If Payment Not Made When Due Clause Samples

The "If Payment Not Made When Due" clause establishes the consequences and procedures that apply when a payment is not received by the agreed-upon deadline. Typically, this clause outlines steps such as the imposition of late fees, interest charges, or the right to suspend services or deliveries until payment is made. It may also specify a grace period or detail the process for notifying the non-paying party. The core function of this clause is to incentivize timely payments and provide a clear framework for addressing late payments, thereby reducing uncertainty and potential disputes between parties.
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If Payment Not Made When Due. If and to the extent any payment is not made when due under this Agreement or any of the other Repurchase Documents, the Seller authorizes the Administrative Agent and each Buyer (for the Pro Rata account and benefit of all of the Buyers) then or at any time thereafter to charge any amounts so due and unpaid against any or all of the Seller’s accounts with the Administrative Agent or any of the Buyers; provided that such right to charge the Seller’s accounts shall not apply to any escrow, trust or other deposit accounts designated as being held by the Seller on behalf of third party owners of the escrowed funds other than Affiliates of the Seller. The Administrative Agent agrees to use reasonable efforts to promptly advise the Seller of any charge made pursuant to this Section 12.3, but its failure to do so will not affect the validity or collectability of such charge. Neither the Administrative Agent nor any Buyer shall have any obligation to charge any Seller account, merely the right to do so.
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If Payment Not Made When Due. If and to the extent any payment is not made when due under this Agreement or any of the other Repurchase Documents, the Seller authorizes the Buyer then or at any time thereafter to charge any amounts so due and unpaid against any or all of the Seller’s accounts with the Buyer; provided that such right to charge the Seller’s accounts shall not apply to any escrow, trust or other deposit accounts designated as being held by the Seller on behalf of third party owners of the escrowed funds other than Affiliates of the Seller. The Buyer agrees to use reasonable efforts to promptly advise the Seller of any charge made pursuant to this Section 12.2, but its failure to do so will not affect the validity or collectibility of such charge. The Buyer shall not have any obligation to charge any Seller account, merely the right to do so.
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If Payment Not Made When Due. If and to the extent any payment is not made when due under this Agreement or any of the other Transaction Documents, the Seller authorizes the Agent and each Buyer (for the Pro Rata account and benefit of all of the Buyers) then or at any time thereafter to charge any amounts so due and unpaid against any or all of the Seller’s accounts with the Agent or any of the Buyers; provided that such right to charge the Seller’s accounts shall not apply to any escrow, trust or other deposit accounts designated as being held by the Seller on behalf of third party owners of
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Related to If Payment Not Made When Due

  • Delay of Payment when Payment Date is Not a Business Day If the due date for a payment on a Note as provided in this Indenture is not a Business Day, then, notwithstanding anything to the contrary in this Indenture or the Notes, such payment may be made on the immediately following Business Day and no interest will accrue on such payment as a result of the related delay. Solely for purposes of the immediately preceding sentence, a day on which the applicable place of payment is authorized or required by law or executive order to close or be closed will be deemed not to be a “Business Day.”