Meaning of PAYABLE in English
[adjective] [after verb; not gradable]Interest payments are payable (= to be paid) monthly.The price of the car is payable in 12 monthly instalments.If a cheque is payable to someone or an organization then the money will be paid to them because their name is written on it.Please make your cheque payable to WWF.
Cambridge English vocab. Кембриджский английский словарь. 2012