Default in Production Sample Clauses

Default in Production. 1. Failure to start production. If Yeso-med is, by 30 April 2012, unable or unwilling to fill RMCP’s orders of the Product in the 3ml size in at least the minimum amount provided for in this Agreement, RMCP shall have the right, upon Notice to Yeso-med, and provided that RMCP is current on its payment obligations to Yeso-med, to terminate Yeso-med’s right to produce the Product under this Agreement, make arrangements for substitute supply from whatever successor supplier(s) RMCP deems appropriate, take possession from Yeso- med of the Production Molds and other property of RMCP and have such items so removed transferred as RMCP deems appropriate. Yeso-med agrees to render assistance to facilitate the transfer to the successor supplier(s) facility or facilities of the production molds and other property of RMCP. 2. Late fulfillment of orders. If Yeso-med is more than forty-five (45) days later in filling accepted orders of Product more than once in a twelve month period, RMCP shall have the right, upon Notice to Yeso-med, and provided that RMCP is current on its payment obligations to Yeso-med, to terminate Yeso-med’s right to produce the Product under this Agreement, make arrangements to take over production from Yeso- med’s production facilities for substitute supply or to make arrangements from whatever successor supplier(s) RMCP deems appropriate, take possession from Yeso-med of the Production Molds and other property of RMCP and have such items so removed transferred as RMCP deems appropriate. Yeso-med agrees to render assistance to facilitate the transfer to the successor supplier(s) facility or facilities of the production molds and other property of RMCP. -34- B. Default in Minimum Orders. 1. Insufficient order for one month. Subject to Yeso-med’s compliance with the terms and conditions of this Agreement, including all related to manufacturing and supply, and subject to any limitations in this Agreement, if RMCP does not place with Yeso-med the minimum order for a single month, then in that event, Yeso-med shall have the right to receive payment from RMCP in accordance with the following formula for each unit below the minimum order amount required for that month: Units below monthly minimum X Supply Price X 50%. For example, if the minimum monthly standing order quantity is 2,500,000 and the order placed by RMCP is for 1,000,000 Units, the amount due to Yeso-med will be calculated as: 1,500,000 x 0.79 CNY x 50% = CNY 592,000 RMCP will have the ri...
Sample 1
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Default in Production. 1. Failure to start production. If Yeso-med is, by 30 April 2012, unable or unwilling to fill RMCP’s orders of the Product in the 3ml size in at least the minimum amount provided for in this Agreement, RMCP shall have the right, upon Notice to Yeso-med, and provided that RMCP is current on its payment obligations to Yeso-med, to terminate Yeso-med’s right to produce the Product under this Agreement, make arrangements for substitute supply from whatever successor supplier(s) RMCP deems appropriate, take possession from Yeso- med of the Production Molds and other property of RMCP and have such items so removed transferred as RMCP deems appropriate. Yeso-med agrees to render assistance to facilitate the transfer to the successor supplier(s) facility or facilities of the production molds and other property of RMCP.
Sample 1

Related to Default in Production

  • Default in Payment Any payment not made within ten (10) business days after it is due in accordance with this Agreement shall thereafter bear interest, compounded annually, at the prime rate in effect from time to time at Citibank, N.A., or any successor thereto. Such interest shall be payable at the same time as the corresponding payment is payable.

  • Default in Performance (i) Any Loan Party shall fail to perform or observe any term, covenant, condition or agreement on its part to be performed or observed and contained in Section 8.4.(h) or Article IX.; or (ii) Any Loan Party shall fail to perform or observe any term, covenant, condition or agreement contained in this Agreement or any other Loan Document to which it is a party and not otherwise mentioned in this Section, and in the case of this subsection (b)(ii) only, such failure shall continue for a period of 30 days after the earlier of (x) the date upon which a Responsible Officer of the Borrower or such other Loan Party obtains knowledge of such failure or (y) the date upon which the Borrower has received written notice of such failure from the Administrative Agent.

  • Compounding of default interest Any such interest which is not paid at the end of the period by reference to which it was determined shall thereupon be compounded.

  • Report-In Pay An employee who reports to work on a regularly scheduled workday without previous notice not to report shall receive a minimum of four (4) hours work or four (4) hours pay in lieu thereof at the applicable hourly rate.

  • Default in Payment of Principal of Loans and Reimbursement Obligations The Borrower shall default in any payment of principal of any Loan or Reimbursement Obligation when and as due (whether at maturity, by reason of acceleration or otherwise).

  • Post-Default Interest Upon the occurrence, and during the continuance, of any Event of Default, the unpaid principal amount of each Advance shall bear interest at a rate per annum equal at all times to 2% per annum above the rate per annum otherwise required to be paid on such Advance in accordance with subsection (a), (b) or (c) above; provided that any amount of principal which is not paid when due (whether at stated maturity, by acceleration or otherwise) shall bear interest, from the date on which such amount is due until such amount is paid in full, payable on demand, at a rate per annum equal at all times to the greater of (x) 2% per annum above the Base Rate in effect from time to time and (y) 2% per annum above the rate per annum required to be paid on such Advance immediately prior to the date on which such amount became due.

  • Delay in Payment Notwithstanding anything else to the contrary in this Agreement, the BEP, or any other plan, contract, program or otherwise, the Company (and its affiliates) are expressly authorized to delay any scheduled payments under this Agreement, the BEP, and any other plan, contract, program or otherwise, as such payments relate to the Executive, if the Company (or its affiliate) determines that such delay is necessary in order to comply with the requirements of Section 409A of the Internal Revenue Code. No such payment may be delayed beyond the date that is six (6) months following the Executive’s separation from service (as defined in Section 409A). At the end of such period of delay, the Executive will be paid the delayed payment amounts, plus interest for the period of any such delay. For purposes of the preceding sentence, interest shall be calculated using the six (6) month Treasury Xxxx rate in effect on the date on which the payment is delayed, and shall be compounded daily. If the conditions of the severance exception under Treasury Regulation Section 1.409A-1(b)(9)(iii) (or any successor Regulation thereto) are satisfied, payment of benefits shall not be delayed for six (6) months following termination of employment to the extent permitted under the severance exception.

  • Default Interest Upon the occurrence and during the continuance of an Event of Default under Section 6.01(a), the Agent may, and upon the request of the Required Lenders shall, require the Borrower to pay interest (“Default Interest”) on (i) the unpaid principal amount of each Advance owing to each Lender, payable in arrears on the dates referred to in clause (a)(i) or (a)(ii) above, at a rate per annum equal at all times to 2% per annum above the rate per annum required to be paid on such Advance pursuant to clause (a)(i) or (a)(ii) above and (ii) to the fullest extent permitted by law, the amount of any interest, fee or other amount payable hereunder that is not paid when due, from the date such amount shall be due until such amount shall be paid in full, payable in arrears on the date such amount shall be paid in full and on demand, at a rate per annum equal at all times to 2% per annum above the rate per annum required to be paid on Base Rate Advances pursuant to clause (a)(i) above; provided, however, that following acceleration of the Advances pursuant to Section 6.01, Default Interest shall accrue and be payable hereunder whether or not previously required by the Agent.

  • Default in Performance of Other Covenants and Conditions The Borrower or any other Credit Party shall default in the performance or observance of any term, covenant, condition or agreement contained in this Agreement (other than as specifically provided for otherwise in this Section) or any other Loan Document and such default shall continue for a period of thirty (30) days after written notice thereof has been given to the Borrower by the Administrative Agent.

  • Payment of default interest on overdue amounts The Borrower shall pay interest in accordance with the following provisions of this Clause 7 on any amount payable by the Borrower under any Finance Document which the Agent, the Security Trustee or the other designated payee does not receive on or before the relevant date, that is: (a) the date on which the Finance Documents provide that such amount is due for payment; or (b) if a Finance Document provides that such amount is payable on demand, the date on which the demand is served; or (c) if such amount has become immediately due and payable under Clause 19.4, the date on which it became immediately due and payable.

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