Payment Deferment and Extensions of Payment Term Sample Clauses

Payment Deferment and Extensions of Payment Term. After you leave the program, certain circumstances, such as going back to school or earning below an Earned Income threshold, qualify you for a deferment. If you provide Documentation for Deferment (as defined in Section 6(c)(ii)), we will place your account in an inactive/deferment status and you will not be required to make Monthly Payments. Depending on the qualifying circumstance, we may extend your Payment Term by one month for each month of deferment, up to an additional sixty (60) months, as described in the table below. If you meet two or more qualifying circumstances, and at least one provides for a Payment Term extension and at least one does not, you agree that a Payment Term extension shall apply.
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Payment Deferment and Extensions of Payment Term. After you leave the program, certain circumstances, such as going back to school or earning below an Earned Income threshold, qualify you for a deferment. If you provide Documentation for Deferment (as defined in Section 6(c)(ii)), we will place your account in an inactive/deferment status and you will not make Monthly Payments. Depending on the qualifying circumstance, we may extend your Payment Term by one month for each month of deferment, up to an additional 48 months, as described in the table below. Qualifying Circumstance Monthly Payment Is Payment Term Extended? Employed full-time (working 35 hours or more per week on average at one or more jobs, including self- employment) and earning less than $ 5,000.00 monthly (equivalent to an annual Earned Income of $ 60,000) $0 Yes Employed part-time (working less than 35 hours per week on average at one or more jobs, including self- employment) and earning less than $ 5,000.00 monthly (equivalent to an annual Earned Income of $ 60,000) $0 Yes Unemployed (not working but actively seeking employment) $0 Yes Not in the labor force (not working and not actively seeking employment; for instance, taking time off due to illness or to care for a child, relative or spouse) $0 Yes If your account is in an inactive/deferment status, you must notify us as soon as you know that you will no longer qualify for deferment under any of the circumstances described above, and you must send us updated Informal Earned Income Documentation as soon as it is available to you. For example, if you accept a three-month consulting agreement that will pay you $15,300, an amount which is in excess of $ 5,000.00 per month, Informal Earned Income Documentation is available to you once you receive an e-mail confirming your engagement and the terms of the consulting agreement. If annual reconciliation or other verifiable documentation demonstrates that, while your account was in deferment, (a) you worked and had an average monthly earned income of $ 5,000.00 or more for the months in which you worked and (b) you made payments based on that income, we will retroactively count those months in which you worked toward your Payment Term obligation. For example, if your account was in deferment for an entire calendar year but you were paid $15,000 at the end of the year for contract work performed over the last three (3) months of the year, your average monthly income over those three (3) months would be $5,000, which exceeds the $ 5,000.00 thresh...
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Related to Payment Deferment and Extensions of Payment Term

  • Exceptions and Extension of Payment Due Date NYSERDA has determined that, notwithstanding the provisions of Sections 504.3 and 504.4 of this Exhibit, any of the following facts or circumstances, which may occur concurrently or consecutively, reasonably justify extension of the Payment Due Date:

  • Netting of Payments Subparagraph (ii) of Section 2(c) of this Agreement will apply to Transactions entered into under this Agreement unless otherwise specified in a Confirmation.

  • Payment of Annual Leave on Termination On the termination of their employment, an employee will be paid their untaken or pro-rata annual leave.

  • Conditions of Payment All services provided by the Contractor under Work Authorizations must be performed to the State’s satisfaction, as determined at the sole discretion of the State’s Authorized Representative and in accordance with all applicable federal, state, and local laws, ordinances, rules, and regulations including business registration requirements of the Office of the Secretary of State. The Contractor will not receive payment for work found by the State to be unsatisfactory or performed in violation of federal, state, or local law.

  • C4 Price adjustment on extension of the Initial Contract Period C4.1 The Contract Price shall apply for the Initial Contract Period. In the event that the Client agrees to extend the Initial Contract Period pursuant to clause F8 (Extension of Initial Contract Period) the Client shall, in the 6 month period prior to the expiry of the Initial Contract Period, enter into good faith negotiations with the Contractor (for a period of not more than 30 Working Days) to agree a variation in the Contract Price.

  • Payment Terms – Payment in Arrears A. Invoices are to be submitted in arrears to the user agency/department to the ship- to address, unless otherwise directed in this CONTRACT. Payment will be net 30 days after receipt of an invoice in a format acceptable to the County of Orange and verified and approved by the agency/department and subject to routine processing requirements. The responsibility for providing an acceptable invoice rests with the CONTRACTOR.

  • Contract Duration and Annual Salary 1. The College hereby employs the Administrator in the capacity of Director of Adult Educational Development, Assistant Professor for one year, commencing on July 1, 2023 and terminating on June 30, 2024. The Administrator accepts such employment on the conditions hereinafter set forth, and any applicable provisions of the Board of Trustees Policy Manual. In the event of conflict between Board Policy and this Contract, the Contract shall govern.

  • Notice of Payment of Termination Payment As soon as practicable after a liquidation, Notice shall be given by the Non-Defaulting Party to the Defaulting Party of the amount of the Termination Payment and whether the Termination Payment is due to the Non-Defaulting Party. The Notice shall include a written statement explaining in reasonable detail the calculation of such amount and the sources for such calculation. The Termination Payment shall be made to the Non-Defaulting Party, as applicable, within ten (10) Business Days after such Notice is effective.

  • C2 Payment and VAT C2.1 The Authority shall pay all sums due to the Contractor within thirty (30) days of receipt of a valid invoice, submitted Monthly in arrears.

  • Refinancing Preparation Advance; Capitalizing Front-end Fee and Interest (a) If the Loan Agreement provides for the repayment out of the proceeds of the Loan of an advance made by the Bank or the Association (“Preparation Advance”), the Bank shall, on behalf of such Loan Party, withdraw from the Loan Account on or after the Effective Date the amount required to repay the withdrawn and outstanding balance of the advance as at the date of such withdrawal from the Loan Account and to pay all accrued and unpaid charges, if any, on the advance as at such date. The Bank shall pay the amount so withdrawn to itself or the Association, as the case may be, and shall cancel the remaining unwithdrawn amount of the advance.”

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