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 on an obligation that is not considered debt under this definition (e.g., payment on delivery) will not give rise to debt.

  • Failure to make payment may be deemed sufficient reason for the Company to consider the Customer's account delinquent.

  • Failure to make payment may result in debt recovery action being undertaken.

  • Failure to make payment for care or failure to make payment for room and board.

  • Failure to make payment may result in suspension of cover or termination of the policy without notice.

  • Failure to make payment by that date shall cause interest to accrue on the unpaid amount.

  • Failure to make payment will be dealt with by the procedures set out by the Lester B.

  • Failure to make payment within 10 days after due date will result in disconnection of service.

  • Failure to make payment will jeopardize my child’s slot and will result in temporary suspension or termination.

  • Failure to make payment within seventy days after the work under the contract has been completed and if the work has been accepted and all required materials, certifications, and other documentations required to be submitted by the contractor and specified by the contract have been furnished the awarding city by the contractor, shall cause interest to accrue on the amount unpaid to the benefit of the unpaid party.

Related to Failure to make payment

  • Deficiency Payment has the meaning set forth in Section 9(a).

  • Erroneous Payment Return Deficiency has the meaning assigned thereto in Section 10.12(d).

  • PAGA Payment means the penalties pursuant to PAGA that the Parties have agreed is a

  • Cure Payment shall have the meaning set forth in Section 11(b).

  • Erroneous Payment Deficiency Assignment has the meaning assigned to it in Section 10.10(d).

  • Repurchase Payment for any Repurchased Receivable as of the last day of any Collection Period, means the sum of the Principal Balance thereof as of the beginning of such Collection Period plus interest accrued thereon through the due date for the Obligor’s payment in such Collection Period at the related APR, after giving effect to the receipt of monies collected on such Repurchased Receivable, if any, during such Collection Period.

  • Advance Payment means a payment that a federal awarding agency or passthrough entity makes by any appropriate payment mechanism, including a predetermined payment schedule, before the non-federal entity disburses the funds for program purposes.

  • Specified Event of Default means any Event of Default pursuant to Section 9.01(a), Section 9.01(f) or Section 9.01(g).

  • Debenture Event of Default means an "Event of Default" as defined in the Indenture.

  • Advance Deficiency As defined in Section 4.01(b).

  • Service Payment has the meaning given to it in clause 9.1;

  • Unmatured Event of Default means any event that, if it continues uncured, will, with lapse of time, notice or lapse of time and notice, constitute an Event of Default.

  • Subordination Deficiency With respect to any Distribution Date, the excess, if any, of (a) the Specified Subordinated Amount applicable to such Distribution Date over (b) the Subordinated Amount applicable to such Distribution Date.

  • Debenture Tax Event" means a "Tax Event" as defined in the Indenture.

  • Loss of Value Payment As defined in Section 2.03(a) of this Agreement.

  • Default Under First Lien With respect to each Second Lien Loan, the related First Lien Loan related thereto is in full force and effect, and there is no default, breach, violation or event which would permit acceleration existing under such first Mortgage or Mortgage Note, and no event which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a default, breach, violation or event which would permit acceleration thereunder;

  • Warranty Event As to any Asset, the discovery that as of the related Cut-Off Date or Funding Date there had existed a breach of any representation or warranty relating to such Asset and the continuance of such breach through any applicable determination date or beyond any applicable cure period.

  • Loan Event of Default means any of the events specified in Section 5.1 of the Loan Agreement, provided that any requirement for the giving of notice, the lapse of time, or both, or any other condition, event or act has been satisfied.

  • Improper Payment means: (a) any payment, offer, gift or promise to pay or authorization of the payment or transfer of other things of value, including without limitation any portion of the compensation, fees or reimbursements received hereunder or the provision of any service, gift or entertainment, directly or indirectly to (i) a Government Official; (ii) any director, officer, employee or commercial partner of a Party or its Affiliates; or, (iii) any other person at the suggestion, request or direction or for the benefit of any of the above-described persons and entities, for purposes of obtaining or influencing official actions or decisions or securing any improper advantage in order to obtain, retain or direct business; (b) payments made and expenses incurred in connection with performance of obligations under this Agreement that are not made and recorded with sufficient accuracy, detail, and control to meet the standards in applicable Anti-Corruption Laws; or, (c) any other transaction in violation of applicable Anti- Corruption Laws.

  • Warranty Claim means a claim for breach of any of the Warranties.

  • Overdue Payment shall have the meaning specified in Section 4.03(a).

  • Swap Default Any of the circumstances constituting an “Event of Default” under the Swap Agreement.

  • Purchase Payment A payment made toward this Contract.

  • Delta Payment means as it is described in this Agreement.

  • Net Proceeds Deficiency shall have the meaning set forth in Section 7.4 hereof.

  • Liquidity Event of Default with respect to any Liquidity Facility, has the meaning assigned to such term in such Liquidity Facility.