Payment provisions outline the terms regarding compensation for services or goods, specifying the amount, currency, method, and schedule of payments. They also detail conditions for late payments, such as interest or penalties, and any requirements for invoices or documentation.
A Participant whose employment is terminated by the Company due to a Disability on or after the last day of the Performance Period will have the right to receive the Award, subject in all events to the performance, discretion and payment provisions in Section 5 of the Plan.
Out of the sums paid to the CAD Paying Agent in respect of interest and principal on the CAD-Notes, the CAD Paying Agent shall make payment to, or to the order of, the Registered Holder of the Global Certificate, as stipulated in Clause 10.5 and 10.6 below, in the amounts specified in the payment provisions of the Conditions.
With regard to any Euro-Bonds, the Euro Paying Agent and the Issuer agree that until further written notice by the Issuer to the Euro Paying Agent, on each date on which any payment of principal or interest on any such Euro-Bonds becomes due, the Issuer itself shall make payment of any amount payable to CBF in accordance with the payment provisions of the Conditions directly to, or to the order of, CBF. Notwithstanding the foregoing, on each date on which any payment of principal or interest on any such Euro-Bonds becomes due, the Issuer shall continue to pay to the Euro Paying Agent in Euro any amount payable to, or to the order of, the Registered Holder of the DTC Global Certificate in accordance with the payment provisions of the Conditions, and the Euro Paying Agent shall make payment to, or to the order of, the Registered Holder of the DTC Global Certificate, as stipulated in Clause 10.1 and 10.2 below, in the amounts specified in the payment provisions of the Conditions. The Euro Registrar shall deliver to the Euro Paying Agent such details as are required for the Issuer to make payment as set forth in this Clause 5.5 and the Euro Paying Agent shall notify the Issuer of these details in accordance with Clause 5.2.
All payments by the Relevant Paying Agent hereunder shall be made without the Relevant Paying Agent charging any commission, fee or cost to the Relevant Clearing System or to any Holder, except as expressly provided for in the payment provisions of the Conditions.
All amounts of principal and interest due in respect of the Euro-Bonds which are represented by the DTC Global Certificate (each a “DTC EUR Amount”) shall be paid in U.S. dollars (each such payment being referred to herein as a “Dollar Payment”), unless DTC has advised that the relevant Holder has made an effective election to receive all or a portion of its payment in Euro outside DTC (each a “Euro Payment”) in accordance with the procedures described in the payment provisions of the Conditions.
Special Payment Provisions. This Agreement will be construed in a manner consistent with Code section 409A and the regulations thereunder. Special payment provisions apply under this Section 11 in two situations: (a) for RSUs with a Vesting Date between January 1 and March 15, if the Employee will become eligible for Retirement before the calendar year preceding the Vesting Date and (b) for RSUs with a Vesting Date after March 15, if the Employee will become eligible for Retirement before the calendar year in which the Vesting Date occurs. If the special payment provisions apply, then notwithstanding anything in this Agreement to the contrary.
Payment Provisions 1. Payment at Maturity. The outstanding principal balance plus all accrued and unpaid interest under this Note shall be due and payable to the Holder on February 20, 2019 (“Maturity Date”). 2. Other Payment Provisions. All payments of principal and/or interest shall be payable to the Holder in lawful money of the United States. All payments shall first be applied to accrued and unpaid interest and then to reduce the principal balance of this Note. Except as otherwise provided herein, this Note may not be prepaid at any time without the prior written consent of the Holder.
Details of the December 8, 2021 share purchase and sale agreement are provided in the Company’s 8-K filed with the United States Securities and Exchange Commission, available at SEC.gov and at www.SolarWindow.com, and include deferred payment provisions, operating covenants, a repurchase option for the seller in the event of default of payment by the buyer, and other terms and conditions.
Notwithstanding anything to the contrary contained in the terms of the Securities and the Indenture, any interest payments or redemption under the Securities will be subject to the cancellation of interest payment provisions, the Going Concern Write-Down provisions, the Write-Down and Cancellation provisions, the Write-Up provisions, and the subordination provisions described on the reverse of this Security and in the Indenture.
General Payment Provisions. The Payor will pay the Payment Amount under this Note in a single installment in such currency of the United States of America as will be legal tender at the time of payment. Payment under this Note will be made by wire transfer to Payee’s account at Payee’s authorized agent as previously identified to Payor by Payee.
Payment provisions are specific clauses within a contract that outline how, when, and under what conditions payments will be made between the parties involved. These provisions detail the payment amounts, schedules, methods of payment, and any penalties for late payments. They ensure that both parties have a clear understanding of their financial obligations and responsibilities.
Payment provisions should be used in contracts whenever there is an exchange of goods, services, or any other consideration that requires financial compensation. This is crucial in outlining the expectations between parties regarding how much is to be paid and the timing of these payments. Common scenarios include:
Writing payment provisions involves a few key components to ensure clarity and enforceability:
Define the Payment Amount: Clearly state the amount to be paid, including any applicable taxes or additional fees.
Example: “The Buyer shall pay the Seller $5,000 plus applicable sales tax.”
Specify the Payment Schedule: Outline when payments are due. This could be a single payment, installments, or progress payments based on milestones.
Example: “Payment to be made in three equal installments of $1,000 due on the 1st of January, February, and March.”
Detail the Payment Method: Indicate acceptable payment methods such as bank transfer, check, or credit card.
Example: “Payments to be made via wire transfer to the Seller’s designated account.”
Include Late Payment Penalties: Describe any penalties for late payment, such as interest or additional fees.
Example: “A late fee of 1.5% per month will apply to any overdue payments.”
Outline Conditions for Payment Adjustments: Specify any circumstances under which payment amounts or schedules can be adjusted.
Example: “Payments may be deferred if the Buyer provides written notice 30 days prior to the due date.”
Payment provisions are common in a variety of contracts, including but not limited to:
Incorporating well-drafted payment provisions into contracts helps prevent misunderstandings and disputes related to financial transactions between parties.
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Dive deeper into the world of clauses and learn more about these other clauses that are used in real contracts.
Payment terms and conditions outline the specifics of how and when a party will be compensated for goods or services provided. They typically include details on the payment method, due dates, any interest or penalties for late payments, and any discounts available for early payments.
A penalty clause is a provision in a contract that specifies a monetary charge or other detriment to be imposed on a party if they fail to fulfill certain contractual obligations. It is designed to incentivize compliance and deter breaches by setting predefined consequences for non-performance or other violations.
A per diem clause specifies a daily allowance paid to an individual for expenses incurred while working away from their usual location, covering costs such as meals, lodging, and transportation. This provision ensures that employees or contractors are reimbursed efficiently for necessary business travel expenses.
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