BANKING SERVICE «GUARANTEED PAYMENTS» Sample Clauses

The 'Banking Service «Guaranteed Payments»' clause establishes a service whereby the bank ensures that certain payments made through its system are irrevocably guaranteed. In practice, this means that once a payment is processed under this service, the recipient can be confident that the funds will not be reversed or withheld due to insufficient funds or other payment failures. This clause is particularly useful in commercial transactions where sellers require assurance of payment before delivering goods or services. Its core function is to eliminate payment risk for recipients, thereby facilitating smoother and more secure financial transactions.
BANKING SERVICE «GUARANTEED PAYMENTS». Terms and definitions in this clause 5.6 of the Agreement have the following meanings: Used Guaranteed Payment Limit is the actual amount of the Payer Client’s debt on the Overdraft plus the sum of all Guaranteed Payments created by the Payer Client and not yet executed by the Bank. Guaranteed Payment is a transfer, by the Bank under the procedure of contractual debiting on a date in the future determined by the Payer Client (value date), of a certain amount of funds from the Special Account of the Payer Client to the Beneficiary's Account in accordance with the terms of the respective Guaranteed Payment Application for settlements under the agreements entered into between the Payer Client and the Beneficiary Client that provide payment delay. Available Guaranteed Payment Limit is an amount equal to the difference between the Guaranteed Payment Limit and the Used Guaranteed Payment Limit. Guaranteed Payment Application is an application created and signed by the Payer Client by means of the Client- Bank System, containing an instruction of the Payer Client to the Bank to make a Guaranteed Payment from a Special Account in favour of the Beneficiary Client. Application for Connection is an application to connect the Payer Clients by the Bank to the Guaranteed Payment Banking Service, executed/drawn up in the form established by the Bank, signed by the Beneficiary Client and submitted to the Bank in writing or by the Client-Bank System. Beneficiary Client is a Bank’s Client who is the beneficiary of the Guaranteed Payment when the Bank provides the Guaranteed Payment Banking Service. Payer Client-is a Bank's Client, from whose Special Account the Guaranteed Payment is transferred to the Beneficiary Client. Guaranteed Payment Limit is the maximum allowed amount of the Payer Client’s debt on the Overdraft together with the sum of all Guaranteed Payments created by the Payer Client and not yet executed by the Bank. The Guaranteed Payments Limit may vary and be equal to the Available Overdraft Limit, but in no case may exceed the Overdraft Limit determined in accordance with the Guaranteed Payment Overdraft Rules. In this case, at any time during the Term of the Banking Service, the Available Overdraft Limit may not be less than the amount of the Used Guaranteed Payment
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BANKING SERVICE «GUARANTEED PAYMENTS». Terms and definitions in this clause 5.6 of the Agreement have the following meanings: Used Guaranteed Payment Limit is the actual amount of the Payer Client’s debt on the Overdraft plus the sum of all Guaranteed Payments created by the Payer Client and not yet executed by the Bank. Guaranteed Payment is a transfer, by the Bank under the procedure of contractual debiting on a date in the future determined by the Payer Client (value date), of a certain amount of funds from the Special Account of the Payer Client to the Beneficiary's Account in accordance with the terms of the respective Guaranteed Payment Application for settlements under the agreements entered into between the Payer Client and the Beneficiary Client that provide payment delay. Guaranteed Payments Agreement – a separate agreement on guaranteed payments concluded between the Bank and the Beneficiary Client, on the basis of and in accordance with which the Bank provides the Banking Service to the Recipient Client. Available Guaranteed Payment Limit is an amount equal to the difference between the Guaranteed Payment Limit and the Used Guaranteed Payment Limit.
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Related to BANKING SERVICE «GUARANTEED PAYMENTS»

  • Guaranteed Payments To the extent any compensation paid to any Member by the Company, including any fees payable to any Member pursuant to Section 5.3 hereof, is determined by the Internal Revenue Service not to be a guaranteed payment under Code Section 707(c) or is not paid to the Member other than in the Person’s capacity as a Member within the meaning of Code Section 707(a), the Member shall be specially allocated gross income of the Company in an amount equal to the amount of that compensation, and the Member’s Capital Account shall be adjusted to reflect the payment of that compensation.

  • Payments to Finance Parties (a) Subject to paragraph (b) below, if a Finance Party (a “Recovering Finance Party”) receives or recovers any amount from an Obligor other than in accordance with Clause 33 (Payment mechanics) (a “Recovered Amount”) and applies that amount to a payment due under the Finance Documents then: (i) the Recovering Finance Party shall, within three (3) Business Days, notify details of the receipt or recovery to the Agent; (ii) the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance Party would have been paid had the receipt or recovery been received or made by the Agent and distributed in accordance with Clause 33 (Payment mechanics), without taking account of any Tax which would be imposed on the Agent in relation to the receipt, recovery or distribution; and (iii) the Recovering Finance Party shall, within three (3) Business Days of demand by the Agent, pay to the Agent an amount (the “Sharing Payment”) equal to such receipt or recovery less any amount which the Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with Clause 33.6 (Partial payments). (b) Paragraph (a) above shall not apply to any amount received or recovered by an Ancillary Lender in respect of any cash cover provided for the benefit of that Ancillary Lender.

  • Returned Payments If after receipt of any payment which is applied to the payment of all or any part of the Obligations (including a payment effected through exercise of a right of setoff), the Administrative Agent or any Lender is for any reason compelled to surrender such payment or proceeds to any Person because such payment or application of proceeds is invalidated, declared fraudulent, set aside, determined to be void or voidable as a preference, impermissible setoff, or a diversion of trust funds, or for any other reason (including pursuant to any settlement entered into by the Administrative Agent or such Lender in its discretion), then the Obligations or part thereof intended to be satisfied shall be revived and continued and this Agreement shall continue in full force as if such payment or proceeds had not been received by the Administrative Agent or such Lender. The provisions of this Section 2.21 shall be and remain effective notwithstanding any contrary action which may have been taken by the Administrative Agent or any Lender in reliance upon such payment or application of proceeds. The provisions of this Section 2.21 shall survive the termination of this Agreement.

  • Credit, Payment and Collection You will receive a single monthly bill for both your natural gas and the delivery of such natural gas from your utility distribution company. Payment is due by the date set forth on the invoice. Should you fail to pay the monthly bill or fail to meet any agreed upon payment arrangement, your service may be terminated in accordance with your local utility’s tariffs and your contract with XOOM may be automatically terminated, leading to XOOM seeking cost recovery fees as set out herein. You represent that you are financially able and willing to fulfill the terms and conditions of this Agreement and that you have not filed, are not in the process of filing or plan to begin any bankruptcy proceedings. If accepted as a customer, XOOM may report your payment experience. Bills not paid by their due date are subject to a late payment fee at the greater of the rate of 1.5%, or the maximum permitted by law, based on your total outstanding balance per month. XOOM will charge a

  • Restricted Payments; Certain Payments of Indebtedness (a) No Loan Party will, nor will it permit any Subsidiary to, declare or make, or agree to declare or make, directly or indirectly, any Restricted Payment, or enter into any transaction that has a substantially similar effect or incur any obligation (contingent or otherwise) to do so, except (i) the Borrowers may declare and pay dividends with respect to its common stock payable solely in additional shares of its common stock, and, with respect to its preferred stock, payable solely in additional shares of such preferred stock or in shares of its common stock, (ii) so long as there exists no Event of Default, the Borrowers may, to the extent required by law, repurchase fractional shares of Borrowers’ Equity Interests up to an aggregate repurchase total for all fractional shares repurchased of $500,000, (iii) the Borrowers may issue its common stock pursuant to the Borrowers’ stock option plan existing on the Effective Date, (iv) so long as there exists no Event of Default, during the period beginning on the Effective Date and continuing to and including the Maturity Date, the Borrowers may purchase shares of Borrowers’ Equity Interests up to an aggregate purchase total for all shares repurchased of $3,000,000; and (v) the Borrowers may declare and pay dividends so long as there exists no Event of Default. (b) No Loan Party will, nor will it permit any Subsidiary to, make or agree to pay or make, directly or indirectly, any payment or other distribution (whether in cash, securities or other property) of or in respect of principal of or interest on any Indebtedness, or any payment or other distribution (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any Indebtedness, except: (i) payment of Indebtedness created under the Loan Documents; (ii) payment of regularly scheduled interest and principal payments as and when due in respect of any Indebtedness permitted under Section 6.01, other than payments in respect of the Subordinated Indebtedness prohibited by the subordination provisions thereof; (iii) refinancings of Indebtedness to the extent permitted by Section 6.01; and (iv) payment of secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness.