Payment Convention Clause Samples

A Payment Convention clause defines the rules and methods by which payments are calculated and made under a contract. It typically specifies the timing of payments, such as whether payments are due on business days or calendar days, and how to handle payments that fall on weekends or holidays. For example, the clause may state that if a payment date falls on a non-business day, the payment will be made on the next business day. The core practical function of this clause is to ensure consistency and clarity in payment schedules, thereby preventing disputes or confusion over when payments are due.
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Payment Convention. Unless otherwise expressly provided for in this Agreement (a) if any payment due date under this Agreement falls on a Saturday or non-Monday weekday that is not a Business Day, such payment shall be made on the immediately preceding Business Day and (b) if the payment due date falls on a Sunday or Monday which is not a Business Day, such payment shall be made on the immediately following Business Day.
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Payment Convention. (a) If an Interest Payment Date is not a Business Day, it shall be deemed to be: (i) in respect of a Fixed Rate Loan with a sole Repayment Date, the preceding Business Day with adjustment but only to the amount of interest that accrued over the last interest period; (ii) in respect of a Fixed Rate Loan with more than one Repayment Date, the following Business Day, without adjustment to the interest due; or (iii) in respect of a Floating Rate Loan, the following Business Day in that month, or, failing that, the nearest preceding Business Day, in all cases with corresponding adjustment to the interest due. (b) If the date on which any payment other than principal or interest is due to be paid is not a Business Day, such payment shall be made on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not), in all cases with a corresponding adjustment to the amount of such payment.
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Payment Convention. Any payment due on a non-Business Day shall instead be due on the first preceding Business Day, except that payments due on a Sunday or a Monday that is not a Business Day shall be due on the first following Business Day.
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Payment Convention. Interest on the Notes shall be computed on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid on the Notes (or from October 2, 2019, if no interest has been paid on the Notes), to but excluding the next scheduled interest payment date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Market Association.
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Payment Convention 
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Related to Payment Convention

  • Day count convention Any interest, commission or fee accruing under a Finance Document will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of 360 days or, in any case where the practice in the Relevant Interbank Market differs, in accordance with that market practice.

  • Convention Except as otherwise provided in this Conveyance, each calendar day, month, quarter and year shall be deemed to begin at 12:01 a.m. Central Time on the stated day or on the first day of the stated month, quarter or year, and to end at 12:00 a.m. Central Time on the next day or on first day of the next month, quarter or year, respectively.

  • Union Conventions Leave of Absence without pay and without loss of seniority shall be granted upon request to the Employer, to employees elected or appointed to represent the Union at Union Conventions or seminars. The total of such time off for all causes and for all employees in this unit combined shall not exceed fifteen (15) working days in any calendar year.

  • Conventions For purposes of this Article XIII, Party A means the Carrier from which a telephone number is Ported, and Party B means the carrier to which a telephone number is ported.

  • File Naming Conventions Files will be named according to the following convention: {gTLD}_{YYYY-MM-DD}_{type}_S{#}_R{rev}.{ext} where: {gTLD} is replaced with the gTLD name; in case of an IDN-TLD, the ASCII-compatible form (A-Label) must be used; {YYYY-MM-DD} is replaced by the date corresponding to the time used as a timeline watermark for the transactions; i.e. for the Full Deposit corresponding to 2009-08-02T00:00Z, the string to be used would be “2009-08-02”; {type} is replaced by: “full”, if the data represents a Full Deposit; “diff”, if the data represents a Differential Deposit; “thin”, if the data represents a Bulk Registration Data Access file, as specified in Section 3 of Specification 4; {#} is replaced by the position of the file in a series of files, beginning with “1”; in case of a lone file, this must be replaced by “1”. {rev} is replaced by the number of revision (or resend) of the file beginning with “0”: {ext} is replaced by “sig” if it is a digital signature file of the quasi-homonymous file. Otherwise it is replaced by “ryde”.