have attempted to determine such damages in advance and determined that the calculation of such damages cannot be ascertained with reasonable certainty).

More Definitions of cover payment

cover payment shall have the meaning as set forth in Section 11.4 of the LLC Operating Agreement.

cover payment means the payment described in Clause 6.3.2.1

cover payment is defined in Section 13.4.

cover payment has the meaning ascribed thereto in Section 5.2(f).

cover payment shall have the meaning as set forth in SECTION 11.4 of the ------------ Agreement.

cover payment means the payment described in Section 6.4(a).

cover payment has the meaning set forth in Section 5.7(g).