PLACE AND MODE OF PAYMENTS AND CREDIT THEREFOR Sample Clauses
The "Place and Mode of Payments and Credit Therefor" clause defines where and how payments under the contract must be made, as well as the terms under which credit is extended. It typically specifies the acceptable payment methods (such as bank transfer, check, or electronic payment), the designated location or account for payment, and any conditions or timelines for granting credit to the buyer. This clause ensures both parties have a clear understanding of payment logistics, reducing the risk of disputes or delays related to payment processing.
PLACE AND MODE OF PAYMENTS AND CREDIT THEREFOR. Notwithstanding anything contained in the Facility Agreement, all monies payable by the Company under the Facility Agreement shall be payable in equivalent rupees in lieu of foreign currencies. For the purpose of this Section the following conditions shall apply:
a) The Rupee sum shall be the Rupee equivalent of the foreign currencies to be remitted on the Due Dates inclusive of all commissions or other bank charges and out of pocket expenses as determined by ICICI Bank.
b) The Rupee sum shall be so paid by the Company as to enable ICICI Bank to realise the amounts at par on the Due Dates.
c) The Rupee sum shall be paid by the Company to ICICI Bank at their office in Mumbai or to such other places as may be specified by them by telegraphic, telex or mail transfer to the account of such offices or by cheque /bank draft drawn in favour of ICICI Bank on a Scheduled Bank at Mumbai or such other places or to such other accounts as ICICI Bank may notify to the Company and shall be so paid as to enable ICICI Bank to realise the amounts at par.
d) Credit for all payments by local cheque /bank draft will be given on the immediately next Business Day after the date of receipt of the instrument or the relative Due Date, whichever is later. Credit for all payments by outstation cheque/bank draft will be given only on realisation or on the relative Due Date, whichever is later.
e) For the purpose of Sub-clause (a) above a statement signed by a designated officer of ICICI Bank shall be sufficient evidence of the Rupee equivalent of the foreign currencies, costs, commission, charges and expenses.
f) Any difference on account of exchange fluctuations in the rates of foreign currencies involved between the payment made by the Company to ICICI Bank and the actual amounts incurred by ICICI Bank as referred to in Sub-clause (a) above shall be borne by or be given credit to the Company.
PLACE AND MODE OF PAYMENTS AND CREDIT THEREFOR. Notwithstanding anything contained in the Facility Agreement, all monies payable by the Borrower/s under the Facility Agreement shall be payable in equivalent rupees in lieu of foreign currencies. For the purpose of this Section the following conditions shall apply:
(a) The Rupee sum shall be the Rupee equivalent of the foreign currencies to be remitted on the Due Dates inclusive of all commissions or other bank charges and out of pocket expenses as determined by the Bank.
(b) The Rupee sum shall be so paid by the Borrower/s as to enable the Bank to realise the amounts at par on the Due Dates.
(c) The Rupee sum shall be paid by the Borrower/s to the Bank at their concerned branch as specified in the Schedule annexed hereto as may be specified by them by telegraphic, telex or mail transfer to the account of such offices or by cheque /bank draft drawn in favour of the Bank on a Scheduled Bank at the place as specified in the Schedule annexed hereto or to such other accounts as the Bank may notify to the Borrower/s and shall be so paid as to enable the Bank to realise the amounts at par.
(d) Credit for all payments by cheque /bank draft will be given only on realisation of the same.
(e) For the purpose of Sub-clause (a) above a statement signed by a designated officer of the Bank shall be sufficient evidence of the Rupee equivalent of the foreign currencies, costs, commission, charges and expenses.
(f) Any difference on account of exchange fluctuations in the rates of foreign currencies involved between the payment made by the Borrower/s to the Bank and the actual amounts incurred by the Bank as referred to in Sub-clause (a) above shall be borne by or be given credit to the Borrower/s.