Common use of Customer Payment Default Clause in Contracts

Customer Payment Default. In the event Applicant fails for any reason to make payment to GTC on or before the due date as described above, and such failure of payment is not cured within the time period specified in Article 6.2.2, a default by Applicant shall be deemed to exist. In the event of a billing dispute between GTC and Applicant, GTC will continue to provide all services under this Agreement as long as Applicant tenders all payments in dispute to an independent escrow account in joint legal title of Applicant and GTC at a mutually agreed financial institution pending resolution of the dispute. The interest earned on the escrow account shall be the only interest paid by either Party on unpaid balances while the funds are in escrow.

Customer Payment Default. In the event Applicant fails for any reason to make payment to GTC on or before the due date as described above, and such failure of payment is not cured within the time period specified in Article Section 6.2.2, a default by Applicant shall be deemed to exist. In the event of a billing dispute between GTC and Applicant, GTC will continue to provide all services under this Agreement as long as Applicant tenders all payments in dispute to an independent escrow account in joint legal title of Applicant and GTC at a mutually agreed financial institution pending resolution of the dispute. The interest earned on the escrow account shall be the only interest paid by either Party on unpaid balances while the funds are in escrow.