Recovery at payment of the balance Sample Clauses

The "Recovery at payment of the balance" clause establishes that a party is entitled to recover certain rights, property, or interests once the remaining balance owed under an agreement has been paid in full. In practice, this means that if a debtor or purchaser completes all outstanding payments, any collateral held as security or any withheld rights are returned or restored to them. This clause ensures that once financial obligations are satisfied, the party regains full ownership or control, thereby providing a clear incentive for timely payment and resolving the issue of lingering encumbrances after debts are settled.
Recovery at payment of the balance. If the payment of the balance takes the form of a recovery (see Article 21.4), the Agency will formally notify a ‘pre-information letter’ to the beneficiary: - informing it of its intention to recover, the amount due as the balance and the reasons why; - specifying that it intends to deduct the amount to be recovered from the amount retained for the Guarantee Fund; and - inviting it to submit observations within 30 days of receiving notification. If no observations are submitted or the Agency decides to pursue recovery despite the observations it has received, it will confirm recovery (together with the notification of amounts due; see Article 21.5) and: - pay the difference between the amount to be recovered and the amount retained for the Guarantee Fund, if the difference is positive or - formally notify to the beneficiary a debit note for the difference between the amount to be recovered and the amount retained for the Guarantee Fund, if the difference is negative. This note will also specify the terms and the date for payment. If payment is not made by the date specified in the debit note, the Agency will recover the amount: (a) by offsetting it — without the beneficiary’s consent — against any amounts owed to the beneficiary by the Agency, the Commission or another executive agency (from the EU or Euratom budget). In exceptional circumstances, to safeguard the EU’s financial interests, the Agency may offset before the payment date specified in the debit note;
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Recovery at payment of the balance. If the payment of the balance takes the form of a recovery (see Article 17.4), the Agency will formally notify a ‘pre-information letter’ to the coordinator: - informing it of its intention to recover, the amount due as the balance and the reasons why and - inviting the coordinator to submit observations within 30 days of receiving notification. If no observations are submitted or the Agency decides to pursue recovery despite the observations it has received, it will confirm the amount to be recovered and formally notify to the coordinator a debit note with the terms and the date for payment (together with the notification of amounts due; see Article 17.5). If payment is not made by the date specified in the debit note, the Agency or the Commission will (a) by ‘offsetting’ it — without the coordinator’s consent — against any amounts owed to the coordinator by the Agency, Commission or another executive agency (from the EU or Euratom budget). In exceptional circumstances, to safeguard the EU’s financial interests, the Agency may offset before the payment date specified in the debit note; (b) not applicable; (c) by holding the other partners jointly and severally liable — up to the maximum EU contribution indicated, for each partner, in the estimated budget (as last amended; see Annex 2); (d) by taking legal action (see Article 55 FPA) or by adopting an enforceable decision under Article 79(2) of the Financial Regulation No 966/2012 and Article 299 of the Treaty on the Functioning of the EU (TFEU). If payment is not made by the date in the debit note, the amount to be recovered (see above) will be increased by late-payment interest at the rate set out in Article 17.11, from the day following the payment date in the debit note, up to and including the date the Agency or the Commission receives full payment of the amount. Partial payments will be first credited against expenses, charges and late-payment interest and then against the principal. Bank charges incurred in the recovery process will be borne by the partner, unless Directive 2007/64/EC applies.
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Recovery at payment of the balance. If the payment of the balance takes the form of a recovery (see Article 21.4), the [Commission][Agency] Agency will formally notify a ‘pre-information letter’ to the beneficiary: informing it of its intention to recover, the amount due as the balance and the reasons why; specifying that it intends to deduct the amount to be recovered from the amount retained for the Guarantee Fund; and inviting it to submit observations within 30 days of receiving notification. If no observations are submitted or the [Commission][Agency] Agency decides to pursue recovery despite the observations it has received, it will confirm recovery (together with the notification of amounts due; see Article 21.5) and: pay the difference between the amount to be recovered and the amount retained for the Guarantee Fund, if the difference is positive or formally notify to the beneficiary a debit note for the difference between the amount to be recovered and the amount retained for the Guarantee Fund, if the difference is negative. This note will also specify the terms and the date for payment. If payment is not made by the date specified in the debit note, the [Commission][Agency] Agency will recover the amount: by offsetting it — without the beneficiary’s consent — against any amounts owed to the beneficiary by the Agency, the Commission or another executive agency (from the EU or Euratom budget). In exceptional circumstances, to safeguard the EU’s financial interests, the [Commission][Agency] Agency may offset before the payment date specified in the debit note; by drawing on the Guarantee Fund. The Agency or the [Commission][Agency] will formally notify the beneficiary the debit note on behalf of the Guarantee Fund and recover the amount: [OPTION if Article 14 applies and joint and several liability has been requested by the [Commission][Agency]: if a linked third party has accepted joint and several liability (see Article 14), by holding the third party liable up to the maximum EU contribution indicated, for the linked third party, in the estimated budget (see Annex 2) and/or][OPTION: not applicable;] by taking legal action (see Article 57) or by adopting an enforceable decision under Article 299 of the Treaty on the Functioning of the EU (TFEU) [and Article 106a of the Euratom Treaty] (see Article 57) and Article 79(2) of the Financial Regulation No 966/2012. If payment is not made by the date in the debit note, the amount to be recovered (see above) will be increased by late-paymen...
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Related to Recovery at payment of the balance

  • Payment of the balance Within sixty days of completion of the tasks referred to in each order or specific contract, the Contractor shall submit to the Agency a formal request for payment accompanied by those of the following documents, which are provided for in the Special Conditions: ➢ a final technical report in accordance with the instructions laid down in Annex I; ➢ the relevant invoices indicating the reference number of the Contract and of the order or specific contract to which they refer;

  • Salary Overpayment Recovery A. When the Employer has determined that an employee has been overpaid wages, the Employer will provide written notice to the employee that will include the following items: 1. The amount of the overpayment; 2. The basis for the claim; and 3. The rights of the employee under the terms of this Agreement.

  • Payment of the Purchase Price The Purchase Price shall be paid as follows: (a) A deposit of TWO HUNDRED THOUSAND DOLLARS ($200,000.00) (the “Deposit”) shall be paid by Purchaser to Commonwealth Land Title Insurance Company, ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, Attention: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, as escrow agent (the “Escrow Agent”), within five (5) business days after the Effective Date (as defined herein), which at Purchaser’s option may be by certified or bank cashier’s check or by wire transfer. For purposes of this Agreement, “Effective Date” shall mean the date on which Purchaser and all of the Whitehall Sellers and GMH Sellers have executed this Agreement. The Deposit shall remain applicable to the Purchase Price and shall become non-refundable to Purchaser except as may otherwise be provided in accordance with the terms and provisions hereof. The Deposit shall be held in escrow until the Closing (defined below), at which time the Deposit shall be allocated amongst the Whitehall Sellers and GMH Sellers in accordance with their Percentage Interests, as a credit against the Purchase Price, or may be sooner released in accordance with the terms hereof. Escrow Agent shall be authorized, at Purchaser’s option, to invest the Deposit in an interest-bearing account in the name of Escrow Agent in such commercial bank as it deems appropriate. All interest or other earnings on the Deposit shall become a part of the Deposit and be disbursed to the party entitled to the Deposit pursuant to the terms and provisions hereof, and (b) The balance of the Purchase Price shall be paid by Purchaser to the Whitehall Sellers, in cash, and GMH Sellers, in cash and/or operating units, in accordance with their Percentage Interests by wire transfer funds, or issuance of operating units, at Closing, to such account or accounts as directed by the Whitehall Sellers and GMH Sellers, as applicable, in writing.

  • Payment Over (a) So long as the Discharge of First Lien Obligations has not occurred, any payment or distribution or any Collateral, or any proceeds thereof (together with assets or proceeds subject to Liens referred to in the final sentence of Section 2.03), received by each of the Second Lien Collateral Agent or any other Second Lien Secured Party, or Third Lien Collateral Agent or any other Third Lien Secured Party in connection with any Disposition of, or collection on, such Collateral upon the enforcement or the exercise of any right or remedy (including any right of setoff) with respect to the Collateral, or in connection with any insurance policy claim or any condemnation award (or deed in lieu of condemnation), or otherwise in contravention of this Agreement shall be segregated and held in trust and forthwith transferred or paid over to the First Lien Collateral Agent for the benefit of the First Lien Secured Parties in the same form as received, together with any necessary endorsements, or as a court of competent jurisdiction may otherwise direct. Until the Discharge of First Lien Obligations occurs, each of the Second Lien Note Holders and the Third Lien Collateral Note Holders hereby appoints the First Lien Collateral Agent, and any officer or agent of the First Lien Collateral Agent, with full power of substitution, the attorney-in-fact of each Second Lien Note Holder and Third Lien Note Holder, respectively, for the purpose of carrying out the provisions of this Section 4.02 and taking any action and executing any instrument that the First Lien Collateral Agent may deem necessary or advisable to accomplish the purposes of this Section 4.02, which appointment is irrevocable and coupled with an interest. (b) After the Discharge of First Lien Obligations has occurred and so long as the Discharge of Second Lien Obligations has not occurred, any payment or distribution or any Collateral, or any proceeds thereof (together with assets or proceeds subject to Liens referred to in the final sentence of Section 2.03), received by the Third Lien Collateral Agent or any other Third Lien Secured Party in connection with any Disposition of, or collection on, such Collateral upon the enforcement or the exercise of any right or remedy (including any right of setoff) with respect to the Collateral, or in connection with any insurance policy claim or any condemnation award (or deed in lieu of condemnation), or otherwise in contravention of this Agreement shall be segregated and held in trust and forthwith transferred or paid over to the Second Lien Collateral Agent for the benefit of the Second Lien Secured Parties in the same form as received, together with any necessary endorsements, or as a court of competent jurisdiction may otherwise direct. After the Discharge of First Lien Obligations has occurred and until the Discharge of Second Lien Obligations occurs, the Third Lien Note Holders hereby appoints the Second Lien Collateral Agent, and any officer or agent of the Second Lien Collateral Agent, with full power of substitution, the attorney-in-fact of each Third Lien Note Holder for the purpose of carrying out the provisions of this Section 4.02 and taking any action and executing any instrument that the Second Lien Collateral Agent may deem necessary or advisable to accomplish the purposes of this Section 4.02, which appointment is irrevocable and coupled with an interest.

  • Treatment of Installment Payments Each payment of termination benefits under this Agreement shall be considered a separate payment, as described in Treas. Reg. Section 1.409A‑2(b)(2), for purposes of Section 409A of the Code.