PAYMENT ON DEMAND definition

PAYMENT ON DEMAND. The Guarantor shall make payment to the Agent of the amount of its liability hereunder forthwith after demand therefor is made in writing; the liability of the Guarantor shall bear interest from the date of such demand at the applicable rates set forth in Sections 4.7 and 12.1 of the Credit Agreement. The Guarantor agrees that whenever, at any time, or from time to time, it shall make any payment to the Agent or any Lender on account of the Obligations, it will notify the Agent in writing that such payment is made for such purpose under this Guarantee. The Guarantor hereby agrees that any payments in respect of the Obligations pursuant to this Guarantee will be paid to the Agent without set-off, compensation or counterclaim in the same currency in which the Obligations are denominated. If the Agent receives any payment from or for the account of the Guarantor in any currency other than the currency in which the Obligations are denominated, that payment shall constitute satisfaction of the Obligations only to the extent of the amount of such currency that the Agent, in accordance with its normal procedures, could purchase with the amount of the other currency received by it from the Guarantor on the first business day after the day of receipt.
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PAYMENT ON DEMAND the Corporation shall fail to pay the Principal Amount or interest thereon when demanded by the Holder;
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Examples of PAYMENT ON DEMAND in a sentence

  • PAYMENT ON DEMAND ▇▇▇▇▇▇'s record shall, at any time, be conclusive evidence of the unpaid Principal Balance and interest owing on this note.

Related to PAYMENT ON DEMAND

  • Video-On-Demand or “VOD” means a programming system for transmission and retransmission of a single motion picture or programme (or series of related programs) delivered by means of a telecommunications or other technical system from a digital storage devise or presented in any form that permits Exhibition of such motion picture or programs in a non-linear form at the discretion of the viewer.

  • on demand means a system where a user, subscriber or viewer is enabled to access, at a time chosen by such user, any content in electronic form, which is transmitted over a computer resource and is selected by the user;

  • Certificate of Unpaid Demand Note Demand means a certificate substantially in the form of Annex B to any Multi-Series Letter of Credit.

  • Peak Demand means the maximum Metered Demand in the last 12 months;

  • Default Fee means with respect to any amount due and payable by Seller in respect of any Aggregate Unpaids, an amount equal to the greater of (i) $1000 and (ii) interest on any such unpaid Aggregate Unpaids at a rate per annum equal to 2% above the Prime Rate.