Examples of Initial Payment in a sentence
On the Payment Date, the Assuming Bank will pay to the Corporation, or the Corporation will pay to the Assuming Bank, as the case may be, the Initial Payment, together with interest on such amount (if the Payment Date is not the day following the day of the Bank Closing Date) from and including the day following the Bank Closing Date to and including the day preceding the Payment Date at the Settlement Interest Rate.
Prior to the Initial Payment Date, all amounts in the Collection Account (other than funds deposited into the Capital Subaccount, up to the Required Capital Level and any Capital Subaccount Investment Earnings) shall be allocated to the General Subaccount.
To the extent the Partner does not or is unable to achieve Milestones in their entirety as outlined above, the Partner shall notify the Alliance and return any funds at the direction of the Alliance not expended from the Initial Payment for any Milestone not completed.