Common use of Method of Payment, Etc Clause in Contracts

Method of Payment, Etc. (a) All payments to be made by the City under this Agreement shall be made to the Bank at the Payment Office not later than 3:00 p.m. on the date when due and shall be made in lawful money of the United States of America and in immediately available funds. (b) All payments under this Agreement shall be made in immediately available and freely transferable funds at the place of payment without counterclaim, setoff, condition or qualification and free and clear of and without deduction or withholding for or by reason of any present or future taxes, levies, imposts, deductions or charges of any nature whatsoever. In the event that the City is compelled by Law to make any such deduction or withholding, the City shall nevertheless pay to the Bank such amounts as will result in the receipt by the Bank of the sum it would have received had no such deduction or withholding been required to be made.

Method of Payment, Etc. (a) All payments to be made by the City under this Agreement shall be made to the Bank at the Payment Office not later than 3:00 p.m. on the date when due and shall be made in lawful money of the United States of America and in immediately available funds. (b) All payments under this Agreement shall be made in immediately available and freely transferable funds at the place of payment without counterclaim, setoff, condition or qualification and free and clear of and without deduction or withholding for or by reason of any present or future taxes, levies, imposts, deductions or charges of any nature whatsoever. In the event that the City is compelled by Law law to make any such deduction or withholding, the City shall nevertheless pay to the Bank such amounts as will result in the receipt by the Bank of the sum it would have received had no such deduction or withholding been required to be made.