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."
Sample 1

Examples of PAYMENT MECHANICS in a sentence

  • 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.

  • PAYMENT MECHANICS 23.1 PAYMENTS On each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that Obligor or Lender will make the same available to the person entitled to payment in dollars in immediately available funds not later than 3.00 pm Sydney time on the due date to the account held in either New South Wales or Victoria that the person entitled to payment designates.

  • PAYMENT MECHANICS 26.1 Payments 26.1.1 On each date on which an Obligor is required to make a payment under a Finance Document, that Obligor shall make the same available to the Lender (unless a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Lender as being customary at the time for settlement of transactions in the relevant currency in the place of payment.

  • Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.Date: November 5, 2020/s/ Robert Hoglund Robert HoglundSenior Vice President and Chief Financial Officer Exhibit 32.1.1 Certification Required Under Section 906 of the Sarbanes-Oxley Act of 2002 I, John McAvoy, the Chief Executive Officer of Consolidated Edison, Inc.

  • This study could contribute to understand the dimension in a Norwegian partnership between public organizations and NGOs during urgency.

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

  • PAYMENT MECHANICS....................................................................................

  • BORROWING AND PAYMENT MECHANICS; CERTAIN COMPUTATIONS9Section 2.1 Method of Borrowing 9Section 2.2Selection of CP Tranche Periods and Interest Periods .

Related to PAYMENT MECHANICS

  • Recovered tax increment value means, except as otherwise

  • authorised taxi rank means any area of carriageway which is comprised within and indicated by a road marking complying with diagram 1028.2 in Schedule 6 to the Traffic Signs Regulations and General Directions 2002;

  • Security Distribution Due Date The date upon which a particular Security Distribution is payable to the holder of the related Mortgage Security in accordance with its terms.

  • Relevant Sukuk Obligation means any undertaking or other obligation to pay any money given in connection with the issue of Islamic-compliant certificates, whether or not in return for consideration of any kind, which for the time being are, or are intended to be, or are capable of being, quoted, listed or ordinarily dealt in or traded on any stock exchange, over-the-counter or other securities market.

  • Qualifying Bank means any legal entity which is recognized as a bank by the banking laws in force in its country of organization and which has as its principal purpose the active conduct of banking business and conducts such banking business through its own personnel (which have decision making authority) and on its own premises.

  • FATCA Withholding Tax means any withholding or deduction required pursuant to FATCA.

  • Excluded Tax means any of the following Taxes imposed on or with respect to any Recipient or required to be withheld or deducted from a payment to a Recipient (a) Taxes imposed on or measured by net income (however denominated, and including branch profits taxes) and franchise taxes, in each case (i) imposed as a result of such Recipient being organized under the Laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) imposed on any Recipient as a result of a present or former connection between such Recipient and the jurisdiction of the Governmental Authority imposing such Tax or any political subdivision or taxing authority thereof or therein (other than such connection arising from any such Recipient having executed, delivered, become a party to, performed its obligations or received a payment under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced, any Credit Document, or sold or assigned an interest in any Credit Document or Loan); (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a Law in effect on the date on which such Lender (i) acquires such interest in the Loan or Commitment or otherwise becomes a party to this Agreement (other than pursuant to an assignment request by the Borrower under Section 2.23) or (ii) changes its lending office, except in each case, to the extent that, pursuant to Section 2.20, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office; (c) Taxes that are attributable to the failure by any Recipient to deliver the documentation required to be delivered pursuant to Section 2.20(f) or Section 2.20(g); and (d) Taxes imposed under FATCA.

  • Non-Excluded Tax has the meaning specified in Section 3.03.

  • Indemnified Tax means (a) any Tax other than an Excluded Tax and (b) to the extent not otherwise described in clause (a), Other Taxes.

  • Qualifying Lender has the meaning set forth in Section 2.05(a)(v)(D)(3).

  • FATCA FFI means a foreign financial institution as defined in section 1471(d)(4) of the Code which, if the Lender is not a FATCA Exempt Party, could be required to make a FATCA Deduction;

  • Net After-Tax Receipt means the present value (as determined in accordance with Sections 280G(b)(2)(A)(ii) and 280G(d)(4) of the Code) of a Payment net of all taxes imposed on Executive with respect thereto under Sections 1 and 4999 of the Code and under applicable state and local laws, determined by applying the highest marginal rate under Section 1 of the Code and under state and local laws which applied to Executive’s taxable income for the immediately preceding taxable year, or such other rate(s) as the Accounting Firm determines to be likely to apply to Executive in the relevant tax year(s).

  • Secured Tax Claim means any Secured Claim that, absent its secured status, would be entitled to priority in right of payment under section 507(a)(8) of the Bankruptcy Code (determined irrespective of time limitations), including any related Secured Claim for penalties.

  • Priority of Payments The meaning specified in Section 11.1(a).

  • FATCA Deduction means a deduction or withholding from a payment under a Finance Document required by FATCA.

  • UK Tax Deduction means a deduction or withholding for, or on account of, Tax imposed by the United Kingdom from a payment under a Loan Document, other than a FATCA Deduction.

  • Guarantor Subordinated Obligations means, with respect to a Subsidiary Guarantor, any Indebtedness of such Subsidiary Guarantor (whether outstanding on the Issue Date or thereafter Incurred) that is expressly subordinated in right of payment to the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee pursuant to a written agreement.

  • Partial Payment means any payment by Borrower, other than a voluntary prepayment permitted under the Note, which is less than a full outstanding Periodic Payment.

  • Qualifying Jurisdictions means each of the provinces and territories of Canada;

  • Swiss Withholding Tax means taxes imposed under the Swiss Withholding Tax Act.

  • Treaty Lender means a Lender which:

  • Qualifying contribution means, with respect to a candidate, a contribution that—

  • Cumulative Net Realized Tax Benefit for a Taxable Year means the cumulative amount of Realized Tax Benefits for all Taxable Years of the Corporate Taxpayer, up to and including such Taxable Year, net of the cumulative amount of Realized Tax Detriments for the same period. The Realized Tax Benefit and Realized Tax Detriment for each Taxable Year shall be determined based on the most recent Tax Benefit Schedule or Amended Schedule, if any, in existence at the time of such determination.

  • Guarantor Subordinated Obligation means, with respect to a Subsidiary Guarantor, any Indebtedness of such Subsidiary Guarantor (whether outstanding on the Issue Date or thereafter Incurred) which is expressly subordinate in right of payment to the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee pursuant to a written agreement.

  • UK Treaty Lender means a Lender which:

  • Net Swap Payment With respect to each Distribution Date, the net payment required to be made pursuant to the terms of the Swap Agreement by either the Swap Provider or the Swap Administrator, which net payment shall not take into account any Swap Termination Payment.