Default in Payments Sample Clauses

Default in Payments. If any payment is due and payable to the Executive under Section 21 and such payment is not made when due and such non-payment continues for a period of ten (10) days after written notice thereof from the Executive to the Corporation, which notice describes such payment default and references this Section 22, the following shall occur: (a) The Executive shall be immediately released from Section 13 hereof regarding non-competition; and (b) The Executive shall retain all other rights and remedies against the Corporation.

Default in Payments. The failure of Franchisee to pay City when due any amounts required by the Agreement pursuant to Section 6 and such failure continues for a period of ten (10) days after the due date. City will provide Franchisee a courtesy notice of such default. However, failure by the City to provide such notice shall not eliminate the default caused by Franchisee’s failure to pay City when due any amounts required by this Agreement.

Default in Payments. If the Company should (a) fail to make any Loan Repayment required pursuant to Section 4.1 when due, or (b) fail to make any other payment hereunder when due after being notified in writing of such failure by the Issuer or the Trustee, and such failure continues for a period of 10 days, then the Company shall pay interest with respect to such delinquent payments thereon at a rate per year equal to the highest rate borne by any maturity of the Bonds; provided the Company shall not be obligated to pay any interest in excess of the maximum rate permitted by applicable law.

Default in Payments. The Board of Directors will establish policies and procedures for dealing with situations in which Members have not timely paid contributions. The Board of Directors may set interest rates and fees to offset administrative expenses, collection costs, etc. for delinquent payments.

Default in Payments. 20.1. In the event the Lessee defaulted in making any of the payments the Lessee is obligated to pay in accordance with this Agreement by more than 7 days, the Lessee shall pay to the Management Company interest in arrears for the amount in default according to the customary rate in Bank Leumi le-Israel Ltd for unauthorized overdrafts in current loan accounts. Interest shall be calculated for the period taking effect as of the day in which the Lessee was obligated to pay the amount in default and until the date payment is made. In case the Management Company paid to a third-party interest and/or penalty for delay due to the default in payment by the Lessee, the said interest and penalty for delay shall be deemed as part of the debt principal that the Lessee is obligated to return to the Management Company. It is hereby clarified that default in paying any sum that is greater than 15 days shall constitute breach of this Section and shall constitute a fundamental breach of this Agreement. 20.2. In case the collection of any sum as aforesaid requires expenses or attorney fees on behalf of the Management Company, any sum that was paid as aforesaid shall be allocated first on account of reimbursement of the expenses and only afterwards on account of the principal, linkage differentials and interest. 20.3. Payment of interest in accordance with this Section shall not derogate from the right of the Management Company to seek any other relief set forth in this Agreement and the law and this shall not be construed as waiver of the Management Company of any other relief it may seek.

Default in Payments. 10.1 In the event that any Constituent Authority fails to make any payment due under this Agreement, the PMO may determine that interest will run from the date following the date upon which the money became due and payable until paid at a rate of 2% per annum above the base rate of the Royal Bank of Scotland plc. 10.2 Where a Constituent Authority remains in default for more than one calendar quarter the terms of clause 8.6 shall apply. 10.3 The Lead Authority, on behalf of the Constituent Authorities, and the Constituent Authorities themselves individually, reserve the right to recover any outstanding sums due to them from a defaulting Constituent Authority.

Default in Payments. If the Company fails to make any payments required by the Note or this Financing Agreement when due, the Company shall pay to the Trustee interest thereon until paid at a rate equal to the highest rate on any Bonds then outstanding or, in case of the payment of any amounts not to be used to pay principal of or interest on Bonds, at a rate equal to the Prime Rate plus one percent per year.

Default in Payments. If the Corporation should fail to make any payments required by the Note or this Loan Agreement on account of principal of or interest on any Bonds when due, the Corporation shall pay to the Trustee interest thereon until paid at the rate equal to the rate on such Bonds, to the extent permitted by law. If the Corporation should fail to make any other payments required by this Loan Agreement when due, the Corporation shall pay to the Authority or the Trustee, as applicable, interest at the rate equal to the Prime Rate plus one percent (1%) per year.

Default in Payments. If Customer shall fail to pay all or any portion of any payment, when and as the same shall come due and payable, whether at the due date thereof or by acceleration, or shall fail to make any other payment required by this Agreement, and such failure continues for a period of ten (10) business days after receipt of written notice; or