Payment Failures Sample Clauses
The Payment Failures clause defines the procedures and consequences that apply when a party does not make required payments under the agreement. Typically, this clause outlines what constitutes a payment failure, such as missed deadlines or insufficient funds, and may specify grace periods, late fees, or the right to suspend services until payment is received. Its core practical function is to protect the receiving party from financial risk and incentivize timely payments, thereby ensuring the smooth continuation of the contractual relationship.
Payment Failures. If any party required to make a payment hereunder fails to make such payment when required by this Agreement (or, if no required time period is specified, within 10 Business Days of written request by the party to whom the payment is due), the amount due shall bear interest at a rate equal to the prime rate of Citibank, N.A. in effect on the date such payment was required to be made plus 2%.
Payment Failures. Any failure by Somanta to make payments to Immunodex by their respective due dates is a material breach of this Agreement. Somanta shall have 30 days to cure its breach by submitting the payment due to Immunodex. If the payment due is not made by Somanta within the 30 day period, this Agreement shall terminate on the expiration of such notice period and all rights, without exception, will revert to Immunodex. During the delinquent period, Immunodex may charge interest on any outstanding amount on a daily basis at a rate equivalent to 3% above the prime rate of lending published by the U.S. Federal Reserve from time to time (or the maximum amount permitted by law, whichever is less).
Payment Failures. Failure by Employer to make any payment in accordance with the terms of this Agreement (including, without limitation, payment of fees pursuant to this Section 5, or claims reimbursement funding pursuant to Section 4) will constitute a payment default. If Employer fails to cure any such payment default within five (5) business days after notice, in addition to other available remedies, HealthTrust may terminate this Agreement upon fifteen (15) days prior written notice to Employer.
Payment Failures. If the Company fails to make any payment of a Maturity Date Redemption Price and/or fails to make any Price Failure Payment, then in addition to any remedy the Holder may have under this Debenture, the Securities Purchase Agreement and the Registration Rights Agreement, until the Maturity Date Redemption Price and/or Price Failure Payment, as applicable, is paid in full, (x) the Maturity Date Redemption Price and/or the amount of any Price Failure Payment, as applicable, payable in respect of such unpaid Maturity Date Redemption Price and/or unpaid Price Failure Payment shall bear interest at the rate of 1.5% per month, prorated for partial months, and (y) the Holder shall have the option to require the Company to convert any or all of the Outstanding Principal Amount of this Debenture subject to redemption and for which the Maturity Date Redemption Price (together with any interest thereon) has not been paid and/or any amount of a Price Failure Payment (together with any interest thereon) that has not been paid, into a number of shares of Common Stock equal to the quotient of the Maturity Date Redemption Price (together with any interest thereon) and/or the Price Failure Payment (together with any interest thereon), as applicable, divided by the Default Conversion Price.
Payment Failures. If the Customer fails to pay the price for any Goods in accordance with this contract the Supplier may (without limiting any other right or remedy):
2.3.1 Cancel or suspend any further delivery to the Customer under any order;
2.3.2 Sell or otherwise dispose of any Goods which are the subject of any order by the Customer, whether or not appropriated to the order, and apply the proceeds of sale to the overdue payment; and
2.3.3 Charge the Customer interest on the outstanding amount (both before and after any judgment). Interest for late payment shall be 10% of the outstanding amount per year, the Parties declare that this interest is in accordance with the law and not subject to judicial review.
Payment Failures. Neither the Company nor any of its Subsidiaries has (i) failed to pay any dividend or sinking fund installment on preferred stock or (ii) defaulted on any installment or payment due on indebtedness for borrowed money or on any rental on one or more long-term leases, which defaults, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. Any certificate signed by any officer of the Company and delivered to the Agent or its counsel in connection with the offering of the Placement Shares shall be deemed a representation and warranty by the Company, as to matters covered thereby, to the Agent.