Failure to make payment definition

Failure to make payment as used herein means failure to remit a payment calculated in good faith as set forth in this Agreement or the Co-Promotion Agreement. For clarity, in the event (i) Ligand terminates this Agreement or the Co-Promotion Agreement for a material breach of Section 7(a) (Non-Disparagement) of this Agreement, (ii) Co-Promotion Partner terminates this Agreement or the Co-Promotion Agreement due to Ligand’s failure to make payments as set forth in the proviso in the preceding paragraph, or (iii) Co-Promotion Partner is unable to make at least 95% of its minimum obligations of Product Calls due to Force Majeure, the penalty in the preceding paragraph shall not be applicable and the $10,000,000 Early Termination Payment specified in Section 3(c)(ii) of this Agreement shall be deemed unconditional. For further clarity, in the event the payment obligations of Ligand as set forth in Section 3(b) and Section 3(c) accelerate and are fully paid by Ligand pursuant to Section 16.1, the penalty in the preceding paragraph shall be of no further force or effect and the payment of the $10,000,000 Early Termination Payment shall accelerate pursuant to Section 16,1, unless (i) the event in clause (B) of this Section 8(iv) has occurred prior to such acceleration, or (ii) for an acceleration occurring on or after October 1, 2006, the event in clause (A) of this Section 8(iv) has occurred prior to such acceleration.
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Examples of Failure to make payment in a sentence

  • SECTION 6.01 OF SERVICING AGREEMENT Section Event Yes/No ------- ----- ------ 6.01(i) Failure to make payment required No 6.01(ii) Failure to submit Monthly Statement No 6.01(iii) Failure to Observe Covenants in Servicing Agreement No 6.01(iv) Servicer consents to appointment of custodian, receiver, etc.

  • SECTION 6.01 OF SERVICING AGREEMENT Section Event Yes/No ------- ----- ------ 6.01(i) Failure to make payment, deposit, transfer, or delivery required No 6.01(ii) Failure to submit Monthly Statement No 6.01(iii) Failure to Observe Covenants or Agreements in Transaction Documents No 6.01(iv) Servicer consents to appointment of custodian, receiver, etc.

  • Failure to make payment in accordance with this Paragraph may, at the discretion of the Company, result in the Company revoking the sale and repossessing the PRODUCT without notice or formality or result in a charge back or disallowance of discounts and/or settlement allowances.

  • No EVENTS OF SERVICER TERMINATION: SECTION 6.01 OF SERVICING AGREEMENT Section Event Yes/No ------- ----- ------ 6.01(i) Failure to make payment required No 6.01(ii) Failure to submit Monthly Statement No 6.01(iii) Failure to Observe Covenants in Servicing Agreement No 6.01(iv) Servicer consents to appointment of custodian, receiver, etc.

  • SECTION 6.01 OF SERVICING AGREEMENT Section Event Yes/No -------- ----- ------ 6.01(i) Failure to make payment required No 6.01(ii) Failure to submit Monthly Statement No 6.01(iii) Failure to Observe Covenants in Servicing Agreement No 6.01(iv) Servicer consents to appointment of custodian, receiver, etc.

  • SECTION 6.01 OF SERVICING AGREEMENT Section Event Yes/No ---------- ---------------------------------------------------------------------------- ------ 6.01(i) Failure to make payment required No 6.01(ii) Failure to submit Monthly Statement No 6.01(iii) Failure to Observe Covenants in Servicing Agreement No 6.01(iv) Servicer consents to appointment of custodian, receiver, etc.

  • Failure to make payment when due shall constitute a breach hereof subject to applicable provisions as.

  • Failure to make payment, within five (5) days from the due date, is a material breach of this Agreement and shall entitle contractor to cease any further work.

  • Failure to make payment in a timely fashion may result in suspension or termination of this agreement.

  • SECTION 6.01 OF SERVICING AGREEMENT Section Event Yes/No ---------- --------------------------------------------------------------- -------- 6.01(i) Failure to make payment required No 6.01(ii) Failure to submit Monthly Statement No 6.01(iii) Failure to Observe Covenants in Servicing Agreement No 6.01(iv) Servicer consents to appointment of custodian, receiver, etc.

Related to Failure to make payment

  • Public Information Failure Payments shall have the meaning ascribed to such term in Section 4.3(b).

  • Required Percentage-Remedies shall be 66-2/3% of the aggregate Voting Rights.

  • Deficiency Payment has the meaning set forth in Section 9(a).

  • Erroneous Payment Return Deficiency has the meaning assigned to it in Section 14.14(d).

  • PAGA Payment means the penalties pursuant to PAGA that the Parties have agreed is a

  • Cure Payment shall have the meaning set forth in Section 11(b).

  • Erroneous Payment Deficiency Assignment has the meaning assigned to it in Section 14.14(d).

  • Repurchase Payment for any Repurchased Receivable as of the last day of any Collection Period, means the sum of the Principal Balance thereof as of the beginning of such Collection Period plus interest accrued thereon through the due date for the Obligor’s payment in such Collection Period at the related APR, after giving effect to the receipt of monies collected on such Repurchased Receivable, if any, during such Collection Period.

  • Advance Payment means a payment that a federal awarding agency or passthrough entity makes by any appropriate payment mechanism, including a predetermined payment schedule, before the non-federal entity disburses the funds for program purposes.

  • Net Prepayment Interest Shortfall For any Distribution Date, the amount by which the sum of the Prepayment Interest Shortfalls exceeds the sum of the Compensating Interest payments made on such Distribution Date.

  • Advance Deficiency As defined in Section 4.01(b).

  • Daily Failure Amount means the product of (x) .005 multiplied by (y) the Closing Sale Price of the Common Stock on the applicable Share Delivery Date.

  • Service Payment has the meaning given to it in clause 9.1;

  • Subordination Deficiency With respect to any Distribution Date, the excess, if any, of (a) the Specified Subordinated Amount applicable to such Distribution Date over (b) the Subordinated Amount applicable to such Distribution Date.

  • ECF Prepayment Amount has the meaning assigned to such term in Section 2.11(b)(i).

  • Service Level Failure means a failure to perform the Software Support Services fully in compliance with the Support Service Level Requirements.

  • Loss of Value Payment As defined in Section 2.03(a) of this Agreement.

  • Default Under First Lien With respect to each Second Lien Loan, the related First Lien Loan related thereto is in full force and effect, and there is no default, breach, violation or event which would permit acceleration existing under such first Mortgage or Mortgage Note, and no event which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a default, breach, violation or event which would permit acceleration thereunder;

  • Warranty Event As to any Asset, the discovery that as of the related Cut-Off Date or Funding Date there had existed a breach of any representation or warranty relating to such Asset and the continuance of such breach through any applicable determination date or beyond any applicable cure period.

  • Loan Event of Default An “Event of Default” as defined in the Loan Agreement.

  • Improper Payment means: (a) any payment, offer, gift or promise to pay or authorization of the payment or transfer of other things of value, including without limitation any portion of the compensation, fees or reimbursements received hereunder or the provision of any service, gift or entertainment, directly or indirectly to (i) a Government Official; (ii) any director, officer, employee or commercial partner of a Party or its Affiliates; or, (iii) any other person at the suggestion, request or direction or for the benefit of any of the above-described persons and entities, for purposes of obtaining or influencing official actions or decisions or securing any improper advantage in order to obtain, retain or direct business; (b) payments made and expenses incurred in connection with performance of obligations under this Agreement that are not made and recorded with sufficient accuracy, detail, and control to meet the standards in applicable Anti-Corruption Laws; or, (c) any other transaction in violation of applicable Anti- Corruption Laws.

  • Mandatory Prepayment Amount for any Debentures shall equal the sum of (i) the greater of: (A) 130% of the principal amount of Debentures to be prepaid, plus all accrued and unpaid interest thereon, or (B) the principal amount of Debentures to be prepaid, plus all other accrued and unpaid interest hereon, divided by the Conversion Price on (x) the date the Mandatory Prepayment Amount is demanded or otherwise due or (y) the date the Mandatory Prepayment Amount is paid in full, whichever is less, multiplied by the VWAP on (x) the date the Mandatory Prepayment Amount is demanded or otherwise due or (y) the date the Mandatory Prepayment Amount is paid in full, whichever is greater, and (ii) all other amounts, costs, expenses and liquidated damages due in respect of such Debentures.

  • Excess Prepayment Interest Shortfall With respect to any Distribution Date, the aggregate of any Prepayment Interest Shortfalls resulting from any Principal Prepayments made on the Mortgage Loans to be included in the Aggregate Available Funds for such Distribution Date that are not covered by the Master Servicer’s Compensating Interest Payment for such Distribution Date and/or the portion of any compensating interest payments allocable to any Outside Serviced Mortgage Loan to the extent received from the related Outside Master Servicer.