TECHNICAL DEFAULT IN PAYMENT Clause Samples

TECHNICAL DEFAULT IN PAYMENT. Failure by the Borrower to pay an amount due will not constitute a Designated Event under Clause 21.1(a)(i) (NONPAYMENT DEFAULT EVENT) if: (a) before the exercise of the Agent's powers under Clause 21.2 the Borrower demonstrates to the satisfaction of the Agent that it had sufficient available funds with its bankers and had given appropriate instructions to those bankers to make that payment and that the payment would have been made but for temporary technical or administrative difficulties outside the control of the Borrower; and (b) payment is received in the manner required within 2 Business Days of the due date. The Agent need not wait for a demonstration under paragraph (a) before exercising its powers under Clause 21.2.
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TECHNICAL DEFAULT IN PAYMENT. Failure by a Borrower to pay an amount due will not constitute an Event of Default under clause 18.1(a)(i) if: (a) before the exercise of the Agent's powers under clause 18.4 or 18.5 the Borrower demonstrates to the satisfaction of the Agent that it had sufficient available funds with its bankers and had given appropriate instructions to those bankers to make that payment and that the payment would have been made but for temporary technical or administrative difficulties outside the control of the Borrower; and (b) payment is received in the manner required within 3 Business Days of the due date. The Agent need not wait for a demonstration under paragraph (a) before exercising its powers under clause 18.4 or 18.5.
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TECHNICAL DEFAULT IN PAYMENT. Failure by the Borrower to pay an amount due will not constitute an Event of Default under clause 18.1(a)(i) (NON-PAYMENT DEFAULT EVENT) if:
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Related to TECHNICAL DEFAULT IN PAYMENT

  • Default in Payment Any payment not made within ten (10) business days after it is due in accordance with this Agreement shall thereafter bear interest, compounded annually, at the prime rate in effect from time to time at Citibank, N.A., or any successor thereto. Such interest shall be payable at the same time as the corresponding payment is payable.

  • Delay in Payment Notwithstanding anything else to the contrary in this Agreement, the BEP, or any other plan, contract, program or otherwise, the Company (and its affiliates) are expressly authorized to delay any scheduled payments under this Agreement, the BEP, and any other plan, contract, program or otherwise, as such payments relate to the Executive, if the Company (or its affiliate) determines that such delay is necessary in order to comply with the requirements of Section 409A of the Internal Revenue Code. No such payment may be delayed beyond the date that is six (6) months following the Executive’s separation from service (as defined in Section 409A). At the end of such period of delay, the Executive will be paid the delayed payment amounts, plus interest for the period of any such delay. For purposes of the preceding sentence, interest shall be calculated using the six (6) month Treasury ▇▇▇▇ rate in effect on the date on which the payment is delayed, and shall be compounded daily. If the conditions of the severance exception under Treasury Regulation Section 1.409A-1(b)(9)(iii) (or any successor Regulation thereto) are satisfied, payment of benefits shall not be delayed for six (6) months following termination of employment to the extent permitted under the severance exception.

  • Report-In Pay An employee who reports to work on a regularly scheduled workday without previous notice not to report shall receive a minimum of four (4) hours work or four (4) hours pay in lieu thereof at the applicable hourly rate.

  • Default in Payment of Principal of Loans and Reimbursement Obligations The Borrower shall default in any payment of principal of any Loan or Reimbursement Obligation when and as due (whether at maturity, by reason of acceleration or otherwise).

  • Default in Performance (i) Any Loan Party shall fail to perform or observe any term, covenant, condition or agreement on its part to be performed or observed and contained in Section 8.4.(h) or Article IX.; or (ii) Any Loan Party shall fail to perform or observe any term, covenant, condition or agreement contained in this Agreement or any other Loan Document to which it is a party and not otherwise mentioned in this Section, and in the case of this subsection (b)(ii) only, such failure shall continue for a period of 30 days after the earlier of (x) the date upon which a Responsible Officer of the Borrower or such other Loan Party obtains knowledge of such failure or (y) the date upon which the Borrower has received written notice of such failure from the Administrative Agent.