PAYMENT CONDITIONS AND PERFORMANCE OF OBLIGATIONS Sample Clauses

PAYMENT CONDITIONS AND PERFORMANCE OF OBLIGATIONS. 5.1. For the purpose of the present General Terms the Customer has opened and has designated to the Bank one or more current accounts that will be utilized for the FX Transactions. The aforementioned is not typically a prerequisite for the performance of cash transactions. 5.2. The Customer undertakes the responsibility to ensure that when requesting a firm quotation and thus confirming the transaction execution, the aforementioned accounts, upon which charges/debits/credits will be made for the execution of the agreed transactions, have adequate funds that are free from any right, contribution, assignment, counterbalance, claim or any kind of limitation. 5.3. Exceptionally, for transactions with Value Date Tomorrow (FX Tomorrow) and Spot (FX Spot), and only after the Banks written approval, the Bank may agree to provide to specific Customers the right and responsibility to ensure, instead, that at the Maturity Date of each transaction, the aforementioned accounts 5.4. The Customer hereby grants the Bank the irrevocable power and authority to operate the above- mentioned accounts, withdraw from or deposit to them any amount required in connection with any specific transaction, as well as to proceed to the required debits and credits. 5.5. In case of the non fulfillment of a material obligation under the present General Terms or a particular Order, such as but not limited to the existence of sufficient funds at the Transaction Date or at the Maturity Date respectively as stipulated in the paragraphs above in the accounts specified in the Foreign Exchange Application Form, the Bank considers the Customer Orders withdrawn and the concluded transactions annulled. In this case the Bank is entitled to terminate any outstanding transactions covered from the present General Terms and automatically perform transactions in the opposite direction of the original one, at the currently applicable official foreign exchange rates of the Bank after adjusting for any fees or commissions. Any damage that may result for the Bank burdens the Customer. The damage is due from the Maturity Date of the transaction. 5.6. For covering any damage stipulated in the paragraph 5.5. the Customer gives his consent to the Bank acting also as a Calculation Agent to collect via direct debit from his accounts opened with the Bank the amount of the exchange rate differential generated from the reversal of the FX Transactions. In case of non sufficient funds in the accounts of the Customer, a ...
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PAYMENT CONDITIONS AND PERFORMANCE OF OBLIGATIONS. 5.1. For the purpose of the present General Terms the Customer has opened and has designated to the Bank one or more current accounts that will be utilized for the FX Transactions. The aforementioned is not typically a prerequisite for the performance of cash transactions. 5.2. The Customer undertakes the responsibility to ensure that when requesting a firm quotation and thus confirming the transaction execution, the aforementioned accounts, upon which charges/debits/credits will be made for the execution of the agreed transactions, have adequate funds that are free from any right, contribution, assignment, counterbalance, claim or any kind of limitation.‌ 5.3. Exceptionally, for transactions with Value Date Tomorrow (FX Tomorrow) and Spot (FX Spot), and only after the Banks written approval, the Bank may agree to provide to specific Customers the right and responsibility to ensure, instead, that at the Maturity Date of each transaction, the aforementioned accounts have adequate funds that are free from any right, contribution, assignment, counterbalance, claim or any kind of limitation. 5.4. The Customer hereby grants the Bank the irrevocable power and authority to operate the above- mentioned accounts, withdraw from or deposit to them any amount required in connection with any specific transaction, as well as to proceed to the required debits and credits. 5.5. In case of the non fulfillment of a material obligation under the present General Terms or a particular Order, such as but not limited to the existence of sufficient funds at the Transaction Date or at the Maturity Date respectively as stipulated in the paragraphs above in the accounts specified in the Foreign Exchange Application Form, the Bank considers 5.6. For covering any damage stipulated in the paragraph 5.5. the Customer gives his consent to the Bank acting also as a Calculation Agent to collect via direct debit from his accounts opened with the Bank the amount of the exchange rate differential generated from the reversal of the FX Transactions. In case of non sufficient funds in the accounts of the Customer, a default interest, as legally acceptable from time to time and defined by OG 13/2011,
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Related to PAYMENT CONDITIONS AND PERFORMANCE OF OBLIGATIONS

  • Payment and Performance of Obligations Pay and perform all material Obligations under this Agreement and the other Loan Documents, and pay or perform (a) all taxes, assessments and other governmental charges that may be levied or assessed upon it or any of its property, and (b) all other indebtedness, obligations and liabilities in accordance with customary trade practices; except to the extent that IPT or the Borrower is contesting any item described in clauses (a) or (b) of this Section 7.5 in good faith and is maintaining adequate reserves with respect thereto in accordance with GAAP.

  • Payment and Performance Bond Prior to the execution of this Contract, City may require Contractor to post a payment and performance bond (Bond). The Bond shall guarantee Contractor’s faithful performance of this Contract and assure payment to contractors, subcontractors, and to persons furnishing goods and/or services under this Contract.

  • Payment and Performance Bonds A payment bond and performance is required for a public works contract involving expenditure in excess of twenty-five thousand dollars ($25,000) and no work can be commenced prior to both bonds being approved the County. The Contractor shall furnish, at time of signing the Contract, one surety bond which shall protect the laborers and material men and shall be for $60,000, in accordance with Section 9554 of the Civil Code, and one surety bond in the amount of $60,000, guaranteeing the faithful performance of the Contract. If at any time the value of the total task orders is expected to exceed $60,000, the Contractor shall furnish, in a manner acceptable to the County, evidence that the Contractor is bonded to the expected total value of outstanding task orders for both the faithful performance and laborers and material men bonds. Contractor shall not be entitled to, nor shall County authorize, task orders when the total outstanding value of the task orders under this contract exceeds the bond values for which the County is an obligee. Said bonds to be approved by the office of the County Counsel and the County Executive Office of Orange County. Such bonds shall be the forms provided in these specifications and issued and executed by an admitted surety insurer (authorized to transact surety insurance in California). (e.g., if the bonds are issued through a surplus line broker, both the surplus line broker and the insurer with whom he is doing business for purposes of this project must be licensed in California to issue such bonds.) The faithful performance bond shall be issued by a Surety company with a minimum insurance rating of A- (Secure Best’s Rating) and VIII (Financial Size Category) as determined by the most current edition of the Best’s Key Rating Guide/Property-Casualty/United States or xxxxxx.xxx. The Surety Company must also be authorized to write in California by the Department of the Treasury, and must be listed on the most current edition of the Department of Treasury’s Listing of Approved Securities. If any surety upon any bond furnished in connection with this Contract becomes unacceptable to the County, or if any such surety fails to furnish reports as to his financial condition from time to time as requested by OC Public Works, the Contractor shall promptly furnish such additional security as may be required by OC Public Works or the Board of Supervisors from time to time to protect the interests of the County and of persons supplying labor or materials in the prosecution of the Work contemplated by this Contract. If the County increases the total Contract amount the Contractor is to provide a new bond for the new total Contract amount or a bond for the difference.

  • Payment and Performance Borrower will pay all amounts due under the Loan Documents in accordance with the terms thereof and will observe, perform and comply with every covenant, term and condition expressed or implied in the Loan Documents. Borrower will cause each other Restricted Person to observe, perform and comply with every such term, covenant and condition.

  • Guaranty of Payment and Performance Guarantor’s obligations under this Guaranty constitute an unconditional guaranty of payment and performance and not merely a guaranty of collection.

  • Accuracy of Representations and Performance of Covenants The representations and warranties made by the Company in this Agreement were true when made and shall be true as of the Closing Date (except for changes therein permitted by this Agreement) with the same force and effect as if such representations and warranties were made at and as of the Closing Date. Additionally, the Company shall have performed and complied with all covenants and conditions required by this Agreement to be performed or complied with by the Company.

  • Conditions of Obligations Your obligations hereunder shall be subject to the accuracy of the representations and warranties on the part of the Company contained in Section 1 hereof, the accuracy of the statements of the Company made pursuant to the provisions hereof, to the performance by the Company of its covenants, agreements and obligations contained in Sections 3 and 5 hereof, and to the following additional conditions:

  • Excuse from performance of obligations If the Affected Party is rendered wholly or partially unable to perform its obligations under this Agreement because of a Force Majeure Event, it shall be excused from performance of such of its obligations to the extent it is unable to perform on account of such Force Majeure Event; provided that: (a) the suspension of performance shall be of no greater scope and of no longer duration than is reasonably required by the Force Majeure Event; (b) the Affected Party shall make all reasonable efforts to mitigate or limit damage to the other Party arising out of or as a result of the existence or occurrence of such Force Majeure Event and to cure the same with due diligence; and (c) when the Affected Party is able to resume performance of its obligations under this Agreement, it shall give to the other Party notice to that effect and shall promptly resume performance of its obligations hereunder.

  • Performance of Obligations The Company shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing.

  • Performance of Obligations of Seller Seller shall have performed or complied in all material respects with all obligations and covenants required by this Agreement to be performed or complied with by Seller by the time of the Closing.

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