Assumption of Payment Sample Clauses
The Assumption of Payment clause establishes that one party agrees to take on the responsibility for making certain payments that would otherwise be owed by another party. In practice, this clause may apply when a buyer assumes the seller’s outstanding debts or obligations as part of a transaction, or when a subcontractor agrees to pay specific costs on behalf of a contractor. Its core function is to clearly allocate financial responsibility, ensuring that all parties understand who is liable for particular payments and thereby reducing the risk of disputes over unpaid amounts.
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Assumption of Payment. Unless the Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Lenders hereunder that the Borrower will not make such payment in full, the Agent may assume that the Borrower has made such payment in full to the Agent on such date and the Agent may, in reliance upon such assumption, cause to be distributed to each Lender on such due date an amount equal to the amount then due such Lender. If and to the extent the Borrower shall not have so made such payment in full to the Agent, each Lender shall repay to the Agent forthwith on demand such amount distributed to such Lender together with interest thereon, for each day from the date such amount is distributed to such Lender until the date such Lender repays such amount to the Agent, at the Federal Funds Rate.
Assumption of Payment. Unless the Administrative Agent shall have received notice from a Borrower prior to the date on which any payment is due to the Lenders hereunder that such Borrower will not make such payment in full, the Administrative Agent may assume that such Borrower has made such payment in full to the Administrative Agent on such date and the Administrative Agent may, in reliance upon such assumption, cause to be distributed to each Lender on such due date an amount equal to the amount then due such Lender. If and to the extent such Borrower shall not have so made such payment in full to the Administrative Agent, each Lender shall repay to the Administrative Agent forthwith on demand such amount distributed to such Lender together with interest thereon, for each day from the date such amount is distributed to such Lender until the date such Lender repays such amount to the Administrative Agent, at the Federal Funds Rate (if such Advance is denominated in Dollars) or at the cost of funds incurred by the Administrative Agent (if such Advance is denominated in an Alternate Currency).
Assumption of Payment. Pursuant to, and in compliance and accordance with, Section 8.01 of the Indenture, the Successor Corporation hereby expressly assumes the due and punctual payment of the principal, premium, if any, and interest, if any, on the Notes and the performance of every covenant of the Indenture on the part of Exelis to be performed or observed.
Assumption of Payment. Pursuant to Section 8.01 of the Indenture, the Issuer assumes, upon the consummation of the Merger, the due and punctual payment (pursuant to the Indenture) of the Principal Amount (including payment of the Principal Return, the Net Shares, if any, and premium, if any, upon conversion), Redemption Price, Purchase Price or Fundamental Change Purchase Price with respect to any Security and any interest, including Contingent Interest, if any, on all the Securities and the performance of every covenant to be performed by the Issuer or observed under the Indenture.
Assumption of Payment. Sabra LP hereby confirms that, as a result of the Merger, it has assumed the payment of the principal of and interest on all of the Notes and the due and punctual performance and observance of all of the covenants and the obligations of the Issuer pursuant to the Indenture and agrees hereby to duly and punctually pay the principal of and interest on all of the Notes and perform and observe all of the covenants and the conditions of the Issuer in the Indenture.