Allocation of Payment Defaults Sample Clauses

Allocation of Payment Defaults. The Seller shall at all times provide in "Rate Schedule A" a mechanism by which the Seller shall allocate all unrecovered costs resulting from a Payment Default by the Purchaser or a Payment Default by any of the Other Purchasers to each Resource with respect to which such defaulting Purchaser has a PCR and a mechanism for recovering such costs from the Purchasers that also have a PCR with respect to such Resource in accordance with the provisions of Section 3.4.1. Such rate provision shall further ensure that if the Purchaser has no PCR with respect to a Resource, the Seller shall not seek to recover from the Purchaser any of the amounts attributable to that Resource otherwise unrecovered as the result of a Payment Default by any of the Other Purchasers unless each of the Other Purchasers that has a PCR in such Resource has defaulted. In the event of Payment Defaults by all Purchasers that have PCRs with respect to a Resource, the Seller shall recover the otherwise unrecovered costs resulting from such Payment Defaults in accordance with Sections 3.4.2 and 3.4.3.
Sample 1
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Allocation of Payment Defaults. The Transmission Customer and GTC expressly acknowledge the right of GTC to increase the rates of all GTC Members except OPC pro rata as necessary to recover revenue shortfalls resulting from a Payment Default by the Transmission Customer or any other GTC Member or Members or any other customer of GTC. OPC is excluded from such increase because its members are already directly obligated to GTC. GTC shall at all times provide in the applicable service schedule for Network Integration Transmission Service a mechanism by which GTC shall allocate any unrecovered costs resulting from a Payment Default by the Transmission Customer or a Payment Default of any other GTC Member or any other customer of GTC and a mechanism for recovering the otherwise unrecovered costs resulting from such default from each such non-defaulting GTC Member, other than OPC, in the proportion of its Network Load at the time of such Payment Default to the aggregate Network Load of all non-defaulting GTC Members, other than OPC, at such time.
Sample 1
Allocation of Payment Defaults. 10 5.7 Covenant of the Member..................................11
Sample 1
Allocation of Payment Defaults. The Seller shall at all times provide in "Rate Schedule A" a mechanism by which the Seller shall allocate all unrecovered costs resulting from a Payment Default by the Member or a Payment Default by any other member to each Resource with respect to which the defaulting member has a PCR and a mechanism for recovering such costs from the members that also have a PCR with respect to such Resource in accordance with the provisions of Section 3.5.1. Such rate provision shall further ensure that if the Member has no PCR with respect to a Resource, the Seller shall not seek to recover from the Member any of the costs of that Resource otherwise unrecovered as the result of a Payment Default by another member unless every member that has a PCR in such Resource has defaulted. In the event of Payment Defaults by all members that have a PCR with respect to a Resource, the Seller may recover the amount of such Payment Defaults only in accordance with Sections 3.5.2 and 3.5.3.
Sample 1

Related to Allocation of Payment Defaults

  • Post Default Allocation of Payments Notwithstanding anything herein to the contrary, during an Event of Default, monies to be applied to the Obligations, whether arising from payments by Obligors, realization on Collateral, setoff or otherwise, shall be allocated as follows:

  • Allocation of Payments After Event of Default Notwithstanding any other provisions of this Credit Agreement, after the occurrence and during the continuance of an Event of Default with respect to any Borrower, all amounts collected from such Borrower or received by the Administrative Agent or any Lender on account of amounts outstanding under any of the Credit Documents shall be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable outside attorneys’ fees other than the fees of in-house counsel) of the Administrative Agent or any of the Lenders in connection with enforcing the rights of the Lenders under the Credit Documents against such Borrower and any protective advances made by the Administrative Agent or any of the Lenders, pro rata as set forth below; SECOND, to payment of any fees owed to the Administrative Agent or any Lender by such Borrower, pro rata as set forth below; THIRD, to the payment of all accrued interest payable to the Lenders by such Borrower hereunder, pro rata as set forth below; FOURTH, to the payment of the outstanding principal amount of the Loans or Letters of Credit outstanding of such Borrower, pro rata as set forth below; FIFTH, to all other obligations which shall have become due and payable of such Borrower under the Credit Documents and not repaid pursuant to clauses “FIRST” through “FOURTH” above; and SIXTH, the payment of the surplus, if any, to whoever may be lawfully entitled to receive such surplus. In carrying out the foregoing, (a) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category and (b) each of the Lenders shall receive an amount equal to its pro rata share (based on each Lender’s Commitment Percentages) of amounts available to be applied.

  • 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.

  • Payment Defaults Tenant shall fail to pay any installment of Rent or any other payment hereunder when due; provided, however, that Landlord will give Tenant notice and an opportunity to cure any failure to pay Rent within 3 days of any such notice not more than once in any 12 month period and Tenant agrees that such notice shall be in lieu of and not in addition to, or shall be deemed to be, any notice required by law.

  • Payment Default Borrower fails to (a) make any payment of principal or interest on any Credit Extension on its due date, or (b) pay any other Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day grace period shall not apply to payments due on the Maturity Date or the date of acceleration pursuant to Section 9.1 (a) hereof). During the cure period, the failure to cure the payment default is not an Event of Default (but no Credit Extension will be made during the cure period);

  • Form of Payment After Default Following the occurrence of an event of default by Tenant, Landlord shall have the right to require that any or all subsequent amounts paid by Tenant to Landlord hereunder, whether to cure the default in question or otherwise, be paid in the form of cash, money order, cashier’s or certified check drawn on an institution acceptable to Landlord, or by other means approved by Landlord, notwithstanding any prior practice of accepting payments in any different form.

  • Application of Payments and Proceeds Upon Default If an Event of Default has occurred and is continuing, Bank shall have the right to apply in any order any funds in its possession, whether from Borrower account balances, payments, proceeds realized as the result of any collection of Accounts or other disposition of the Collateral, or otherwise, to the Obligations. Bank shall pay any surplus to Borrower by credit to the Designated Deposit Account or to other Persons legally entitled thereto; Borrower shall remain liable to Bank for any deficiency. If Bank, directly or indirectly, enters into a deferred payment or other credit transaction with any purchaser at any sale of Collateral, Bank shall have the option, exercisable at any time, of either reducing the Obligations by the principal amount of the purchase price or deferring the reduction of the Obligations until the actual receipt by Bank of cash therefor.

  • Acceleration of Payment of Notes If payment of the Notes is accelerated because of an Event of Default, the Company or the Trustee shall promptly notify the holders of the Designated Senior Debt of the Company (or their Representatives) of the acceleration.

  • Acceleration of Payment Notwithstanding anything to the contrary contained in this Agreement, the Committee shall have the right, at any time in its sole discretion, to accelerate the time of a payment under this Agreement to a time otherwise permitted under Section 409A in accordance with the requirements, restrictions and limitations of Treasury Regulation Section 1.409A-3(j).

  • Post-Default Allocation Notwithstanding anything in any Loan Document to the contrary, during an Event of Default, monies to be applied to the Obligations, whether arising from payments by Obligors, realization on Collateral, setoff or otherwise, shall be allocated as follows:

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