Common use of Overage Payment Clause in Contracts

Overage Payment. 3.1 On each occasion that a Trigger Date occurs during the Overage Period, an Overage Payment shall immediately become due from the Buyer to the Seller. 3.2 The Buyer covenants that it shall pay each Overage Payment due under clause 3.1 to the Seller on the later of: 3.2.1 the date which is 20 Working Days from and including the relevant Trigger Date; and 3.2.2 the date which is 20 Working Days from and including the date on which the amount of the relevant Overage Payment is agreed or determined in accordance with the terms of this Deed. 3.3 An Overage Payment shall be due in respect of each and every Trigger Date that occurs during the Overage Period notwithstanding that a Trigger Date may have previously occurred for the Property or any part or parts of it. 3.4 The Buyer covenants with the Seller that it shall pay interest at the Default Rate to the Seller on any Overage Payment that is not paid on its Payment Date. Such interest shall accrue on a daily basis for the period from and including the relevant Payment Date to and including the date of payment (whether before or after any judgment) and shall not affect any other remedy the Seller may have. 3.5 The Buyer covenants that it shall: 3.5.1 supply the Seller with a copy of any Planning Application submitted by it or on its behalf during the Overage Period within 20 Working Days of its submission to the relevant planning authority; 3.5.2 supply the Seller with a copy of any Planning Permission granted during the Overage Period within 20 Working Days of the date of grant; and 3.5.3 supply the Seller with a copy of any agreement for a Disposal of the whole or any part or parts of the Property that is entered into by the Buyer during the Overage Period within 20 Working Days of that agreement being entered into. 3.6 The benefit of the Buyer’s covenants in relation to any matters contained in this Deed is assignable by the Seller. 3.7 Any dispute with respect to the amount of the Overage shall be referred for determination under the provisions of clause 6 of this Deed.

Overage Payment. 3.1 5.1 On each occasion that a Trigger Date occurs during the Overage Period, an Overage Payment shall immediately become due from the Buyer to the Seller. 3.2 5.2 The Buyer covenants that it shall pay each Overage Payment due under clause 3.1 5.1 to the Seller on the later of: 3.2.1 (a) the date which is 20 Working Days 4 weeks from and including the relevant Trigger Date; and 3.2.2 (b) the date which is 20 Working Days 4 weeks from and including the date on which the amount of the relevant Overage Payment is agreed or determined in accordance with the terms of this Deeddeed. 3.3 5.3 An Overage Payment shall be due in respect of each and every Trigger Date that occurs during the Overage Period notwithstanding that a Trigger Date may have previously occurred for the Property or any part or parts of it. 3.4 5.4 The Buyer covenants with the Seller that it shall pay interest at the Interest Rate to the Seller on each Overage Payment that becomes due under clause 5.1. Such interest shall accrue on a daily basis for the period from and including the relevant Trigger Date to but excluding the relevant Payment Date. 5.5 The Buyer further covenants with the Seller that it shall pay interest at the Default Rate to the Seller on any Overage Payment that is not paid on its Payment Date. Such interest shall accrue on a daily basis for the period from and including the relevant Payment Date to and including the date of payment (whether before or after any judgment) and shall not affect any other remedy the Seller may have. 3.5 5.6 The Buyer covenants that it shall: 3.5.1 (a) supply the Seller with a copy of any Planning Application planning application submitted by it or on its behalf of the Buyer during the Overage Period within 20 Working Days of its submission to the relevant local planning authorityauthority or other appropriate determining body or person; 3.5.2 (b) supply the Seller with a copy of any Planning Permission granted during the Overage Period within 20 10 Working Days of the date of grant; and; 3.5.3 supply (c) notify the Seller with a copy of any agreement for a Disposal in writing of the whole or any part or parts occurrence of the Property that is entered into by the Buyer a Trigger Date during the Overage Period within 20 10 Working Days of that agreement being entered intothe relevant Trigger Date occurring; and (d) allow the Seller and its surveyor access to the Property at all reasonable times and on reasonable prior written notice to inspect whether Implementation of any Planning Permission has occurred. 3.6 5.7 The benefit of the Buyer’s 's covenants in relation to any matters contained in this Deed deed is assignable by the Seller. 3.7 Any dispute with respect to the amount of the Overage shall be referred for determination under the provisions of clause 6 of this Deed.

Overage Payment. 3.1 2.1 On each occasion that a Trigger Date occurs during the Overage Period, an Overage Payment shall immediately become due from the Buyer to the Seller. 3.2 2.2 The Buyer covenants that it shall pay each Overage Payment due under clause 3.1 2.1 to the Seller on the later of: 3.2.1 (a) the date which is 20 10 Working Days from and including the relevant Trigger Date; and 3.2.2 (b) the date which is 20 10 Working Days from and including the date on which the amount of the relevant Overage Payment is agreed or determined in accordance with the terms of this Deeddeed. 3.3 2.3 An Overage Payment shall be due in respect of each and every Trigger Date that occurs during the Overage Period notwithstanding that a Trigger Date may have previously occurred for the Property or any part or parts of it. 3.4 2.4 The Buyer covenants with the Seller that it shall pay interest at the Interest Rate to the Seller on each Overage Payment that becomes due under clause 2.1. Such interest shall accrue on a daily basis for the period from and including the relevant Trigger Date to but excluding the relevant Payment Date. 2.5 The Buyer further covenants with the Seller that it shall pay interest at the Default Rate to the Seller on any Overage Payment that is not paid on its Payment Date. Such interest shall accrue on a daily basis for the period from and including the relevant Payment Date to and including the date of payment (whether before or after any judgment) and shall not affect any other remedy the Seller may have. 3.5 2.6 The Buyer covenants that it shall: 3.5.1 (a) supply the Seller with a copy of any planning application for Planning Application Permission submitted by it or on its behalf during the Overage Period within 20 10 Working Days of its submission to the relevant planning authorityDetermining Authority; 3.5.2 (b) supply the Seller with a copy of any Planning Permission granted during the Overage Period within 20 10 Working Days of the date of grant; and; 3.5.3 (c) supply the Seller with a copy of any agreement for a Disposal of the whole or any part or parts of the Property that is entered into by the Buyer during the Overage Period within 20 10 Working Days of that agreement being entered into.; 3.6 (d) notify the Seller in writing within 10 Working Days of completion of any disposal (other than a Permitted Disposal) of the whole or any part or parts of the Property during the Overage Period that the Buyer considers is not a Disposal and at the same time supply the Seller with: (i) a copy of the instrument effecting that Disposal; and (ii) appropriate evidence that is satisfactory to the Seller (acting reasonably) that such Disposal is not an Overage Disposal; and (e) notify the Seller in writing within 7 Working Days of any Trigger Date that occurs during the Overage Period that an Overage Disposal has been completed and at the same time supply the Seller with: (i) a copy of the instrument effecting that Overage Disposal; (ii) a statement of the amount of the Overage Payment that the Buyer considers is payable; 2.7 The benefit of the Buyer’s 's covenants in relation to any matters contained in this Deed deed is assignable by the Seller. 3.7 Any dispute with respect to the amount of the Overage shall be referred for determination under the provisions of clause 6 of this Deed.