Common use of Late Payment Collection Clause in Contracts

Late Payment Collection. If a Party (for purposes of this , the “Notifying Party”) determines in good faith that another Party failed to pay any sum (in immediately available funds) when due and owing (for purposes of this , the “Notified Party”), then, the Notifying Party shall promptly send written notice of such determination to the Notified Party. If the Notified Party either (i) acknowledges that such amounts are due and owing but fails to make such payment within five (5) Business Days of receiving such notice or (ii) denies that such amounts are due, the Notified Party shall reimburse the Notifying Party for all costs incurred in collecting any payments conclusively determined to have been overdue and related interest, including, without limitation, reasonable attorneys’ fees, legal costs, court costs and collection agency fees; provided, however, that if a court or neutral arbiter determines that no amounts had been due or owing at the time the Notifying Party delivered its notice to the Notified Party, the Notifying Party will reimburse the Notified Party for all costs incurred in defending itself, including, without limitation, reasonable attorneys’ fees, legal costs, court costs and collection agency fees. For the avoidance of doubt, any amounts paid pursuant this will not also be deemed Losses for the purposes of indemnification under Article VI.

Late Payment Collection. If Except for any payment due pursuant to the Secured Promissory Note, if a Party (for purposes of this Section 2.05(e)(viii), the “Notifying Party”) determines in good faith that another Party failed to pay any sum (in immediately available funds) when due and owing (for purposes of this Section 2.05(e)(viii), the “Notified Party”), then, the Notifying Party shall promptly send written notice of such determination to the Notified Party. If the Notified Party either (i) acknowledges that such amounts are due and owing but fails to make such payment within five (5) Business Days of receiving such notice or (ii) denies that such amounts are due, the Notified Party shall reimburse the Notifying Party for all costs incurred in collecting any payments conclusively determined to have been overdue and related interest, including, without limitation, reasonable attorneys’ fees, legal costs, court costs and collection agency fees; provided, however, that if a court or neutral arbiter determines that no amounts had been due or owing at the time the Notifying Party delivered its notice to the Notified Party, the Notifying Party will reimburse the Notified Party for all costs incurred in defending itself, including, without limitation, reasonable attorneys’ fees, legal costs, court costs and collection agency fees. For the avoidance of doubt, any amounts paid pursuant this Section 2.05(e)(viii) will not also be deemed Losses for the purposes of indemnification under Article VIARTICLE VII.

Late Payment Collection. If a Party (for purposes of this Section 2.07(g)(viii), the “Notifying Party”) determines in good faith that another Party failed to pay any sum (in immediately available funds) when due and owing (for purposes of this Section 2.07(g)(viii), the “Notified Party”), then, the Notifying Party shall promptly send written notice of such determination to the Notified Party. If the Notified Party either (i) acknowledges that such amounts are due and owing but fails to make such payment within five (5) Business Days of receiving such notice or (ii) denies that such amounts are due, the Notified Party shall reimburse the Notifying Party for all costs incurred in collecting any payments conclusively determined to have been overdue and related interest, including, without limitation, reasonable attorneys’ fees, legal costs, court costs and collection agency fees; provided, however, that if a court or neutral arbiter determines that no amounts had been due or owing at the time the Notifying Party delivered its notice to the Notified Party, the Notifying Party will reimburse the Notified Party for all costs incurred in defending itself, including, without limitation, reasonable attorneys’ fees, legal costs, court costs and collection agency fees. For the avoidance of doubt, any amounts paid pursuant this Section 2.07(g)(viii) will not also be deemed Losses for the purposes of indemnification under Article VI.