Common use of DEFAULT OF PAYMENT Clause in Contracts

DEFAULT OF PAYMENT. 5.5.1 The Approved Activity Provider fails to pay (i) when and as required to be paid any fee due under this agreement, and/or (ii) any interest payable in the terms specified under this Agreement. 5.5.2 If any default occurs ASL may: (a) declare the commitment of ASL to make advances for this Agreement to be terminated whereupon such commitment and obligation under this Agreement shall be terminated; and/or (b) declare the unpaid amount of the outstanding fee, all interest accrued, and all other amounts owing or payable to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Approved Activity Provider; and/or (c) exercise all rights and remedies available to ASL under this Agreement or applicable in law and to pursue any and all available remedies for collection of such fees and interest, including but not limited to the exercise of all rights and remedies against the Approved Activity Provider. 5.5.3 To the extent permitted by applicable law, all remedies contained within this Agreement or by law afforded shall be cumulative and are not exclusive of any other rights, powers, privileges or remedies provided by law or in equity, or under any other instrument, document or agreement now existing or hereafter arising and all shall be available to ASL until the monies owed has been paid and satisfied in full. During the existence of a Default in Payment, interest shall accrue on fees due and owing from the date of the same until resolved, if resolution is allowed, at the default rate stated in the below. 5.5.4 If payment due under this Agreement is not paid within thirty (30) days’ after its due date it shall be subject to a late payment interest charge of five percent (5.00%) of the total payment due. The Approved Activity Provider agrees to pay and stipulate that five percent (5.00%) of the total payment due is a reasonable amount for a late payment interest charge.

DEFAULT OF PAYMENT. 5.5.1 6.1. The Approved Activity Provider Directly Licensed Centre fails to pay (i) when and as required to be paid any fee due under this agreementAgreement, and/or (ii) any interest payable in the terms specified under this Agreement. 5.5.2 6.2. If any default of payment occurs ASL may: (a) declare the commitment of ASL to make advances for this Agreement to be terminated whereupon such commitment and obligation under this Agreement shall be terminated; and/or (b) declare the unpaid amount of the outstanding fee, all interest accrued, and all other amounts owing or payable to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Approved Activity ProviderDirectly Licensed Centre; and/or (c) exercise all rights and remedies available to ASL under this Agreement or applicable in law and to pursue any and all available remedies for collection of such fees and interest, including but not limited to the exercise of all rights and remedies against the Approved Activity ProviderDirectly Licensed Centre. 5.5.3 6.3. To the extent permitted by applicable law, all remedies contained within under this Agreement or by law afforded shall be cumulative and are not exclusive of any other rights, powers, privileges or remedies provided by law or in equity, or under any other instrument, document or agreement now existing or hereafter arising and all shall be available to ASL until the monies owed has been paid and satisfied in full. During the existence of a Default in In Payment, interest shall accrue on fees the Licence Fee then due and owing from the date of the same until resolved, if resolution is allowed, at the default rate stated in the below. 5.5.4 If payment due under this Agreement is not paid within thirty (30) days’ after its due date it shall be subject to a late payment interest charge of five percent (5.00%) of the total payment due. The Approved Activity Provider agrees to pay and stipulate that five percent (5.00%) of the total payment due is a reasonable amount for a late payment interest charge.