Payment Protection Clause Samples
The Payment Protection clause is designed to ensure that payments owed under a contract are secured and safeguarded against non-payment or default. Typically, this clause may require one party to provide guarantees, escrow arrangements, or other financial assurances to protect the receiving party’s right to payment. By establishing clear mechanisms for securing funds, the clause helps mitigate the risk of non-payment and provides confidence to parties that financial obligations will be met as agreed.
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Payment Protection. Unless upon the date of receipt by a Lender of any notice of Borrowing the Administrative Agent has been notified by a Lender that such Lender will not make available to the Administrative Agent its portion of such Borrowing in the proportions set out in Section 2.03 (the “Rateable Portion of such Borrowing”), the Administrative Agent shall be entitled to assume that such Lender has made such Rateable Portion of such Borrowing available to the Administrative Agent on the Borrowing Date in accordance with the provisions hereof and the Administrative Agent may, in reliance upon such assumption, make available to the Borrowers on such Borrowing Date a corresponding amount. If and to the extent such Lender shall not have so made such Rateable Portion of such Borrowing available to the Administrative Agent, such Lender and the Borrowers agree to pay or repay, as the case may be, to the Administrative Agent forthwith on demand such Lender’s Rateable Portion of such Borrowing together with interest thereon at the rate provided herein in respect of such Borrowing for each day from such Borrowing Date until the date such Lender’s Rateable Portion of such Borrowing is paid or prepaid to the Administrative Agent. The amount payable to the Administrative Agent pursuant hereto shall be as set forth in a certificate delivered by the Administrative Agent to such Lender and the Borrowers and shall be prima facie evidence of the amount payable, for all purposes, absent manifest error. If such Lender makes the payment of the amount payable to the Administrative Agent as required herein, the amount so paid shall constitute such Lender’s Rateable Portion of such Borrowing for purposes of this Agreement. The failure of any Lender to make available its portion of such Borrowing in the proportions set out in Section 2.03 shall not relieve any other Lender of its obligation, if any, hereunder to make available its portion of such Borrowing in the proportions set out in Section 2.03 on the Borrowing Date but no Lender shall be responsible for the failure of any other Lender to make its portion of such Borrowing in the proportions set out in Section 2.03 available on such Borrowing Date. Nothing herein shall affect or limit any right of action a Borrower may have under Applicable Law against the defaulting Lender.
Payment Protection. Upwork provides limited payment protection to Users as detailed in this Section 6 ("Hourly Payment Protection").
Payment Protection. 7.1. We are required by the Package Travel and Linked Travel Arrangements Regulations 2018 to provide effective security to cover, in the event of our insolvency, sufficient funds to refund all payments made by you for any element of a Tour not delivered as result of our insolvency.
Payment Protection. This program provides Life, Disability and Involuntary Unemployment protection to the Primary Insured Cardholder (the Primary Applicant). Insurance coverage is not required by us as a condition for the extension of credit. The Life Insurance will pay your unpaid balance at time of loss up to $10,000 if you or your insured Co-Cardholder should die. The Disability and Involuntary Unemployment insurance will make a monthly benefit payment to your account if you become totally disabled or become involuntarily unemployed for more than 30 consecutive days. The cost for this protection is $0.59 per $100 of your ending monthly balance and it is automatically added to your statement each month. Enrollment is voluntary and you are free to cancel at any time. All benefits are based on the amount on your account balance at the time of loss and do not include any amounts added (including insurance charges) to your account after your loss. The monthly benefit payment will be calculated by multiplying your account balance on the date of loss by the minimum payment percent required by the creditor. The monthly benefit payment may not be enough to pay the required minimum monthly payment on your account. Life and Disability benefits are based on your account balance at the time your loss occurs and are payable up to that balance or $10,000, whichever is less. Life benefits are not payable for suicide within 6 months of the effective date. Involuntary Unemployment benefits are limited to 9 monthly benefit payments per payable claim. Benefits are not payable for total disability which is the result of normal pregnancy or childbirth (disability due to childbirth is covered in AL, FL, IA, OR, NC, NJ, PA, UT and VA); any intentionally self-inflicted injury; or a pre-existing medical condition (as defined in your certificate). In all states, you must be employed on a full-time basis for at least 30 hours per week at the time of loss to be eligible for Unemployment benefits. All coverage terminates at age 71. This program is offered, administered and underwritten by Central States Indemnity Co. of Omaha and also underwritten by Central States Health & Life Co. of Omaha, both of Omaha, Nebraska. For more information about this insurance program or to file a claim, call toll-free 1-800-445- 6500.
Payment Protection. In order to comply with the Package Travel, Package Holidays and Package Tours Regulations 1992, all payments received by us will be held in a trust account until the completion of the Tour.
Payment Protection. The Fiscal Agent is hereby irrevocably instructed by the Issuer that all and any funds received by the Fiscal Agent as provided in this Clause 8 shall be applied by the Fiscal Agent solely for the payment of principal or interest on the Notes and in accordance with the Conditions and/or for the reimbursement of the Paying Agents, so that the Issuer shall have no claim to or on account of any such funds unless such purpose cannot be effected.
Payment Protection. In order to comply with the Package Travel, Package Holidays and Package Tours Regulations Act 1992, all payments received by us will be held in a trustee account and administered by an independent trustee as per the terms of the Regulations.
Payment Protection. The Payment Amount stated in Section "H" on the face of this Agreement is fixed, as long as the Transaction Commencement Date Occurs within the month stated in Section "K" on the face of this Agreement and your Supplier does not change any Single Unit Price indicated in Section "B" on the face of this Agreement. If your Supplier changes any Single Unit Price, we will adjust the Single Unit Price, the Price in Section "C" and the Payment Amount in Section "H" on the face of this Agreement.
Payment Protection. The credit union offers voluntary payment protection to you. Voluntary payment protection is not necessary in order to obtain credit. If you purchase protection from us, you authorize us to add the fees monthly to your account balance and charge you interest on the entire balance. At your option, we will change your payment or the time period necessary to repay the loan balance. Fees for protection may change in the future. If the rate changes we will provided notices required by applicable law. EFFECT OF AGREEMENT/WAIVER: This Agreement is the contract which applies to all transactions on your account even though the sales, cash advances, credit or other slips you sign or receive may contain different terms. The Credit Union can delay enforcing any of its rights any number of times without losing them. Each provision of this agreement must be considered as part of the total agreement and cannot in any way be severed from it. However, you also agree that should any part of this agreement be found invalid, it will in no way affect the remainder of the agreement. STATEMENT AND NOTICES: You will receive a statement each month showing transactions on your account. You are responsible for your minimum monthly payment even in the event your statement is late or returned to the Credit Union. Statements and notices will be mailed to you at the most recent address you have given the Credit Union. Notice to any one of you will be considered notice to all. NEGATIVE INFORMATION NOTICE: We may report information about your account to credit bureaus. Late payments, missed payments, or other defaults on your account may be reflected in your credit report. If you believe information we have reported to the credit reporting agencies is inaccurate or incomplete, please notify us in writing at Houston Federal Credit Union, ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇. Please include your name, address, home telephone number, and account number.
Payment Protection. You may voluntarily participate in an insurance program. If you elect payment protection coverage, a premium charge will be posted to your account each statement period. Refer to the Payment Protection contract for additional information on benefit maximums, eligibility, and limitations.