PAYMENT MECHANICS definition

PAYMENT MECHANICS. Each payment under this Agreement shall be made for value at or before 1:00 p.m. (Toronto time) on the day such payment is due, provided that, if any such day is not a Business day, such payment shall be deemed for all purposes of this Agreement to be due on the Business day immediately preceding such day (and any such adjustment shall be taken into account for purposes of the computation of interest and fees payable under this Agreement). The First Ontario Proportionate Interest, BMOCC Proportionate Interest, and Southbridge Proportionate Interest of all payments made in connection with the First Advance and the Second Advance shall be made by post-dated cheques delivered to First Ontario, BMOCC, and Southbridge, respectively at addresses set out in Section 11.1 or such other address as such Lender may from time to time advise the Borrower in writing. All payments made in connection with the Third Advance shall be made by post-dated cheques delivered to Southbridge at the said address. The Borrower shall ensure that each Lender has at least two post-dated cheques at all times."
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Examples of PAYMENT MECHANICS in a sentence

  • GOVERNMENTAL ENTITIES PAYMENT MECHANICS; EOB'S; MISDIRECTED PAYMENTS..................................................

  • BORROWING AND PAYMENT MECHANICS; CERTAIN COMPUTATIONS 5 Section 2.1 Method of Borrowing 5 Section 2.2 Selection of CP Tranche Periods and Interest Periods 5 Section 2.3 Computation of Concentration Limits and Outstanding Balance 6 Section 2.4 Maximum Interest Rate 6 Section 2.5 Payments and Computations, Etc.

  • DISBURSEMENTS OF THE INITIAL LOAN; FUNDING AND PAYMENT MECHANICS 22 Disbursements.

  • PAYMENT MECHANICS 31.1. Payments to the Agent 31.2. Distributions by the Agent 31.3. Distributions to an Obligor 31.4. Clawback 31.5. Partial payments 31.6. No set-off by Obligors 31.7. Business Days 31.8. Currency of account 32.

Related to PAYMENT MECHANICS

  • Alternative Payment Mechanism means, with respect to any securities or combination of securities (together in this definition, “such securities”), provisions in the related transaction documents requiring the Corporation to issue (or use commercially reasonable efforts to issue) one or more types of APM Qualifying Securities raising eligible proceeds at least equal to the deferred Distributions on such securities and apply the proceeds to pay unpaid Distributions on such securities, commencing on the earlier of (x) the first Distribution Date after commencement of a deferral period on which the Corporation pays current Distributions on such securities and (y) the fifth anniversary of the commencement of such deferral period, and that

  • Payment Method means, in relation to any sum stated to be payable or paid pursuant to the Agreement, account name, account number, bank name, swift code, bank code and branch code or wallet address, in the case of a sum stated to be payable or paid by cryptocurrency specified by the payee of such sum at least five Business Days prior to the date of payment to the payee and in the case of Coinllectibles to the account notified to the payer from time to time and the payment of the Sale Price to Coinllectibles, which shall be paid by the Purchaser as soon as practicable after each sale of the DOT.

  • Qualifying loss means the amount of compensation attributable to a taxpayer’s nonqualified deferred compensation plan, less the receipt of money and property attributable to distributions from the nonqualified deferred compensation plan. Full loss is sustained if no distribution of money and property is made by the nonqualified deferred compensation plan. The taxpayer sustains a qualifying loss only in the taxable year in which the taxpayer receives the final distribution of money and property pursuant to that nonqualified deferred compensation plan.

  • UPI Mechanism means the mechanism that may be used by a UPI Bidder to make a Bid in the Offer in accordance with the UPI Circulars;

  • Default Settlement Method means Combination Settlement with a Specified Dollar Amount of $1,000 per $1,000 principal amount of Notes; provided, however, that (x) subject to Section 5.03(A)(iii), the Company may, from time to time, change the Default Settlement Method, to any Settlement Method that the Company is then permitted to elect, by sending notice of the new Default Settlement Method to the Holders, the Trustee and the Conversion Agent; and (y) the Default Settlement Method will be subject to Section 5.03(A)(ii).