Common use of Payment Failures Clause in Contracts

Payment Failures. Any failure by Somanta to make payments to Immunodex by their respective due dates is a material breach of this Agreement. Somanta shall have 30 days to cure its breach by submitting the payment due to Immunodex. If the payment due is not made by Somanta within the 30 day period, this Agreement shall terminate on the expiration of such notice period and all rights, without exception, will revert to Immunodex. During the delinquent period, Immunodex may charge interest on any outstanding amount on a daily basis at a rate equivalent to 3% above the prime rate of lending published by the U.S. Federal Reserve from time to time (or the maximum amount permitted by law, whichever is less).

Payment Failures. Any failure by Somanta to make payments to Immunodex by their respective due dates is a material breach of this Agreement. Somanta shall have 30 days to cure its breach by submitting the payment due to Immunodex. If the payment due is not made by Somanta within the 30 day period, this Agreement shall terminate on the expiration of such notice period and all rights, without exception, will revert to Immunodex. During the delinquent period, Immunodex may charge interest on any outstanding amount on a daily basis at a rate equivalent to 3% [CONFIDENTIAL TREATMENT REQUESTED] above the prime rate of lending published by the U.S. Federal Reserve from time to time (or the maximum amount permitted by law, whichever is less).