Non-Payment of Obligations Sample Clauses
The Non-Payment of Obligations clause defines the consequences and procedures that apply when a party fails to fulfill its payment commitments under an agreement. Typically, this clause outlines what constitutes a payment default, any grace periods for remedying missed payments, and the rights of the non-defaulting party, such as charging interest, suspending services, or terminating the contract. Its core practical function is to protect parties from financial risk by establishing clear remedies and incentives for timely payment, thereby ensuring the reliability of contractual transactions.
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Non-Payment of Obligations. Borrower shall default in the payment or prepayment when due of any principal of any Loan, or Borrower shall default (and such default shall continue unremedied for a period of five (5) Business Days) in the payment when due of any interest, fee or of any other obligation hereunder.
Non-Payment of Obligations. The Borrower shall default in the payment or prepayment when due of
(a) any principal of any Loan, any Reimbursement Obligation or any deposit of cash for collateral purposes pursuant to Section 2.6.4; or
(b) any interest on any Loan, any fee described in Article III or any other monetary Obligation, and such default shall continue unremedied for a period of three Business Days after such amount was due.
Non-Payment of Obligations. Any Borrower shall default in the payment or prepayment when due of
(a) any principal of any Loan, any Reimbursement Obligation or any deposit of cash for collateral purposes pursuant to Section 2.6.4; or
(b) any interest on any Loan, any fee described in Article III or any other monetary Obligation, and such default shall continue unremedied for a period of three days after such amount was due.
Non-Payment of Obligations. Any Borrower shall default (i) in the payment or prepayment when due of any principal on any Credit Extension or repayment of any Reimbursement Obligation, or (ii) in the payment when due of any interest on any Credit Extension or any commitment fee (and such default shall continue unremedied for a period of three Business Days), or (iii) in the payment of any other Obligation (and such default shall continue unremedied for a period of 15 days following the submission of an invoice to the relevant Borrower and KIL in respect of such other Obligation).
Non-Payment of Obligations. The Company shall default in the payment of the Principal Amount of this Debenture as and when the same shall become due and payable, whether by acceleration or otherwise.
Non-Payment of Obligations. The Borrower shall default in the payment when due of any principal of or interest on any Advance, any facility fee, any Letter of Credit commission or the agency fee provided for in Section 10.11, provided that, in the case of any default in the payment of any interest on any Advance or of any facility fee or commission, such default shall continue unremedied for a period of at least five Business Days after notice thereof shall have been given to the Borrower by any Lender Party; and provided further that, in the case of any default in the payment of such agency fee, such default shall continue unremedied for a period of at least ten days after notice thereof shall have been given to the Borrower by the Administrative Agent.
Non-Payment of Obligations. Any Loan Party shall default in the payment or prepayment when due of any principal of any Loan or of any reimbursement obligation with respect to any Letter of Credit; or Borrower shall default in the payment when due of any interest, fee or of any other obligation hereunder or under any other Loan Document and such default continues for a period of three (3) Business Days.
Non-Payment of Obligations. The Borrower shall default in the payment when due of any principal of or interest on the Loan or any Commitment Fee, or the Borrower shall default in the payment of any fee due and payable under the Fee Letter, provided that, in the case of any default in the payment of any interest on the Loan or of any Commitment Fee, such default shall continue unremedied for a period of at least two (2) Business Days after notice thereof shall have been given to the Borrower by the Facility Agent; and provided further that, in the case of any default in the payment of any fee due and payable under the Fee Letter, such default shall continue unremedied for a period of at least ten days after notice thereof shall have been given to the Borrower by the Facility Agent.
Non-Payment of Obligations. Either Borrower shall default, and such default shall continue unremedied for a period of three days after such amount was due, in the payment or prepayment when due of the following:
(a) any principal of any Loan (including any regularly scheduled payment of principal and any prepayment pursuant to Section 3.1.1); or
(b) interest on any Loan or any fee described in Article III or any other monetary Obligation (other than as provided for in clause (a) above).
Non-Payment of Obligations. The Borrower shall default -------------------------- in the payment or prepayment when due of any principal or interest of any Loan, or the payment of any fee or other Obligation.