Common use of Default for Nonpayment Clause in Contracts

Default for Nonpayment. If Customer is in default for nonpayment, Customer will be deemed in material breach and ▇▇▇▇▇.▇▇ may immediately suspend all Software license keys issued or otherwise made available to Customer and suspend Services until outstanding payments are received by ▇▇▇▇▇.▇▇ and/or charge Customer interest at the lower of 1.5% per month, compounded, or the maximum amount allowed by law, as applied against the past due amounts since the initial invoice due date through the date payment is received. Moreover, Customer will be responsible to pay collection costs and expenses (including reasonable attorneys’ fees) incurred by ▇▇▇▇▇.▇▇ and such costs will immediately become due and payable to ▇▇▇▇▇.▇▇. Further, and without limiting the foregoing, Customer may reinstate suspended Software license keys and Services by paying to ▇▇▇▇▇.▇▇, within fourteen (14) days from the suspension commencement date (“Reinstatement Period”), a reinstatement fee of $250.00 plus all outstanding amounts due as of the suspension effective date. Customer’s failure to pay the reinstatement fee and outstanding amounts due within the Reinstatement Period will be deemed a termination notice by Customer, and ▇▇▇▇▇.▇▇ will have the right to terminate this LSA without further notice. Customer acknowledges any payment returned unpaid, rejected, or denied, ▇▇▇▇▇.▇▇ reserves the right to collect any applicable return item, rejection, or insufficient funds fee to the maximum extent permitted by law and to process any such fees as an Electronic Payment or invoice Customer for the amount due, as applicable.