Credit for Payment Clause Samples
Credit for Payment. 4.5.1 The Mortgagor will be given credit for payment of Secured Money only upon its actual receipt in immediately available funds.
4.5.2 If Secured Money is received by the Mortgagee on a day which is not a business day or after 12.00pm on any business day the Mortgagee may refuse to credit receipt until the next business day in which case the Mortgagor must pay interest on that Secured Money until the receipt is credited.
Credit for Payment. Payments shall be deemed made when credit for the payment amount is established in Contractor’s bank account set forth in Paragraph 5.4