Right to Payment Clause Samples
The Right to Payment clause establishes a party’s entitlement to receive payment for goods delivered or services rendered under a contract. Typically, it outlines the conditions under which payment becomes due, such as upon completion of work milestones, delivery of products, or submission of invoices, and may specify timelines or acceptable payment methods. This clause ensures that the party providing value is legally protected and can enforce payment, thereby reducing the risk of non-payment and clarifying financial obligations between the parties.
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Right to Payment. If (A) the Executive’s employment with the Company or its Successor is terminated within three (3) years following an Event (as defined in Paragraph 2 below) for any reason other than a reason specified in Paragraph 3(a) through (d) below, or (B) the Executive voluntarily terminates his or her employment within a period of thirty (30) days following the first anniversary of an Event, then the Executive shall be entitled to receive the Benefits set out in Paragraph 4 below. If a subsequent Event occurs, and if the Executive is an employee of the Company or its Successor, without limiting any rights the Executive may have, Executive shall have all rights provided by the first sentence of this Paragraph 1 relating to such subsequent event.
Right to Payment. Notwithstanding any other provisions in this Indenture to the contrary, the right of the Owner of any Bond to receive payment of the principal of, and the premium, if any, and interest on, such Bond, on or after the respective due dates expressed herein, or to institute suit for the enforcement of any such payment on or after such respective dates, will not be impaired or affected without the consent of such Owner.
Right to Payment. The entitlement of an Executive or Beneficiary to benefits under the applicable Executive Compensation Plan shall be determined by Spartan Stores or such party as it shall designate under the Executive Compensation Plans (other than any Executive or Beneficiary), and any claim for benefits shall be considered and reviewed under the procedures set forth in the applicable Executive Compensation Plan. However, notwithstanding that general rule, after the Effective Time, the dispute resolution procedure and arbitration provisions of the Executive’s Severance Agreement shall be substituted for the claims procedure set forth in each of the Executive Compensation Plans, subject to the limitations of Section 3. Further, in the event of a dispute between an Executive and Spartan Stores after the Effective Time involving any of the Executive Compensation Plans, the determinations of Spartan Stores (or any plan administrator) shall not be entitled to deference, it being the intent of the parties that there shall be independent determinations of any disputed fact or issue through the dispute resolution and arbitration procedures.
Right to Payment. An SAR shall confer on the Participant to whom it is granted a right to receive, upon exercise thereof, the excess of (A) the Fair Market Value of one share of Stock on the date of exercise over (B) the ▇▇▇▇▇ ▇▇▇▇▇ of the SAR as determined by the Committee.
Right to Payment. Except as otherwise provided herein, the Committee shall make an initial determination as to the entitlement of an Executive or Beneficiary to benefits under the SERP or a Severance Agreement, and any claim for benefits by an Executive or Beneficiary shall be considered and reviewed under the procedures set forth in the SERP or Severance Agreement, as applicable.
Right to Payment. The entitlement of an Executive or Beneficiary to benefits under the applicable Executive Compensation Plan shall be determined by the Company or such party as it shall designate under the Executive Compensation Plans (other than any Executive or Beneficiary), and any claim for benefits shall be considered and reviewed under the procedures set forth in the applicable Executive Compensation Plan. However, notwithstanding that general rule, after the Effective Time, the dispute resolution procedure and arbitration provisions of the Executive’s Severance Agreement shall be substituted for the claims procedure set forth in each of the Executive Compensation Plans, subject to the limitations of Section 3. Further, in the event of a dispute between an Executive and the Company after the Effective Time involving any of the Executive Compensation Plans, the determinations of the Company (or any plan administrator) shall not be entitled to deference, it being the intent of the parties that there shall be independent determinations of any disputed fact or issue through the dispute resolution and arbitration procedures.
Right to Payment. A UAR shall confer on the Participant to whom it is granted a right to receive, upon exercise thereof, the excess of (a) the Fair Market Value of one Unit on the date of exercise over (b) the price of the UAR on the Grant Date as determined by the Committee.
Right to Payment. GWG Holdings and GWG Life shall be entitled to use proceeds from life insurance policies and other property of such entities, including but not limited proceeds from “Conveyed Property,” “Collections” and “Collateral” as such terms are defined in the NISA, to satisfy obligations under the Debentures or otherwise as set forth in the “Use of Proceeds” section of the prospectus relating to the Debentures (either directly or indirectly through distribution or dividend by GWG Life to GWG Holdings for such ultimate purpose). This right shall apply to, and permit GWG Holdings to make (and permit GWG Life to make corresponding distributions or dividends to GWG Holdings so that GWG Holdings may make) payments from, proceeds from life insurance policies and all other property, including proceeds from “Conveyed Property,” “Collections” and “Collateral” regardless of whether or not such proceeds are initially placed in the “LifeNotes Account” as that term is defined in the NISA. To the extent necessary, this covenant shall be deemed an amendment to any applicable provisions of Article V of the NISA.
Right to Payment. Notwithstanding any other provision in this Indenture, the Debentureholder shall have the absolute and unconditional right to receive payment of the principal of (and premium, if any) and interest on such Debenture on the respective Stated Maturity expressed in such Debenture and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder. For greater certainty, it is understood and acknowledged that the acquisition of Debentures by the Holders and the execution of this Indenture by the Indenture Trustee shall constitute the consent of the Holders to the limitation set out in this Indenture on their right to institute suit for the enforcement of any payment under the Debentures.
Right to Payment. (a) Subject to Section 2.2(b), promptly after the Effective Time, where a Registered Holder has delivered to the Transfer Agent a duly executed Letter of Transmittal, the Certificates representing such Registered Holder's Target Common Shares and any other documents in accordance with Section 2.2(b), Buyer shall cause the Transfer Agent either:
(i) to forward or cause to be forwarded by first class mail to the Registered Holder at the address specified in the Letter of Transmittal;
(ii) if requested by the Registered Holder in the Letter of Transmittal, to make available at the offices of the Transfer Agent for pick-up by the Registered Holder; or
(iii) if the Letter of Transmittal neither specifies an address nor contains a request as described in (ii), to forward or cause to be forwarded to the Registered Holder at the address of the holder as shown on the share register maintained by Target or its Transfer Agent a cheque in United States currency representing the Cash Consideration required to be made to such Registered Holder pursuant to the provisions hereof and in respect of fractional shares and a certificate representing that number of whole shares of Buyer Common Stock that such Registered Holder has the right to receive pursuant to the provisions of Article 2 of this Agreement in respect of all of such Registered Holder's Target Common Shares.
(i) Promptly following the Effective Time, where a Registered Holder whose Target Common Shares have been transferred to Sub pursuant to Article 2 has not delivered the Letter of Transmittal and Certificates contemplated by Section 4.1(a) and has not exercised his or her rights of dissent in accordance with Section 3.1, Buyer shall cause the Transfer Agent to make available at the principal office of the Transfer Agent a cheque in United States currency representing the Cash Consideration to such Registered Holder pursuant to the provisions hereof upon presentation of a duly executed Letter of Transmittal and the Certificates evidencing such Target Common Shares and any other documents in accordance with Section 2.2(b).
(ii) Buyer shall have provided the Transfer Agent with sufficient funds for this purpose, prior to the filing of the Final Order with the Registrar, with funds to be provided in accordance with Buyer's agreement with the Transfer Agent.