Tolling of Payments Clause Samples

Tolling of Payments. Notwithstanding the foregoing, in the event MSV directs a stop Work, all payments due Contractor (except for payments due and payable prior to the date of the stop Work order) shall be tolled and shall not accrue for the duration of the stop Work order (up to the cumulative maximum period provided in Article 15.1.1 above). If after issuing a stop Work order, MSV directs Contractor to resume Work, the Delivery Schedule, Price and affected terms of this Contract shall be equitably adjusted due to such Work stoppage pursuant to Article 15.
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Tolling of Payments. Notwithstanding the foregoing, in the event Purchaser directs a stop Work, all payments due Contractor (except for payments due and payable prior to the date of the stop Work order) shall be tolled and shall not accrue for the duration of the stop Work order (up to the cumulative maximum period provided in Article 16.1.1 above), except that Contractor shall be entitled in the event of a termination under (ii) below to payment of actual direct costs incurred as a result of the stop Work order (e.g., reasonable termination liabilities with subcontractors and suppliers but not overhead or G&A costs). In the event Purchaser directs a stop Work, within twelve (12) or eighteen (18) months thereafter, as the case may be (or within such portion of the maximum stop Work period remaining as provided in Article 16. 1.1) Purchaser shall either: (i) direct Contractor to resume Work hereunder, and the schedule and affected terms of this Contract shall be equitably adjusted due to such Work stoppage and
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Tolling of Payments. The Parties hereby agree that from and after the date hereof and until the earlier to occur of (a) the Closing, and (b) the termination of this Agreement in accordance with its terms, any and all amounts that become payable by RIH or any Guarantor under the Indemnification and Reimbursement Agreement (excluding, for the avoidance of doubt, the Q3 Payment to the extent paid to Honeywell as contemplated by Section 3(a) hereof), including pursuant to Section 2.3 thereof, or any Guarantee, shall be suspended and tolled (collectively, the “Tolled Amounts”); provided, however, that (a) if the Closing occurs, no Tolled Amounts shall be paid or payable by RIH or any Guarantor to Honeywell (and the payment of the Termination Payment shall be deemed to satisfy any and all obligations of RIH and its Affiliates under the Indemnification and Reimbursement Agreement and Guarantees, including in respect of any Tolled Amounts), and (b) if this Agreement is terminated in accordance with its terms, then RIH shall pay to Honeywell all such Tolled Amounts, with the addition of interest thereon, at an annual rate equal to five percent (5%) per annum, calculated on the basis of a three hundred sixty five (365) day year and the actual number of days elapsed from (and including) the date such payment was due under the Indemnification and Reimbursement Agreement to (and including) the date of such payment, within two (2) Business Days of such termination.
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Tolling of Payments. Notwithstanding the foregoing, in the event TerreStar issues a Stop Work Order, all payments due Contractor (except for payments due and payable prior to the date of the Stop Work Order) shall be tolled and shall not accrue for the duration of the Stop Work Order (up to the cumulative maximum period provided in Article 25.B(1)(c) above). If after issuing a Stop Work Order, TerreStar directs Contractor to resume Work, the Milestone Schedule and affected terms of this Contract shall be equitably adjusted due to such Work stoppage and the price shall be equitably adjusted to compensate Contractor for actual costs reasonably incurred by Contractor associated with such Work stoppage plus a markup of [***], such costs and markup to be invoiced and paid pursuant to Article 7; provided, however, the price shall not be increased unless or until the aggregate number of days of all Stop Work Orders exceeds thirty (30) days. If, after a period of twelve (12) months from receipt of the Stop Work Order, TerreStar does not direct Contractor to resume work, TerreStar shall be deemed to have terminated the Contract for convenience under Article 21 and the applicable termination charges shall apply.
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Related to Tolling of Payments

  • Sharing of Payments Other than as expressly provided elsewhere herein, if any Lender of any Class shall obtain payment in respect of any principal of or interest on account of the Loans of such Class made by it or the participations in L/C Obligations held by it (whether voluntary, involuntary, through the exercise of any right of setoff, or otherwise) in excess of its ratable share (or other share contemplated hereunder) thereof, such Lender shall immediately (1) notify the Administrative Agent of such fact, and (2) purchase from the other Lenders such participations in the Loans of such Class made by them or such subparticipations in the participations in L/C Obligations held by them, as the case may be, as shall be necessary to cause such purchasing Lender to share the excess payment in respect of any principal of or interest on such Loans of such Class or such participations, as the case may be, pro rata with each of them; provided that if all or any portion of such excess payment is thereafter recovered from the purchasing Lender under any of the circumstances described in Section 10.06 (including pursuant to any settlement entered into by the purchasing Lender in its discretion), such purchase shall to that extent be rescinded and each other Lender shall repay to the purchasing Lender the purchase price paid therefor, together with an amount equal to such paying Lender’s ratable share (according to the proportion of (a) the amount of such paying Lender’s required repayment to (b) the total amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in respect of the total amount so recovered, without further interest thereon. For the avoidance of doubt, the provisions of this Section 2.13 shall not be construed to apply to (i) any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement as in effect from time to time (including the application of funds arising from the existence of a Defaulting Lender) or (ii) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant permitted hereunder. The Borrower agrees that any Lender so purchasing a participation from another Lender pursuant to this Section 2.13 may, to the fullest extent permitted by applicable Law, exercise all its rights of payment (including the right of setoff, but subject to Section 10.10) with respect to such participation as fully as if such Lender were the direct creditor of the Borrower in the amount of such participation. The Administrative Agent will keep records (which shall be conclusive and binding in the absence of manifest error) of participations purchased under this Section 2.13 and will in each case notify the Lenders following any such purchases or repayments. Each Lender that purchases a participation pursuant to this Section 2.13 shall from and after such purchase have the right to give all notices, requests, demands, directions and other communications under this Agreement with respect to the portion of the Obligations purchased to the same extent as though the purchasing Lender were the original owner of the Obligations purchased. For purposes of clause (3) of the definition of Excluded Taxes, any participation acquired by a Lender pursuant to this Section 2.13 shall be treated as having been acquired on the earlier date(s) on which the applicable interest(s) in the Commitment(s) or Loan(s) to which such participation relates were acquired by such Lender.

  • Timing of Payments All payments of Expenses (including without limitation Expense Advances) by the Company to the Indemnitee pursuant to this Agreement shall be made to the fullest extent permitted by law as soon as practicable after written demand by Indemnitee therefor is presented to the Company, but in no event later than thirty (30) business days after such written demand by Indemnitee is presented to the Company, except in the case of Expense Advances, which shall be made no later than ten (10) business days after such written demand by Indemnitee is presented to the Company.