Default Penalty. 12.1. Seller acknowledges that Seller shall pay default penalty for breaching the Agreement for any reason attributable to Seller. Seller shall pay default penalty for any delay, non-contractual performance, non- performance, violation of HSE rules, failure to provide information and breach of confidentiality obligations.
12.2. The default penalty shall be due when:
a) the delay is over or the extended deadline for performance provided due to the delay elapsed (whichever occurs earlier), in case of late performance;
b) a notice is communicated, in case of non- contractual performance;
c) Buyer exercises its right to rescind or terminate the Agreement with immediate effect, in case of non-performance;
d) a notice is communicated, in case of violation of HSE rules, failure to provide information and breach of confidentiality obligations.
12.3. Seller shall pay default penalty for any delay in performance, i.e. if not keeping deadlines (including interim and final deadlines) is attributable to Seller; amount of the default penalty shall be equal to 1% (one per. cent) of the net contractual price of the product(s) per day but shall not exceed 10% (ten per. cent) in total for the given delay.
12.4. Buyer may claim cancellation penalty for any unfeasibility attributable to Seller, for Seller denying performance without proper reasoning and for Buyer lawfully terminating the Agreement due to any wrongful conduct of Seller. The amount of the cancellation penalty shall be 20% (twenty per. cent), the net contractual price of the affected product(s) shall be the basis for calculation. In case of Buyer terminating the Agreement, Seller shall receive remuneration for partial performance accepted beforehand, Buyer shall pay such remuneration as agreed before.
12.5. In case of any non-contractual performance by Seller, Seller shall pay default penalty, the amount of which shall be 10% (ten per. cent) of the contractual net price of the product(s) affected by such non-contractual performance. If Xxxxx demands for recovery, the provisions of delay default penalty shall be applied.
12.6. If the Seller foresees that his performance will not be in accordance with the Agreement (delayed or non- contractual and/or non-performance) but does not inform the Buyer thereof, Seller is obliged to pay a penalty of 10% (ten percent) of the penalty otherwise payable.
Default Penalty. (a) Without limiting the remedies available to IFC under this Agreement or otherwise, if the Borrowers fail to make any payment of principal or interest (including interest payable pursuant to this Section) or any other payment when due:
(i) the Borrowers shall pay interest on the amount of that payment due and unpaid, at the rate which shall be the sum of two per cent (2.0%) per annum and the interest rate determined in accordance with Section 3.03 (Interest); and that interest shall accrue from the date the relevant payment became due until the date of actual payment (as well after as before judgment), and shall be payable on demand or, if not demanded, on each Interest Payment Date thereafter; and
(ii) in addition to the default rate interest payable by the Borrowers in Section 3.04(i) above, the Borrowers shall pay all costs and expenses incurred by IFC with respect to the funding of IFC’s payment obligations to holders of the Reference Bond, including, but not limited, to any U.S. Dollar or Renminbi borrowing costs and the costs of any hedging arrangements (in case that such costs were incurred in U.S. Dollar or any currency other than the Loan Currency, the payment shall be made in the Loan Currency).
(b) If the Borrowers breach their obligation to fund and maintain the Sinking Fund Account pursuant to Section 6.01(d) below, the Borrowers shall pay to IFC, a penalty of two per cent (2.0%) per annum on the outstanding principal of the Loan (“Sinking Fund Penalty”). The Sinking Fund Penalty shall accrue from the date on which such breach occurred until the date on which such breach is rectified. The Sinking Fund Penalty shall be payable annually with the first payment due on the first Interest Payment Date immediately following the breach.
Default Penalty. The Company may charge the Customer a Default Penalty on any moneys due but unpaid under the Contract which will be calculated on a daily basis at a rate of 1.5 per cent per month. The Default Penalty is payable from the date payment is due until the date the Company receives payment. The Company’s right to charge the Default Penalty is without prejudice to any of the Company’s rights, powers or remedies arising after the Customer’s payment default.
Default Penalty. 12.1 Partner acknowledges that Partner shall pay default penalty for breaching the Agreement for any reason attributable to Partner. Partner shall pay default penalty for any delay, non-contractual performance and/or non- performance, violation of HSE rules, failure to provide information and breach of confidentiality obligations.
12.2 The default penalty shall be due when:
a) if the delay is over or the new deadline (extended deadline) for performance provided due to the delay elapsed (whichever occurs earlier), in case of late performance;
b) a notice is communicated, in case of non- contractual performance:
c) Customer exercises its right to rescind or terminate the Agreement with immediate effect, in case of non-performance;
d) a notice is communicated, in case of violation of HSE rules, failure to provide information and breach of confidentiality obligations.
12.3 Partner shall pay default penalty for any delay in performance, i.e. if not keeping deadline(s) (including interim and final deadlines) is attributable to Partner; amount of the default penalty shall be equal to 1% (one per. cent) of the net contractual fee but shall not exceed 10% (10 per. cent) in total for the given delay.
12.4 Customer may claim cancellation penalty for any unfeasibility attributable to Partner, for Partner denying performance without proper reasoning and for Customer lawfully terminating or withdrawing from the Agreement due to any wrongful conduct of Partner. The amount of the cancellation penalty shall be 20% (20 percent), the net contractual fee of the affected work shall be the basis for calculation. In case of Customer terminating or withdrawing from the Agreement, Partner shall receive remuneration for partial performance accepted beforehand in terms of quality and quantity requirements. Customer shall pay such remuneration as agreed before as set out in Clause 4.12.
12.5 In case of any non-contractual performance by Partner and if Customer does not request correction, Partner shall pay default penalty, the amount of which shall be 10% (ten percent) of the contractual net price of the work affected by such non-contractual performance. If Customer requests correction, the rules of delay shall apply to the extent of default penalty.
12.6 If Partner foresees that his performance will not be in accordance with the Agreement (delayed or non- contractual and/or non-performance) but does not inform the Customer thereof, Partner is obliged to pay a penalty of 10% (ten per...
Default Penalty. Any member agreed by the Group to be in default of these agreed rules and/or payments may, on the agreement of the other members at a notified quorate meeting, either lose their membership immediately or agree to pay any proven costs that may be incurred to correct their actions.
Default Penalty. If any of the preceding cases of default occurred, the following shall be applied:
a. Default interest shall be applied on the entire debit balance of loan until full payment based on the Central Bank of Kuwait’s maximum interest rate specified at ….% at that date or as per the maximum limit to be established by the Central Bank of Kuwait in the future whichever is higher and these interests shall be also applied in the same pricing after closing the account.
b. This is also deemed as prejudice to the terms and conditions of all other contracts concluded between the Bank and Customer i.e. contracts forward and non-forward. As such, any cross default to the terms & conditions shall result in the expiry of all the Bank›s loans outstanding on the customer and payable to the Bank under this contract and other contracts whether consumer, housing or subordinating loans with all loans falling due without notice, warning or any other procedure.
Default Penalty. Not-with-standing any other remedy, if Borrower shall fail to make to make any payment of principal or interest on the Loan or other amounts due under the Loan Documents within fifteen (15) days of the date, which such payment is due, then there shall be an additional penalty of 5% per month of the outstanding balance then due.
Default Penalty. As of the Effective Date:
4.1. Subsections 2.1(a), (b), and (l) of the Notes shall be deleted.
4.2. New Subsection 2.1(a) shall be added to read as follows: "any indebtedness of the Maker to a third party for borrowed money in the amount of more than $100,000 is not paid when due, and the same is not remedied within seven (7) days following its due date; or"
4.3. New Subsection 2.1(b) shall be added to read as follows: "an event of default has occurred and been declared by Plenus in accordance with the Loan Agreement dated January 31, 2007, as amended on March 30, 2009, by and among the Company and Plenus Technologies Ltd."
4.4. The following shall be added as new Section 2.4 to the Notes (other than with respect to the Notes held by Messrs. Alon, Zxxxxxxxx and Rxxxxx):
Default Penalty. Notwithstanding anything to the contrary hereunder, including Sections 2.1 and 2.2 hereof:
2.4.1 If the Maker fails to pay any Installment (including interest) due from it under the Notes at the time, in the currency and in the manner specified therein, and the same is not remedied within ten (10) days following the Installment’s due date, then Maker shall issue warrants to the Holders, substantially in the form of Schedule A hereto, ("Initial Penalty Warrants") (i) with an exercise price equal to the average closing share price of the Maker in the fourteen (14) trading days following the relevant due date, but not less than $0.12 per share (the "Exercise Price") and (ii) exercisable into a number of ordinary shares of Maker equal to one hundred percent (100%) of the unpaid balance of the Installment divided by the applicable Exercise Price. The aforesaid delay in the payment of ten (10) days or more shall not be considered an Event of Default; provided that the Maker issues the Initial Penalty Warrants within 45 days following the relevant due date.
2.4.2 If the Maker fails to pay any Installment (including interest) due from it under the Notes at the time, in the currency and in the manner specified therein, and the same is not remedied within ninety (90) days following the Installment’s due date, then Maker shall issue warrants to the Holders, substantially in the form of Schedule A hereto ("Final Penalty Warrants") (i) with an exercise price equal to the average closing share price of the Maker in the fourteen (14) trading days following the aforesaid 90th day, but not less than $0.12 per share (the "Exercise Price") and (ii) exercisable into a number of ordinary shares of Maker equal to (A) sixty percent (60%) of :the unpaid balance- of the principal amount less the Installment (that triggered Section 2.4.1 above) divided by the applicable Exercise Price. The aforesaid delay in the payment of more than ninety (90) days shall be considered an Event of Default. Maker shall issue the Final Penalty Warrants within 45 days following the 90th day.
2.4.3 The Maker shall not be required to make any adjustment to the Conversion Price of the Notes or the Exercise Price of the 2006 Warrants upon the issuance of any Initial or Final Penalty Warrants or the shares underlying such warrants."
Default Penalty. In the event that the delivery shall be delayed more than 3 days, then ELİF shall issue penalty invoice equivalent to the %0,5 of the purchase order for each delayed date starting from the 4th date and such amount shall be deducted from the payments to the SELLER and/or from the securities obtained from the SELLER. The total penalty amount shall not be more than 5% and if the delay shall be more than 10 days ELİF shall have a right to cancel the order and shall preserve the right to not to pay the price of the purchase order. ELİF has a right to deduct said penalties from the receivables or securities of the SELLER. The penalty amounts stated in this provision shall not be applied for delays occurred from ELİF.
