Delay Fees Sample Clauses
A Delay Fees clause establishes financial penalties that a party must pay if they fail to meet specified deadlines or milestones in a contract. Typically, this clause outlines the amount to be charged for each day or period of delay, and may specify the circumstances under which the fees apply, such as late delivery of goods or services. Its core practical function is to incentivize timely performance and compensate the non-breaching party for losses or inconvenience caused by delays.
POPULAR SAMPLE Copied 3 times
Delay Fees. If the Closing shall not actually occur on any date ---------- on which the Closing is scheduled to occur, and the Company shall have failed to notify each Investor prior to 10:00 A.M. local time, in the place in which an Investor is located, on the day prior to such scheduled Closing that such Closing has been postponed, the Company shall pay to each Investor (as compensation for such Investor's loss of fund and administrative costs) an amount equal to interest on the purchase price for the Securities to have been purchased by each such Investor on such scheduled date at such Closing, at the rate per annum on the Senior Subordinated Notes as if the Senior Subordinated Notes had been issued on the scheduled date of Closing, for each day from and including such scheduled date of Closing to but not including the earlier of the date on which such Closing actually occurs or the date on which the amount to be paid by each such Investor as said purchase price is available to such Investor for reinvestment, but in any case not less than one day's interest; provided, however, that the Company shall not -------- ------- owe any Investor any amount under this paragraph 13M if the Company has fulfilled all of its obligations under this Agreement and such Investor is not willing or able to fulfill its obligations on the scheduled date of Closing.
Delay Fees. On or before five business days after receiving an invoice from Contractor, Company will pay to Contractor $1,750,000 to Contractor’s account, for delay fees associated with Company delaying the initial Construction Mobilization Date into the second Delay Period before Company and Contractor agreed to suspend the Contract. The concept of delay fees and Delay Periods is hereby deleted from the Contract, including Sections 25.3 and 25.4 of the Contract.
Delay Fees. (a) Designated Buyer shall be obligated to pay Seller a delay fee ("Buyer Delay Fee") subject to the following terms and conditions:
(i) the Buyer Delay Fee shall be equal to $200,000 per week (or partial week) for weeks ending on or before December 31, 1997; $1,000,000 for a delay from December 31, 1997 to January 1, 1998; and $400,000 per week (or partial week) for weeks beginning on or after January 1, 1998.
(ii) the Buyer Delay Fee shall be payable for the period from the Buyer Starting Date (as hereinafter defined) through the Closing Date or the termination of this Agreement, as the case may be. The "Buyer Starting Date" is the date on which all of the conditions specified in Section 2.1 are satisfied (excluding: (A) deliveries to be made on the Closing Date such as the legal opinion of Seller's counsel, the Consulting Agreement executed by ▇▇▇▇▇ ▇▇▇▇ and Seller's officer's certificate provided that Seller certifies that it is prepared to make such deliveries, and (B) performance by Seller of its obligations under Section 9.10); provided that the Buyer Starting Date shall not be earlier than the later to occur of (i) 30 days following the date of this Agreement; (ii) December 15, 1997 and (iii) one day later than December 15, 1997 for each day after November 26, 1997 that Seller has not delivered the Preliminary Determination Notice referred to in Section 8.2 hereof.
(iii) Designated Buyer shall pay the Buyer Delay Fee without demand in advance on the first business day of each week during any period during which the Buyer Delay Fee is payable. Either Seller or Designated Buyer may request the payment of the unpaid Buyer Delay Fee from the Escrow Account from time to time.
(iv) The maximum aggregate amount of Buyer Delay Fees payable hereunder shall be $5,000,000.
(b) Seller shall be obligated to pay Designated Buyer a delay fee ("Seller Delay Fee") subject to the following terms and conditions:
(i) the Seller Delay Fee shall be equal to $150,000 per week (or partial week).
(ii) the Seller Delay Fee shall be payable for the period from the Seller Starting Date (as hereinafter defined) through the Closing Date or the termination of this Agreement, as the case may be. The "Seller Starting Date" is the date on which all of the conditions specified in Section 2.2 are satisfied (excluding deliveries to be made on the Closing Date such as the legal opinion of MSC's and Designated Buyer's counsel, the Consulting Agreement executed by Designated Buyer and De...
Delay Fees. 23 Section 6.2
Delay Fees. If the Closing shall not actually occur on any date on which the Closing is scheduled to occur, and Holdings or the Company shall have failed to notify each Investor prior to 10:00 A.M. local time, in the place in which an Investor is located, on the day prior to such scheduled Closing that such Closing has been postponed, Holdings or the Company shall pay to each Investor (as compensation for such Investors loss of fund and administrative costs) an amount equal to interest on the purchase price for the Securities to have been purchased by each such Investor on such scheduled date at such Closing, at the rate per annum equal to the annual dividend rate on the Exchangeable Preferred Stock, for each day from and including such scheduled date of Closing to but not including the earlier of the date on which such Closing actually occurs or the date on which the amount to be paid by each such Investor as said purchase price is available to such Investor for reinvestment, but in any case not less than one day's interest; provided, however, that neither Holdings nor the Company shall owe any Investor any amount under this paragraph 8K if Holdings and the Company have fulfilled all of their obligations under this Agreement and such Investor is not willing or able to fulfill its obligations on the scheduled date of Closing.