Payment Breach definition

Payment Breach means the failure of Borrower to pay to Lender on any Payment Date the amount due and owing on such Payment Date pursuant to this Agreement.

Payment Breach means a 395 Concessionaire Breach that arises pursuant to Section 19.06(c) of the Second ARCA that has not been cured within a period of thirty (30) days of the Concessionaire receiving written notice from the Department of such 395 Concessionaire Breach.

Payment Breach is defined in Section 1.5(b).

Examples of Payment Breach in a sentence

• No such payments by the Buyer are deemed an agreement to make similar payments in the future or the Buyer’s waiver of any Payment Breach.

• In the event of a Payment Breach, the provisions of Section 4.4 below shall cease to apply to this Agreement and MagneGas’s sole obligation will be to complete performance hereunder upon receipt of the delinquent Progress Payment without effect on MagneGas’s rights to exercise any remedies under Article 7 below.

• To the extent termination is in connection with a Payment Breach (that is not otherwise excused due to the events in Section 7.1, MagneGas may, at its option, make demand for the sums due and owing or reclaim any other Gasifier on site as liquidated damages.

• The Buyer’s exercise of one right or remedy is not an election, and the Buyer’s waiver of any Payment Breach is not a continuing waiver.

More Definitions of Payment Breach

Payment Breach shall have the meaning provided in Section 9.2(a).

Payment Breach means a 395 Concessionaire Breach that arises pursuant to Section 19.06(c) of the Comprehensive Agreement that has not been cured within a period of thirty (30) days of the Concessionaire receiving written notice from the Department of such 395 Concessionaire Breach.

Payment Breach is defined in Section 1.04(d).

Payment Breach means the failure of Mezzanine Borrower to pay to Mezzanine Lender on any Payment Date the amount due and owing on such Payment Date pursuant to this Agreement.

Payment Breach has the meaning given such term in Section 15.3.1.

Payment Breach means Licensee’s failure for any reason to pay Licensor any or all money owed, when and as due. In respect of any breach other than a Payment Breach, any right to terminate under this Section 9.2(a) shall be stayed and the cure period tolled in the event that, during any cure period, the Party alleged to have been in material breach shall have initiated and be diligently pursuing dispute resolution in accordance with Article 11 with respect to the alleged breach, which stay and tolling shall continue until such dispute has been resolved in accordance with Article 11.

Payment Breach has the meaning set forth in Section 7.5.