CREDITS AND PAYMENTS Clause Samples
The "Credits and Payments" clause defines the terms and procedures for how payments are made and credits are applied between parties under the agreement. It typically outlines when payments are due, acceptable methods of payment, and how any credits—such as refunds, adjustments, or offsets—are calculated and applied to outstanding balances. For example, it may specify that payments must be made within 30 days of invoice receipt and that any overpayments will be credited toward future invoices. The core function of this clause is to ensure both parties have a clear understanding of their financial obligations, reducing the risk of disputes over payment timing or the application of credits.
CREDITS AND PAYMENTS. Subject to the terms and conditions of the Lay-Off Credit Plan attached hereto as Supplement ‘A’:
CREDITS AND PAYMENTS. To compensate MGIC for the difference between the amount paid by MGIC with respect to the Recently Paid Loans that are Class 2 GSE Loans and the Settlement Percentage for such loans, beginning ten (10) business days after the Schedules have been finalized pursuant to Section 3(b), Bank of America shall provide credits and payments to MGIC for the Reimbursement Amount (and MGIC shall take action), until the Reimbursement Amount is satisfied, in the following order, as necessary:
CREDITS AND PAYMENTS. In consideration of the termination of the Supply Agreement and the release provided herein and the other agreements of Alcatel under this Agreement, Avici shall (i) within five business days after the Execution Date pay to Alcatel by wire transfer in accordance with the wire instructions specified on Exhibit A the First Payment Amount specified on Exhibit A (the date on which such payment is credited to Alcatel’s bank shall be referred to as the “Payment Date”, it being agreed that Avici shall initiate such wire transfer within five business days of the Execution Date but cannot guarantee that such wire will be credited to Alcatel’s bank within such five business days), and (ii) on the Effective Date reverse and write-off all accounts receivable owed by Alcatel to Avici as of the Effective Date. If (and only if) Alcatel causes the Required Items (as defined below) to be returned to and received by Avici on or before the thirtieth (30th) day after the End Date (as defined below) in accordance with Sections 3 and 4 and Exhibit B of this Agreement, Avici shall pay to Alcatel by wire transfer in accordance with the wire instructions specified on Exhibit A an additional amount equal to the Second Payment Amount specified on Exhibit A within fifteen business days after Avici receives the Required Items (the date on which the Second Payment Amount is credited to Alcatel’s bank shall be the “Final Payment Date”). The “Required Items” means the Delivered Equipment (excluding any ancillary components of the Delivered Equipment that cannot be returned in accordance with Exhibit B provided that the aggregate original invoice price of such components not returned in accordance with Exhibit B does not exceed 5% of the total original invoice price of the Delivered Equipment), the Returned Licensed Materials (except to the extent any Returned Licensed Materials are permitted by Section 4(a) to be destroyed and are actually destroyed) and the Licensed Materials Certification (each as defined below).
CREDITS AND PAYMENTS. 12.1 Class Members will be entitled to only their per claim point distribution, described above in Section 3.2, subject to verification by the Settlement Administrator.
12.2 Payments will be made to Class Members either via Active Account credit or via physical check mailed to the last known address, as outlined in Section 3.2 of this Agreement.
12.3 The Settlement Administrator shall mail distribution checks to be drawn on the Net Settlement Fund to Class Members without Active Accounts no later than sixty (60) days after the Effective Date; provided, however, that in no event will such payments be made until the Settlement Common Fund is fully funded by Defendant, pursuant to Section 3.1.1 above, and the appropriate per claim point distribution amount is determined.
12.4 Other than any Service Award, the payments or credits set forth above shall be the only payments or credits to which any Class Member will be entitled pursuant to this Settlement Agreement.