Instrument for Payment of Money Sample Clauses
The 'Instrument for Payment of Money' clause defines what constitutes a valid written document that obligates one party to pay a sum of money to another. This typically includes items such as promissory notes, checks, or drafts, which serve as formal evidence of a debt or payment obligation. By clearly identifying which documents are recognized as enforceable instruments for payment, this clause ensures clarity and reduces disputes over what forms of payment are acceptable or legally binding.
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Instrument for Payment of Money. Each Guarantor hereby acknowledges that the guarantee in this Section 7 constitutes an instrument for the payment of money, and consents and agrees that any Lender or Agent, at its sole option, in the event of a dispute by such Guarantor in the payment of any moneys due hereunder, will have the right to bring a motion-action under New York CPLR Section 3213.
Instrument for Payment of Money. (a) Each US Guarantor hereby acknowledges that the guarantee in this Section 15 constitutes an instrument for the payment of money, and consents and agrees that any Lender or Administrative Agent, at its sole option, in the event of a dispute by such US Guarantor in the payment of any moneys due hereunder, shall have the right to bring a motion-action under New York CPLR Section 3213.
(b) Each Non-US Obligation Guarantor hereby acknowledges that the guarantee in this Section 15 constitutes an instrument for the payment of money, and consents and agrees that any Lender or Administrative Agent, at its sole option, in the event of a dispute by such Non-US Obligation Guarantor in the payment of any moneys due hereunder, shall have the right to bring a motion-action under New York CPLR Section 3213.