Common use of Appropriation of payment Clause in Contracts

Appropriation of payment. (a) Payment of the principal amount of each of the Debentures and interest and other monies payable thereon shall be made to the respective Debenture Holder and in case of joint Debenture Holders, to the one whose name stands first in the Register of Debenture Holder(s)/list of Beneficial Owner(s) as the case may be. Such payments shall be made by, real time gross settlement, cheque or warrant drawn by the Company on its bankers.

Appropriation of payment. (a) Payment of the principal amount of each of the Debentures and interest and other monies payable thereon shall be made to the respective Debenture Holder and in case of joint Debenture Holders, to the one whose name stands first in the Register of Debenture Holder(s)/list of Beneficial Owner(s) as the case may be. Such payments shall be made by, by real time gross settlement, cheque settlement (RTGS) or warrant drawn national electronic funds transfer (NEFT) to the account of the Debenture Holders. Payments shall not be made by the Company on its bankerscash or cheques.