Default on Payments Sample Clauses
Default on Payments i. In case the JVC fails to pay consideration (for any month) beyond a period of fifteen (15) days up to a period of ninety (90) days, an interest rate equivalent to SBIs Six-Months MCLR plus 0.25%, shall be levied on the amount due to the Corporation, until payment of such dues is made by the JVC.
ii. In case the JVC fails to pay consideration (for any month) beyond a period of ninety (90) days up to period of Three-hundred and sixty (360) days, an interest at the rate of twenty-four (24) per cent per annum shall be levied on the amount due to the Corporation, until payment of such dues is made by the JVC.
iii. In case the JVC fails to pay consideration for any month beyond a period of Three-hundred and sixty (360) days, the Corporation reserves the right to terminate the agreement and suspend further operations at the quarry.
Default on Payments. Regulations
Default on Payments. Should Buyer fail to make any of the payments required hereunder within 15 days of each respective due date, Seller shall be entitled to a late payment charge of $500.00 as to each such late payment. Should an amount equal to two monthly payments be due and payable, Buyer shall be in breach hereof and Seller may institute any remedies available, including foreclosure.
Default on Payments. Sublessee agrees that failure to make any payments, including payment of utilities or any reimbursements for any services performed to Sublessor, as described herein, may result in an Event of Default.
Default on Payments. In the event Purchaser fails to make payment of the remaining Purchase Price to VRB Cayman or any payment of the remaining Capital Increase to VRB China, in each case as set out in the Payment Schedule and within five (5) days after notice of such failure from VRB Cayman, then, to the extent permitted by applicable Law, Purchaser shall assign back to VRB Cayman a portion of the equity interests in VRB China held by Purchaser based on the below table, with no additional consideration or further action required from the Parties other than the filings required under applicable Law to record the changes in the ownership interests of VRB China’s shareholders and the register of shareholders of VRB China as a result of such assignment. Purchaser shall promptly execute and deliver such agreements, certificates, instruments, filings or other documents, and shall take all steps to fully and faithfully cooperate, as VRB Cayman may request to complete any such assignment. The portion of equity interests in VRB China to be assigned back to VRB Cayman in the event of Purchaser’s payment default as provided in this Section 2.3 shall be equal to the applicable percentage of the total equity interests in VRB China that is set forth opposite the applicable payment requirement in the table on the following page:
Default on Payments. In the event that the Licensee is in default on any payment under the Agreement, the Licensor shall be entitled to suspend all support services and terminate this Agreement due to breach under Clause 5.1. above.
Default on Payments. Lessee agrees that failure to make any payments, including payment of utilities or any reimbursements for any services performed to the RSD, as described herein, may result in an agreement between Lessor and Lessee’s chartering authority to withhold equivalent amounts from Lessee’s monthly MFP allocations. Lessor further reserves the right to withhold any funds from Lessee’s monthly MFP allocation in the event Lessor must make any repairs or perform any maintenance required by Lessee under this any service agreements entered into between the RSD Lessee, the Charter Agreement and/or this Lease Agreement.
Default on Payments. If Licensee fails to timely make any payment to Licensor in full, (i) Licensee will pay interest on any unpaid balance at a rate equal to one and a half (1 ½%) percent per month or the maximum rate of interest allowed by law, and (ii) if the default continues uncured for ten (10) business days or more after notice to Licensee, Licensor may terminate this Agreement immediately upon written notice to Licensee, and principal and interest will continue to accrue until paid in full. Licensee will also reimburse Licensor for any costs incurred by Licensor in seeking to collect any sums due to it, including attorneys’ fees, accountant fees, and expenses and collection agency fees and expenses.
Default on Payments. The agreements contained in this Section 8.3 are an integral part of this Agreement and, without these agreements, the Parties would not enter into this Agreement. Accordingly, if the Company fails to promptly pay any amount due pursuant to Section 8.3(b) or Parent fails to promptly pay any amounts due pursuant to Section 8.3(c) and, in order to obtain such payment, Parent, on the one hand, or the Company, on the other hand, commences a Legal Proceeding that results in a judgment against the Company for the amount set forth in Section 8.3(b) or any portion thereof or a judgment against Parent for the amount set forth in Section 8.3(c) or any portion thereof, as applicable, then the non-paying Party will pay or cause to be paid to the other Party the reasonable and documented out-of-pocket costs and expenses (including reasonable and documented attorneys’ fees) of the other Party in connection with such Legal Proceeding, together with interest on such amount or portion thereof at an annual rate equal to the prime rate (as published by Bloomberg or, if not reported thereby, another authoritative source reasonably determined by the Company on the date that such payment or portion thereof was required to be made) plus five percent through the date that such payment or portion thereof was actually received, or a lesser rate that is the maximum permitted by applicable Law (collectively, “Enforcement Expenses”).
Default on Payments. Participant loans will be subject to demand in the event of default or foreclosure, but attachment of security will not occur until a distributable event occurs in the Plan.