POSTPONEMENT OF PAYMENT OF INSTALMENTS Sample Clauses

POSTPONEMENT OF PAYMENT OF INSTALMENTS. 3.1 The final instalment of the Contract Price under the Contract will be payable by the Buyer as the delivery instalment (the “Delivery Instalment”) and the post delivery instalment (the “Post Delivery Instalment”).
Sample 1
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POSTPONEMENT OF PAYMENT OF INSTALMENTS. 2.1 The final instalment of the Contract Price under the Contract will be payable by the Buyer as the delivery instalment (the “Delivery Instalment”) and the post delivery instalment (the “Post Delivery Instalment”). 2.2 The Delivery Instalment in the sum of U.S. Dollars Fifty Eight Million Five Hundred and Two Thousand and Thirty Five (US$58,502,035) plus any increase or minus any decrease due to modifications and/or adjustment, if any, to the Contract Price under Articles III and V of the Contract arising prior to delivery of the Vessel shall be paid by the Buyer on the delivery of the Vessel which is scheduled on June 27, 2012 or such later date as is permissible pursuant to the Contract (the “Delivery Instalment Due Date”). 2.3 The Post Delivery Instalment amounting to U.S. Dollars Twenty Four Million Nine Hundred Fifty Five Thousand Nine Hundred and Sixty Five (US$24,955,965) shall be paid over a period of four (4) years from the actual delivery of the Vessel in seven (7) equal instalments the first due date being June 27, 2013 and the remaining six instalments payable semi-annually thereafter as listed in Table 1. (each a “Post Delivery Instalment Due Date”). Interest shall accrue at the rate of eight per cent (8%) per annum on all of the outstanding balance of the Post Delivery Instalment which shall be paid by the Buyer semi-annually the first due date being December 27, 2012 and at six month intervals thereafter as listed in Table 1. The rate of interest shall be increased to ten per cent (10%) per annum in the event of default. <Repayment schedule for the Post Delivery Instalment based on the the delivery of the Vessel on June 27, 2012.> Table 1 PAYMENT DUE DATE PRINCIPAL(A) INTEREST(B) TOTAL(A+B) 1st 27-Dec-12 $1,014,875 $1,014,875 27-Jun-13 $3,565,137 $1,009,330 $4,574,467 2nd 27-Dec-13 $3,565,137 $869,893 $4,435,030 3rd 27-Jun-14 $3,565,137 $720,950 $4,286,087 4th 27-Dec-14 $3,565,137 $579,929 $4,145,066 5th 27-Jun-15 $3,565,137 $432,570 $3,997,707 6th 27-Dec-15 $3,565,137 $289,964 $3,855,101 7th 27-Jun-16 $3,565,143 $144,982 $3,710,125 TOTAL $24,955,965 $5,062,493 $30,018,458 The figures in above Table 1 shall be adjusted in accordance with Clause 2.3 if the actual delivery of the Vessel is other than June 27, 2012. 2.4 It is understood and agreed by the Builder and the Buyer that no payments to be made by the Buyer pursuant to this Clause 2 shall be delayed or withheld by the Buyer due to any dispute or disagreement of whatsoever nature aris...
Sample 1
POSTPONEMENT OF PAYMENT OF INSTALMENTS. 3.1 The final instalment of the Contract Price under the Contract will be payable by the Buyer as the delivery instalment (the “Delivery Instalment”) and the post delivery instalment (the “Post Delivery Instalment”). 3.2 The Delivery Instalment in the sum of U.S. Dollars Fifty Million Nine Hundred and Four Thousand Eight Hundred and Sixty (US$50,904,860) plus any increase or minus any decrease due to modifications and/or adjustment, if any, to the Contract Price under Articles III and V of the Contract arising prior to delivery of the Vessel shall be paid by the Buyer on the delivery of the Vessel which is scheduled on March 15, 2011 or such later date as is permissible pursuant to the Contract (the “Delivery Instalment Due Date”). The Post Delivery Instalment amounting to U.S. Dollars Twenty One Million Seven Hundred and Fifteen Thousand One Hundred and Forty (US$21,715,140) shall be paid over a period of four (4) years from the actual delivery of the Vessel in six (6) equal instalments the first due
Sample 1
POSTPONEMENT OF PAYMENT OF INSTALMENTS. 3.1 The final instalment of the Contract Price under the Contract will be payable by the Buyer as the delivery instalment (the “Delivery Instalment”) and the post delivery instalment (the “Post Delivery Instalment”). 3.2 The Delivery Instalment in the sum of U.S. Dollars Fifty Million Nine Hundred and Four Thousand Eight Hundred and Sixety (US$50,904,860) plus any increase or minus any decrease due to modifications and/or adjustment, if any, to the Contract Price under Articles III and V of the Contract arising prior to delivery of the Vessel shall be paid by the Buyer on the delivery of the Vessel which is scheduled on May 25, 2011 or such later date as is permissible pursuant to the Contract (the “Delivery Instalment Due Date”).
Sample 1

Related to POSTPONEMENT OF PAYMENT OF INSTALMENTS

  • Acceleration of Payment of Notes If payment of the Notes is accelerated because of an Event of Default, the Company or the Trustee shall promptly notify the holders of the Designated Senior Debt of the Company (or their Representatives) of the acceleration.

  • Priority of Payment The assets of the Company will be distributed in Liquidation in the following order:

  • Acceleration of Payment Notwithstanding anything to the contrary contained in this Agreement, the Committee shall have the right, at any time in its sole discretion, to accelerate the time of a payment under this Agreement to a time otherwise permitted under Section 409A in accordance with the requirements, restrictions and limitations of Treasury Regulation Section 1.409A-3(j).

  • Amount and Payment of Special Interest Any Special Interest that accrues on a Note pursuant to Section 7.03(A) will be payable on the same dates and in the same manner as the Stated Interest on such Note and will accrue at a rate per annum equal to one quarter of one percent (0.25%) of the principal amount thereof for the first ninety (90) days on which Special Interest accrues and, thereafter, at a rate per annum equal to one half of one percent (0.50%) of the principal amount thereof; provided, however, that in no event will Special Interest, together with any Additional Interest, accrue on any day on a Note at a combined rate per annum that exceeds one half of one percent (0.50%). For the avoidance of doubt, any Special Interest that accrues on a Note will be in addition to the Stated Interest that accrues on such Note and, subject to the proviso of the immediately preceding sentence, in addition to any Additional Interest that accrues on such Note.

  • Tender of Payment Upon giving notice of any exercise hereunder, the Optionee shall provide for payment of the purchase price of the Shares being purchased through one or a combination of the following methods:

  • Acceleration of Payment of Debt Securities If payment of the Subordinated Debt Securities is accelerated because of an Event of Default, the Company or the Trustee shall promptly notify the holders of the Designated Senior Indebtedness (or their Representatives) of the acceleration.

  • Acceleration of Payment of Securities If payment of the Securities is accelerated because of an Event of Default, the Company or the Trustee shall promptly notify the holders of the Designated Senior Indebtedness (or their Representatives) of the acceleration.

  • Priority of Payments (a) Each Note shall be of equal priority, and no portion of any Note shall have priority or preference over any portion of any other Note or security therefor. All amounts tendered by the Mortgage Loan Borrower or otherwise available for payment on or with respect to or in connection with the Mortgage Loan or the Mortgaged Property or amounts realized as proceeds thereof, whether received in the form of Periodic Payments, the Balloon Payment, Liquidation Proceeds, proceeds under any guaranty, letter of credit or other collateral or instrument securing the Mortgage Loan or Insurance and Condemnation Proceeds (other than proceeds, awards or settlements to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgage Loan Borrower in accordance with the terms of the Mortgage Loan Documents) shall be applied by the Lead Securitization Note Holder (or its designee) to the Notes on a Pro Rata and Pari Passu Basis; provided, that (x) all amounts for required reserves or escrows required by the Mortgage Loan Documents to be held as reserves or escrows or received as reimbursements on account of recoveries in respect of property protection expenses or Servicing Advances then due and payable or reimbursable to the Trustee or any Servicer under the Lead Securitization Servicing Agreement shall be applied to the extent set forth in, and in accordance with the terms of, the Mortgage Loan Documents; and (y) all amounts that are then due, payable or reimbursable to any Servicer, with respect to the Mortgage Loan pursuant to the Lead Securitization Servicing Agreement and any other compensation payable to it thereunder (including without limitation, any additional expenses of the Trust Fund relating to the Mortgage Loan (but subject to the second paragraph of Section 5(d) hereof) reimbursable to, or payable by, such parties and any Special Servicing Fees, Liquidation Fees, Workout Fees and Penalty Charges (to the extent provided in the immediately following paragraph) but excluding (i) any P&I Advances (and interest thereon) on the Lead Securitization Note, which shall be reimbursed in accordance with Section 2(b) hereof, and (ii) any Master Servicing Fees due to the Master Servicer in excess of the Non-Lead Securitization Note’s pro rata share of that portion of such servicing fees calculated at the “primary servicing fee rate” applicable to the Mortgage Loan as set forth in the Lead Securitization Servicing Agreement, which such excess shall not be subject to the allocation provisions of this Section 3) shall be payable in accordance with the Lead Securitization Servicing Agreement. For clarification purposes, Penalty Charges paid on each Note shall first, be used to reduce, on a pro rata basis, the amounts payable on each Note by the amount necessary to pay the Master Servicer, the Trustee or the Special Servicer for any interest accrued on any Servicing Advances and reimbursement of any Servicing Advances in accordance with the terms of the Lead Securitization Servicing Agreement, second, be used to reduce the respective amounts payable on each Note by the amount necessary to pay the Master Servicer, Trustee, the Non-Lead Master Servicer or the Non-Lead Trustee for any interest accrued on any P&I Advance made with respect to such Note by such party (if and as specified in the Lead Securitization Servicing Agreement or the Non-Lead Securitization Servicing Agreement, as applicable), third, be used to reduce, on a pro rata basis, the amounts payable on each Note by the amount necessary to pay additional expenses of the Trust Fund (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to the Mortgage Loan (as specified in the Lead Securitization Servicing Agreement) and finally, shall be paid to the Master Servicer and the Special Servicer as additional servicing compensation as provided in the Lead Securitization Servicing Agreement. Any proceeds received from the sale of the primary servicing rights with respect to the Mortgage Loan shall be remitted, promptly upon receipt thereof, to the Note Holders on a Pro Rata and Pari Passu Basis. Any proceeds received by any Note Holder from the sale of master servicing rights with respect to its Note shall be for its own account.

  • Extension of Payment; Reduction of Principal Interest or Fees; Modification of Terms of Payment Whether or not any Loans are outstanding, extend the Expiration Date or the time for payment of principal or interest of any Loan (excluding the due date of any mandatory prepayment of a Loan), the Commitment Fee or any other fee payable to any Lender, or reduce the principal amount of or the rate of interest borne by any Loan or reduce the Commitment Fee or any other fee payable to any Lender, without the consent of each Lender directly affected thereby;

  • Facility of Payment If a benefit is payable to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of his or her property, the Company may pay such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Company may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Such distribution shall completely discharge the Company from all liability with respect to such benefit.

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