Common use of Timing for Payment Clause in Contracts

Timing for Payment. In the event Indemnitees incur any Losses which were not otherwise paid or satisfied by Seller pursuant to this Agreement, Indemnitees shall deliver written notice to Seller advising Seller that Indemnitees have incurred such Losses (“Notice of Loss”). The Notice of Loss shall include an itemization of all of the Losses which Seller is required to pay pursuant to and in accordance with the terms and provisions of this Agreement. Within thirty (30) calendar days after the date of receipt by Seller of a Notice of Loss, Seller shall, unless Seller reasonably disputes by written notice to Buyer the assertion that Seller is responsible for such Losses pursuant to Section 15.1 of this Agreement, pay to Indemnitees the aggregate amount of the Losses described in such Notice of Loss for which Seller is responsible hereunder. In the event Seller fails to timely pay to Indemnitees the aggregate amount of such Losses, any and all unpaid amounts ultimately found to be the responsibility of Seller hereunder shall bear interest at the lesser of: (a) eight percent (8%) per annum; or (b) the maximum rate of interest allowable under applicable law, which interest, in either case, shall be deemed to accrue effective as of the date such payment was originally due.