PAYMENT AND DISCHARGE Clause Samples

PAYMENT AND DISCHARGE. 5.1 Subject to the other terms of this Agreement, Seller shall discharge the Prepayments and the Discharge Amounts by Seller delivering Crude to Buyer in accordance with the Crude Supply Contract and at the times and in the quantities of Crude as set out in the Delivery Schedule, and Buyer deducting such Discharge Amounts (as well as other sums due) from Contract Payments in accordance with this Clause 5. 5.2 For the avoidance of doubt, Seller shall not reborrow any part of the Prepayment which has been discharged in accordance with Clause 5.1 or any other term of this Agreement. 5.3 Subject to clause 5.9, on each Payment Date, provided no Default is continuing, Buyer shall pay to Seller the Contract Payment due on that Payment Date to the Credit Facility account of Seller at Raiffeisen Bank Sha specified in its invoice after deducting, in the following order: (a) any fees, costs and expenses payable by Seller which have accrued under this Agreement (including without limitation pursuant to Clause 6) and which have not been paid; (b) all Unpaid Amounts; (c) an amount accrued at the Funding Rate up to the relevant Payment Date, plus all other Funding Charges payable by Seller under Clause 6 (Funding Charge); (d) any outstanding element of the Prepayment due by the Discharge Date following the relevant Payment Date to the extent that such amounts have not previously been paid, deducted or discharged in accordance with this Clause 5; and (e) any other amount payable by Seller to Buyer under the Transaction Documents on or before that Payment Date, provided that the amount which results from the above deductions is a positive number. 5.4 If: (a) any amount referred to in Clauses 5.3 (a) – (e) fall due for payment, Buyer shall deduct such amount from Contract Payments (and such amount shall be deemed paid upon and by virtue of such deduction); and (b) any amount falls due for payment under or in connection with the Facility Agreement, Buyer is authorised to deduct such amount from any Contract Payment and pay it in accordance with the Facility Agreement. 5.5 If the amount of the Contract Payments are not, or in Buyer’s reasonable determination may not be, sufficient to discharge the Discharge Amount and/or any other sums payable by the Seller under the Transaction Documents, Seller shall in Buyer’s option: (a) deliver additional Product to Buyer in each case, on the terms set out in the Crude Supply Contract and in a volume sufficient to enable the deduction fr...

PAYMENT AND DISCHARGE. The Chargor shall pay and discharge in full all of the Obligations at the times and in the manner provided for in each Agreement.

PAYMENT AND DISCHARGE. We shall pay and discharge in full all of the Obligations at the times and in the manner provided for in the Agreements.

PAYMENT AND DISCHARGE. Owner shall pay the invoice at the time Builder releases the Vessel to Owner, and upon such payment, shall be discharged from further obligations under this Agreement, except as provided in Subsection (e).