Payment and Transfer of Interest Clause Samples
The Payment and Transfer of Interest clause defines the procedures and conditions under which payments are made and interests in a contract or asset are transferred between parties. Typically, this clause outlines the timing, method, and requirements for making payments, as well as the steps necessary to legally transfer ownership or rights, such as notifying relevant parties or fulfilling certain obligations. Its core practical function is to ensure that both payment and transfer processes are clearly understood and executed, thereby reducing the risk of disputes and ensuring smooth completion of contractual obligations.
Payment and Transfer of Interest. Buyer shall pay interest on cash held as Performance Assurance, at the Interest Rate and on the Interest Payment Date. Buyer will transfer to Seller all accrued Interest Amount on the unused cash Performance Assurance in the form of cash by wire transfer to the bank account specified under “Wire Transfer” in Appendix X (Notices).
Payment and Transfer of Interest. Buyer shall pay interest on cash held as Project Development Security or Delivery Term Security, as applicable, at the Interest Rate; provided that, such interest shall be retained by Buyer until Seller posts the Delivery Term Security pursuant to Section 8.4(a)(ii). Upon Seller’s posting of the Delivery Term Security, all accrued interest on the unused portion of Project Development Security shall be transferred from Buyer to Seller in the form of cash by wire transfer to the bank account specified under “Wire Transfer” in the Cover Sheet (Notices List). After Seller posts the Delivery Term Security, Buyer shall transfer (as described in the preceding sentence) on or before each Interest Payment Date the Interest Amount due to Seller for such Delivery Term Security.
Payment and Transfer of Interest. Buyer shall pay interest on cash held as Project Development Security or Delivery Term Security, as applicable, at the Interest Rate. On or before each Interest Payment Date, Buyer shall transfer the Interest Amount due to Seller for such security in the form of cash by wire transfer to the bank account specified under “Wire Transfer” in the Cover Sheet.
Payment and Transfer of Interest. Buyer shall pay interest on cash held as Project Development Security, Delivery Term Security or Term Security, as applicable, at the Interest Rate; provided that, the interest on Project Development Security shall be retained by Buyer until Seller posts the Delivery Term Security pursuant to Section 8.4(a)(ii). Upon Seller’s posting of the Delivery Term Security, all accrued interest on the unused portion of Project Development Security shall be transferred from Buyer to Seller in the form of cash by wire transfer to the bank account specified under “Wire Transfer” in the Cover Sheet (Notices List). After Seller posts the Delivery Term Security or Term Security, Buyer shall transfer (as described in the preceding sentence) on or before each Interest Payment Date the Interest Amount due to Seller for such Delivery Term Security or Term Security.
Payment and Transfer of Interest. Buyer shall pay interest on cash held as [Project Development Security], Interim Period Security or Delivery Term Security, as applicable, at the Interest Rate and on the Interest Payment Date. All accrued interest on the unused [Project Development Security], Interim Period Security or Delivery Term Security, if applicable, shall be transferred to Seller in the form of cash by wire transfer to the bank account specified under “Wire Transfer” in Appendix X, (“Notices List”).
Payment and Transfer of Interest. CPE shall pay interest on cash held as Performance Assurance, at the Interest Rate and on the Interest Payment Date. CPE will transfer to Provider all accrued Interest Amount on the unused cash Performance Assurance in the form of cash by wire transfer to the bank account specified under “Wire Transfer” in Appendix C (Notices). Eleven.5Letter of Credit . Performance Assurance provided in the form of a Letter of Credit (see Appendix D) is subject to the following provisions:
(a) If Provider has provided a Letter of Credit pursuant to any of the applicable provisions in this Article Eleven, then Provider shall renew or cause the renewal of each outstanding Letter of Credit on a timely basis in accordance with this Agreement.
(b) In the event the issuer of such Letter of Credit at any time (i) fails to maintain the requirements of an Eligible LC Bank, (ii) indicates its intent not to renew such Letter of Credit, or (iii) fails to honor CPE’s properly documented request to draw on such Letter of Credit, Provider shall cure such occurrence by complying with either subsection 11.5(b)(A) or 11.5(b)(B) below, in an amount equal to the outstanding Letter of Credit, within five (5) Business Days after the date of CPE’s Notice to Provider of an occurrence listed in this subsection (Provider’s compliance with either subsections (A) or (B) below is considered the “Cure”):
(A) providing a substitute Letter of Credit that is issued by an Eligible LC Bank, other than the bank which is the subject of CPE’s Notice to Provider in Section 11.5(b) above, or
(B) posting cash. If Provider fails to Cure or if such Letter of Credit expires or terminates without a full draw thereon by CPE, or fails or ceases to be in full force and effect at any time that such Letter of Credit is required pursuant to the terms of this Agreement, then Provider shall have failed to meet the creditworthiness or collateral requirements of Article Eleven.
Payment and Transfer of Interest. Buyer shall pay interest on cash held as [Project Development Security][Pre-Delivery Term Security] or Delivery Term Security, as applicable, at the Interest Rate; provided that, such interest shall be retained by Buyer until Seller posts the Delivery Term Security pursuant to Section 8.4(a)(iii). Upon Seller’s posting of the Delivery Term Security, all accrued interest on the [Project Development Security][Pre-Delivery Term Security] shall be transferred to Seller in the form of cash by wire transfer to the bank account specified under “Wire Transfer” in Appendix XI, Notices List. After Seller posts the Delivery Term Security, Buyer shall transfer (as described in the preceding sentence) on or before each Interest Payment Date the Interest Amount due to Seller for such Delivery Term Security.
Payment and Transfer of Interest. Buyer shall pay interest on cash held as [Project Development Security] or Delivery Term Security, as applicable, at the Interest Rate; provided that, such interest shall be retained by Buyer until Seller posts the Delivery Term Security pursuant to Section 8.4(a)(iii). Upon Seller’s posting of the Delivery Term Security, all accrued interest on the [Project Development Security] shall be transferred to Seller in the form of cash by wire transfer to the bank account specified under “Wire Transfer” in Appendix XI, (Notices List). After Seller posts the Delivery Term Security, Buyer shall transfer (as described in the preceding sentence) on or before each Interest Payment Date the Interest Amount due to Seller for such Delivery Term Security. [Short Term Offers from Short Term Existing: Seller to replace Project Development Security with Pre-Delivery Term Security]
Payment and Transfer of Interest. Buyer shall pay interest on cash held as Project Development Security or Delivery Term Security, as applicable, at the Interest Rate; provided that, such interest shall be retained by Buyer until Seller posts the Delivery Term Security. Upon Seller’s posting of the Delivery Term Security, all accrued interest on the Project Development Security shall be transferred to Seller in the form of cash by wire transfer to the bank account specified by Seller. After Seller posts the Delivery Term Security, Buyer shall transfer (as described in the preceding sentence) on or before each Interest Payment Date the Interest Amount due to Seller for such Delivery Term Security.
Payment and Transfer of Interest. Buyer shall pay interest on cash held as Project Development Security, Post Effective Date Project Development Security, Initial Energy Delivery Security or Delivery Term Security, as applicable, at the Interest Rate; provided that, (i) the Interest Amount in respect of the Project Development Security, Post Effective Date Project Development Security and the Initial Energy Delivery Security shall be retained by Buyer until the date that Buyer is required to return such security under Section 8.4(b) or Section 8.4(d), as applicable, (ii) the Interest Amount in respect of the Delivery Term Security shall be transferred on or before each Interest Payment Date during the Project Delivery Term and on the date that Buyer is required to return the Delivery Term Security under Section 8.4(f), and (iii) Buyer’s obligation to pay interest hereunder shall be limited to amounts of such Performance Assurance that have not been drawn down for Daily Delay Damages pursuant to Section 3.9(c). All such Interest Amounts shall be transferred to Seller in the form of cash by wire transfer to the bank account specified under “Wire Transfer” in Appendix IX, Notices List.