Failure to make payment definition

Failure to make payment as used herein means failure to remit a payment calculated in good faith as set forth in this Agreement or the Co-Promotion Agreement. For clarity, in the event (i) Ligand terminates this Agreement or the Co-Promotion Agreement for a material breach of Section 7(a) (Non-Disparagement) of this Agreement, (ii) Co-Promotion Partner terminates this Agreement or the Co-Promotion Agreement due to Ligand’s failure to make payments as set forth in the proviso in the preceding paragraph, or (iii) Co-Promotion Partner is unable to make at least 95% of its minimum obligations of Product Calls due to Force Majeure, the penalty in the preceding paragraph shall not be applicable and the $10,000,000 Early Termination Payment specified in Section 3(c)(ii) of this Agreement shall be deemed unconditional. For further clarity, in the event the payment obligations of Ligand as set forth in Section 3(b) and Section 3(c) accelerate and are fully paid by Ligand pursuant to Section 16.1, the penalty in the preceding paragraph shall be of no further force or effect and the payment of the $10,000,000 Early Termination Payment shall accelerate pursuant to Section 16,1, unless (i) the event in clause (B) of this Section 8(iv) has occurred prior to such acceleration, or (ii) for an acceleration occurring on or after October 1, 2006, the event in clause (A) of this Section 8(iv) has occurred prior to such acceleration.

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Examples of Failure to make payment in a sentence

• Failure to make payment when due or impairment of Customer's credit shall relieve AMS of the obligation of further performance of this Agreement.

• Failure to make payment may result in debt recovery action being undertaken including, where warranted, referral to an external debt collection agency.

• Failure to make payment on or before the date payment is due may result in termination of your License.

• Failure to make payment within thirty (30) days will result in termination of coverage during the unpaid FMLA leave.

• Failure to make payment within terms may result in suspension of services under this Service Agreement or any other agreement with ESP or its affiliated companies.

• Failure to Pay: Failure to make payment of rent or other charges may result in termination of this Lease by the University with three (3) day notice of eviction.

• Failure to make payment is also grounds for the LDU to disconnect your service.

• Failure to make payment according to the terms above does not release liability for this contract.

• Failure to make payment pursuant to any subcontract will result in a penalty charged against Grantee and paid to the subcontractor in the amount of one-half of one percent (0.50%) of the amount due per day from the expiration of the period allowed herein for payment.

• Failure to make payment is also grounds for the LDU to disconnect your service, subject to NYPSC rules and regulations concerning the termination of service to residential customers.