Defaulted Payments. In the event the Company should fail to make any of the payments required under this Agreement, the item or installment so in default shall continue as an obligation of the Company until the amount in default shall have been fully paid. If any such default relates to its obligations to make FILOT Payments or payments of Administration Expenses hereunder, the Company agrees to pay the same with interest thereon at the rate per annum provided by the Code for late payment of ad valorem taxes together with any penalties provided by the Code for late payment of ad valorem taxes or for non-payment of FILOT Payments.
Defaulted Payments. The Company shall pay any interest on the Securities that is payable, but is not punctually paid or duly provided for, on the applicable Interest Payment Date, in accordance with Section 307 of the Base Indenture.
Defaulted Payments. In the event the Company or any other Sponsor or Sponsor Affiliate should fail to make any of the payments required to be made by such entity under this Agreement, the item or installment so in default shall continue as an obligation of such entity until the amount in default shall have been fully paid. If any such default relates to its obligations to make Negotiated FILOT Payments hereunder, such entity shall pay the same with interest thereon at the rate per annum provided by the Code for late payment of ad valorem taxes together with any penalties provided by the Code for late payment of ad valorem taxes, all as provided in Section 12-44-90 of the Negotiated FILOT Act.
Defaulted Payments. In the event the Company should fail to make any of the payments required in this Article IV or in Article V hereof, the item or installment so in default shall continue as an obligation of the Company until the amount in default shall have been fully paid, and the Company agrees to pay the same with interest thereon (to the extent permitted by law) at a rate per annum equal to the statutory rate for nonpayment of taxes to accrue from the date of such default, and, in the case of FILOT Payments, subject to the penalties provided by law until paid. The foregoing and any other provision hereof to the contrary notwithstanding, to the extent, and only to the extent, the same may be permitted by law with respect to the payment of ad valorem taxes for similar investments, if the Company shall first notify the County of its intention to do so, the Company may, at its own expense, and in good faith, contest FILOT Payments and any other related fees, taxes, assessments, and other charges and, in the event of any such contest, may permit the FILOT Payments and such taxes, assessments, or other charges so contested to remain unpaid during the period of such contest and any appeal therefrom. The Company shall have all appeal and protest rights available to the Company under the Act and all other South Carolina statutory provisions. The Company’s failure to make any such payments as allowed by the foregoing shall not constitute a default on the part of the Company nor give rise to an Event of Default, the foregoing and any other provision hereof to the contrary notwithstanding. [End of Article IV]
Defaulted Payments. In the event any member of the FILOT Group should fail to make any of the payments required under this Agreement, the item or installment so in default shall continue as an obligation of that member of the FILOT Group until the amount in default shall have been fully paid. If any such default relates to the member of the FILOT Group’s obligations to make FILOT Payments hereunder, the respective member of the FILOT Group agrees to pay the same with interest thereon at the rate per annum provided by the Code for late payment of ad valorem taxes together with any penalties provided by the Code for late payment of ad valorem taxes, all as provided in Section 12-44-90 of the Code.
Defaulted Payments. The Parties acknowledge and agree that to the extent any indemnification payment is required to be paid to an Investor Indemnified Party in cash pursuant to Section 8.2 and such payment is not made within five (5) Business Days after the date on which a binding settlement is reached between the Parties (including NutraCea) or a final, non-appealable judgment is obtained in favor of such Investor Indemnified Party, then until the entire amount of such cash payment (a “Defaulted Payment”) is paid in full, whenever the Company pays a distribution to its members pursuant to the LLC Agreement, the Company is hereby authorized and directed to pay the portion of such distribution that would otherwise be paid to NutraCea (the “Re-directed Funds”) to the Investor Indemnified Party that is entitled to receive the Defaulted Payment, and the Company shall treat the Re-directed Funds as having been actually distributed to NutraCea under the LLC Agreement.
Defaulted Payments. In the event the Company should fail to make any of the payments required under this Agreement, the item or installment so in default shall continue as an obligation of the Company until the amount in default shall have been fully paid. The Company agrees that the collection and enforcement of the defaulted payment shall be as provided in Section 12-44-90 of the Code.
Defaulted Payments. In the event the Company should fail to make any of the payments required under this Agreement, the item or installment so in default shall continue as an obligation of the Company until the amount in default shall have been fully paid. The Company agrees that the collection and enforcement of the defaulted payment shall be as provided in Section 12-44-90 of the Code. ARTICLE VII CASUALTY AND CONDEMNATION Section 7.01. Adjustments in the Event of Damage and Destruction or Condemnation. In the event that the Project or any portion thereof is damaged or destroyed, lost or stolen, or the subject of condemnation proceedings, the Company, in its sole discretion, may determine whether or not to repair or replace the same. The parties hereto agree that if the Company decides not to repair or replace all or any portion of the Project pursuant to this Section, the FILOT required pursuant to Section 5.01 hereof shall be abated in the same manner and in the same proportion as if ad valorem taxes were payable with respect to the Project.
Defaulted Payments. In the event the Company should fail to make any of the payments required in this Article IV or in Article V hereof, the item or installment so in default shall continue as an obligation of the Company until the amount in default shall have been fully paid, and the Company agrees to pay the same with interest thereon (to the extent permitted by law) at a rate per annum equal to the statutory rate for nonpayment of taxes to accrue from the date the applicable Event of Default occurs, and, in the case of FILOT Payments, subject to the penalties provided by law until paid. The foregoing and any other provision hereof to the contrary notwithstanding, to the extent, and only to the extent, the same may be permitted by law with respect to the payment of ad valorem taxes for Deleted: 21¶ similar investments, if the Company shall first notify the County of its intention to do so, the Company may, at its own expense, and in good faith, contest FILOT Payments and any other related fees, taxes, assessments, and other charges and, in the event of any such contest, may permit the FILOT Payments and such taxes, assessments, or other charges so contested to remain unpaid during the period of such contest and any appeal therefrom. The Company shall have all appeal and protest rights available to the Company under the Act and all other South Carolina statutory provisions. The Company’s failure to make any such payments as allowed by the foregoing shall not constitute a default on the part of the Company nor give rise to an Event of Default, the foregoing and any other provision hereof to the contrary notwithstanding. [End of Article IV] Deleted: 21¶ ARTICLE V MODIFICATION OF PROJECT; PAYMENTS IN LIEU OF TAXES; TAXES, UTILITIES AND OTHER CHARGES; INSURANCE
Defaulted Payments. In the event that any Party fails to pay any amount due under this Article 2 on or prior to the date that such payment is due, the amount required to be paid shall be increased to be equal to the sum of (i) the unpaid amount adjusted by the variation of the CDI Index between the due date and the date of payment plus (ii) interest at the rate of one percent (1%) per month on the unpaid amount (before giving effect to the adjustment in clause (i) above).
