Payments During Default Sample Clauses

Payments During Default. Owner shall not be obligated to make any payments hereunder or release payments withheld, at any time in which (i) a Contractor Default shall have occurred and is continuing, or (ii) an event has occurred which, with the giving of notice or the passage of time, will constitute a Contractor Default.
Sample 1Sample 2See All (4)
AutoNDA by SimpleDocs
Payments During Default. Notwithstanding the foregoing provisions of this Section, any payments received at any time by the Secured Party from any Governmental Authority or other Person with respect to any Event of Loss, which are payable to the Grantor, shall not be paid to the Grantor if at the time of such payment an Event of Default shall have occurred and be continuing, in which event all such amounts shall be paid to and held by the Secured Party to be applied by the Secured Party toward the payment of such Secured Obligations at the time due in such order of application as the Secured Party may from time to time elect. In furtherance of the foregoing, the Grantor hereby irrevocably assigns, transfers and sets over to the Secured Party all rights of the Grantor to any award or payment received by or payable to the Grantor on account of an Event of Loss.
Sample 1Sample 2
Payments During Default. Notwithstanding anything to the contrary contained in this Lease, if a Specified Potential Default or a Default shall have occurred and be continuing, any amount that would otherwise be paid to Lessee under this Lease shall be held by Lessor as security for the obligations of Lessee hereunder and invested by Lessor as directed by Lessee in Permitted Investments and, at such time as no Specified Potential Defaults or a Default shall be continuing, such amount shall be paid promptly to Lessee unless Lessor shall have declared this Lease to be in default under Section 15 hereof, in which event such amount shall be applied by Lessor in accordance with the terms of said Section 15. Any income realized as a result of any such investment shall be held and applied by Lessor in the same manner as such amounts held by Lessor are to be applied. Neither Lessor nor any assignee thereof shall have any liability for any loss resulting from any such investment other than by reason of the willful misconduct or gross negligence (or negligence in the handling of funds) of Lessor (or any such assignee). Any expenses incurred (including any loss on such investments) in connection with any investment of funds by Lessor pursuant to this Section 24 shall be satisfied out of investments made and the proceeds thereof, except Lessor shall be responsible for any loss resulting from its gross negligence or willful misconduct or negligence in the handling of funds.
Sample 1
Payments During Default. Notwithstanding the foregoing provisions of this Section 4.2, any payments (other than insurance proceeds, the application of which is provided for in Article 5) received at any time by the Agent from any Governmental Authority or other Person which are otherwise payable to the Grantor, shall not be paid to the Grantor if at the time of such payment a Default shall have occurred and be continuing, in which event all such amounts shall be paid to and held by the Agent as security for the Obligations or, at the Agent’s option, applied by the Agent toward the payment of such Obligations at the time due in such order of application as the Agent may from time to time elect. In furtherance of the foregoing and for the foregoing purposes, the Grantor hereby irrevocably assigns, transfers and sets over to the Agent, for the benefit of the Lenders, all rights of the Grantor to any Governmental Payments received by or payable to the Grantor.
Sample 1
Payments During Default. Notwithstanding anything in this Section 14 to the contrary, any amount referred to in this Section 14 which is otherwise payable to the Sublessee shall not be paid to the Sublessee, or if previously paid to the Sublessee, shall not be retained by the Sublessee if, at the time of payment of such amount, a Default exists, but shall be paid to and held by the Sublessor as security for the Sublessee's obligations under the Operative Documents, and at such time as no Default exists, such amount shall be paid to the Sublessee.
Sample 1
Payments During Default. Notwithstanding anything to the contrary contained in this Section 2.13 or Section 2.9 hereof, if an Event of Default has occurred and is continuing, Lender may apply all Collections deposited in the Collection Accounts in reduction of the Indebtedness at any time, in such order and in such manner as Lender shall determine in its sole discretion.
Sample 1
Payments During Default. Notwithstanding the foregoing provisions of this Section 4.2, any payments (other than insurance proceeds, the application of which is provided for in Article 5) received at any time by the Lender from any governmental authority or other Person with respect to any Event of Loss, which are payable to the Grantor, shall not be paid to the Grantor if at the time of such payment an Event of Default or Default shall have occurred and be continuing, in which event all such amounts shall be paid to and held by the Lender as security for the Liabilities or, at the Lender's option, applied by the Lender toward the payment of such Liabilities at the time due in such order of application as the Lender may from time to time elect. At such time as there shall not be any Event of Default or Default, all such amounts at the time held by the Lender in excess of the amount, if any, which the Lender shall have elected to apply as above provided shall be paid to the Grantor. In furtherance of the foregoing, the Grantor hereby irrevocably assigns, transfers and sets over to the Lender all rights of the Grantor to any award or payment received by or payable to the Grantor on account of an Event of Loss.
Sample 1
AutoNDA by SimpleDocs

Related to Payments During Default

  • Late Payments; Default Rate If the Borrower fails to make any payment of principal, interest or other amount coming due pursuant to the provisions of this Note within fifteen (15) calendar days of the date due and payable, the Borrower also shall pay to the Bank a late charge equal to the lesser of five percent (5%) of the amount of such payment or $100.00 (the “Late Charge”). Such fifteen (15) day period shall not be construed in any way to extend the due date of any such payment. Upon maturity, whether by acceleration, demand or otherwise, and at the Bank’s option upon the occurrence of any Event of Default (as hereinafter defined) and during the continuance thereof, amounts outstanding under this Note shall bear interest at a rate per annum (based on the actual number of days that principal is outstanding over a year of 360 days) which shall be three percentage points (3%) in excess of the interest rate in effect from time to time under this Note but not more than the maximum rate allowed by law (the “Default Rate”). The Default Rate shall continue to apply whether or not judgment shall be entered on this Note. Both the Late Charge and the Default Rate are imposed as liquidated damages for the purpose of defraying the Bank’s expenses incident to the handling of delinquent payments, but are in addition to, and not in lieu of, the Bank’s exercise of any rights and remedies hereunder, under the other Loan Documents or under applicable law, and any fees and expenses of any agents or attorneys which the Bank may employ. In addition, the Default Rate reflects the increased credit risk to the Bank of carrying a loan that is in default. The Borrower agrees that the Late Charge and Default Rate are reasonable forecasts of just compensation for anticipated and actual harm incurred by the Bank, and that the actual harm incurred by the Bank cannot be estimated with certainty and without difficulty.

  • Notification of Event of Default Borrower shall notify Agent immediately of the occurrence of any Event of Default.

  • No Event of Default No Default or Event of Default has occurred and is continuing.

  • Event of Default; Notice (a) The Guarantee Trustee shall, within 90 days after the occurrence of an Event of Default, transmit by mail, first class postage prepaid, to the Holders, notices of all Events of Default known to the Guarantee Trustee, unless such defaults have been cured before the giving of such notice, provided, that, except in the case of a default in the payment of a Guarantee Payment, the Guarantee Trustee shall be protected in withholding such notice if and so long as the Board of Directors, the executive committee or a trust committee of directors and/or Responsible Officers of the Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders.

  • Additional Event of Default The following will constitute an additional Event of Default with respect to Party B: "NOTE ACCELERATION NOTICE. A Note Acceleration Notice is served on Party B in relation to the Relevant Notes."

  • Event of Default Defined Acceleration of Maturity; Waiver of Default. "Event of Default" with respect to Securities of any series wherever used herein, means each one of the following events which shall have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

  • Other Payment Default The Borrower shall default in the payment when and as due (whether at maturity, by reason of acceleration or otherwise) of interest on any Loan or Reimbursement Obligation or the payment of any other Obligation, and such default shall continue for a period of three (3) Business Days.

Time is Money Join Law Insider Premium to draft better contracts faster.