Payment for the Equipment Sample Clauses

Payment for the Equipment. (a) Costs and expenses of every nature incurred in the acquisition and delivery of the Equipment that qualify as Equipment Costs will be paid by the Trustee from the Acquisition Fund upon receipt by the Trustee of a completed request of the City signed by the Authorized Representative of the City and containing the statements, representations and certifications set forth in the form of such request attached to the Declaration of Trust as Exhibit C. (b) In making disbursements for Equipment Costs, the Trustee may conclusively rely upon each written requisition certificate executed by the Authorized Representative of the City without inquiry or investigation. It is understood that the Trustee will not make any inspections of the Equipment nor any improvements thereon, make any provision to obtain completion bonds, mechanic’s or materialmen’s lien releases or otherwise supervise any phase of the acquisition or delivery of the Equipment. The approval of each requisition certificate by the Authorized Representative of the City will constitute unto the Trustee an irrevocable determination that all conditions precedent to the payment of the specified amounts from the Acquisition Fund have been completed.

Payment for the Equipment. 4.1 Subject to any special terms agreed in writing between you and us, we may invoice you for the Charges for the Equipment on or at any time after delivery of the Equipment, unless: (a) the Equipment is to be collected by you; or (b) you wrongfully fail to take delivery of the Equipment, and in either case we shall be entitled to invoice you for the Charges at any time after we have notified you that the Equipment is ready for collection. 4.2 The terms of payment shall be: (a) in the case of Equipment delivered in the United Kingdom, within 30 days of the date of our invoice, whether or not delivery has taken place or title in the Equipment has passed to you; and (b) in the case of export sales, in accordance with condition 9. 4.3 Time for payment of the Charges shall be of the essence of the Contract. 4.4 If you fail to make payment in full on the due date, the whole of the balance of the Charge of the Equipment then outstanding shall become immediately due and payable and, without prejudice to any other right or remedy available to us, we may: (a) terminate the relevant Contract and/or suspend any further deliveries of Equipment (whether ordered under the same Contract or not); (b) appropriate any payment made by you to such of the Equipment (or the Equipment supplied under any other contract between you and us) as we think fit (despite any purported appropriation by you); (c) charge interest on the amount outstanding from the due date to the date of receipt by us, at the annual rate of 5% above the base lending rate from time to time of HSBC Bank accruing on a daily basis and being compounded quarterly until payment is made, whether before or after any judgment. (d) suspend all further orders, delivery, installation or warranty service until payment has been made in full. (e) make a storage charge for any undelivered Equipment at its current rates from time to time; (f) stop any Equipment in transit; and/or (g) impose a general lien on all Equipment and property belonging to you, exercisable in respect of all sums lawfully due from you to us. We shall be entitled, on the expiry of 14 days' notice in writing, to dispose of such Equipment or property in such manner and at such price as we think fit and to apply the proceeds towards the amount outstanding.