DEFAULT RATE; PAYMENT Sample Clauses

DEFAULT RATE; PAYMENT. (a) If all of the principal amount of this Note and the fees payable thereon shall not be repaid when due whether on the applicable repayment date, by acceleration or otherwise, the Company shall immediately pay to Purchaser an amount equal to five percent (5%) of the principal amount outstanding under this Note as of the date that such obligations under this Note become due and payable. (b) Notwithstanding anything hereunder, if by the close of business on June 10, 2011, for any reason whatsoever, the Company fails to deliver the Baja Subsidiary Security Agreement to the Purchasers consistent with the terms set forth in Section 3.2 of the Purchase Agreement, including without limitation, delivery of evidence, reasonably satisfactory to the Purchaser, that the value of Baja Inventory shall not be less than two times the sum of the outstanding Principal Amount under the Notes, then, the Company shall immediately pay to Purchasers a fee equal to 1% of the original Principal Amount of the Notes. For the avoidance of doubt, the failure to satisfy such obligations prior to June 10, 2011 shall not cause an Event of Default hereunder unless such failure is continuing on June 20, 2011 pursuant to Section 9(e) hereof. Notwithstanding anything herein to the contrary, in the event that the Company is obligated to pay a fee to Purchasers pursuant to both this Section 5(b) and Section 5(c), the aggregate amount of such fee shall not exceed 1% of the original Principal Amount of the Notes. (c) Notwithstanding anything hereunder, if by the close of business on June 10, 2011, for any reason whatsoever, the Company fails to deliver the Subordination Agreements to the Purchasers consistent with the terms set forth in Section 6.2(d) of the Purchase Agreement, then, the Company shall immediately pay to Purchasers a fee equal to 1% of the original Principal Amount of the Notes. For the avoidance of doubt, the failure to satisfy such obligations prior to June 10, 2011 shall not cause an Event of Default hereunder unless such failure is continuing on June 20, 2011 pursuant to Section 9(e) hereof. Notwithstanding anything herein to the contrary, in the event that the Company is obligated to pay a fee to Purchasers pursuant to both this Section 5(c) and Section 5(b), the aggregate amount of such fee shall not exceed 1% of the original Principal Amount of the Notes. (d) All payments to be made by Borrower hereunder shall be made, without setoff or counterclaim, in lawful money of t...
Sample 1
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DEFAULT RATE; PAYMENT. (a) If all of the principal amount of this Note and the fees payable thereon shall not be repaid when due whether on the applicable repayment date, by acceleration or otherwise, the Company shall immediately pay to Purchaser an amount equal to five percent (5%) of the principal amount outstanding under this Note as of the date that such obligations under this Note become due and payable. (b) Notwithstanding anything hereunder, if by the close of business on July 11, 2011, for any reason whatsoever, the Borrower fails to deliver the Amendment to the Baja Subsidiary Security Agreement to the Purchasers consistent with the terms set forth in Section 5 of the Loan Extension and Additional Funding Agreement, including without limitation, delivery of evidence, reasonably satisfactory to the Purchaser, that the additional amount of Baja Inventory being added as part of the Covered Collateral is not less than 225 metric tons, then, the Company shall immediately pay to Purchasers a fee equal to 1% of the Amended Principal Amount of the Notes. For the avoidance of doubt, the failure to satisfy such obligations prior to July 11, 2011 shall not cause an Event of Default hereunder unless such failure is continuing on July 18, 2011 pursuant to Section 9(e) hereof. (c) All payments to be made by Borrower hereunder shall be made, without setoff or counterclaim, in lawful money of the United States by check or wire transfer in immediately available funds.
Sample 1

Related to DEFAULT RATE; PAYMENT

  • Interest Rate Payments Subject to Holder's right to charge the Default Rate (as hereinafter defined) pursuant to Section 4 hereof, this Note shall bear interest, and Maker shall make payments as follows: (a) Interest shall accrue on the unpaid principal balance of this Note at the Interest Rate (as defined in Exhibit A). For purposes of computing interest on the debt evidenced hereby, interest shall be calculated on the basis of a twelve (12) month calendar year applied to the actual number of months funds are outstanding. Payments (or prepayments) made on account hereof shall be applied first to the payment of late charges or other fees and costs owed to Holder (if any), next to the payment of accrued and unpaid interest, and then to principal, or, during the continuance of an Event of Default (as hereinafter defined), in such other order or proportion as Holder, in its sole discretion, may elect from time to time. (b) Interest and principal over the term of the Note shall be due and payable monthly in accordance with the Payment Schedule set forth in Exhibit F. Maker may at any time or from time to time make a voluntary prepayment, whether in whole or in part, of this Note, without premium or penalty. (c) The entire outstanding Obligations (as hereinafter defined) shall be due and payable in full on the Maturity Date (as defined in Exhibit A) or such earlier date resulting from acceleration by Holder of the Obligations due hereunder following an Event of Default (the “Maturity Date”).

  • Interest on late payment Subject to clause 9.7, the Trader or the Distributor (as the case may be) must pay any Tax Invoice issued under this clause 9. If any part of a Tax Invoice that is properly due in accordance with this Agreement is not paid by the due date, Default Interest may be charged on the outstanding amount for the period that the Tax Invoice remains unpaid.

  • Default Rate Immediately upon the occurrence and during the continuance of an Event of Default, Obligations shall accrue interest at a fixed per annum rate equal to the rate that is otherwise applicable thereto plus five percentage points (5.00%) (the “Default Rate”). Payment or acceptance of the increased interest rate provided in this Section 2.3(b) is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of Collateral Agent.

  • Late Payment Timeliness of payment and any interest to be paid to Contractor for late payment shall be governed by Article 11-A of the State Finance Law to the extent required by law.

  • Interest on Late Payments a. State Agencies The payment of interest on certain payments due and owed by Agency may be made in accordance with Article 11-A of the State Finance Law (SFL §179-d et. Seq.) and Title 2 of the New York Code of Rules and Regulations, Part 18 (Implementation of Prompt Payment Legislation -2 NYCRR §18.1 et seq.).

  • Late Payment Fees If you have not paid a bill by the pay-by date, we may require you to pay a late payment fee, which is part of our standing offer prices published on our website.

  • Late Payment Fee Students will be assessed a late payment fee if acceptable payment arrangements are not made by the due date indicated on the statement. Acceptable payment arrangements include payment in full, pending financial aid, approved third-party billing (i.e. veterans) and an active and current payment plan with the Bursar’s Office.

  • Default Rate of Interest Interest shall accrue on an overdue amount from (and including) the relevant date until the date of actual payment (as well after as before judgment) at the rate per annum determined by the Agent to be 2 per cent. above: (a) in the case of an overdue amount of principal, the higher of the rates set out at paragraphs (a) and (b) of Clause 7.3; or (b) in the case of any other overdue amount, the rate set out at paragraph (b) of Clause 7.3.

  • Calculation of default rate of interest The rates referred to in Clause 6.2 are: (a) the rate applicable to the overdue principal amount immediately prior to the relevant date (but only for any unexpired part of any then current Interest Period applicable to it); (b) the Margin plus the Mandatory Cost plus, in respect of successive periods of any duration (including at call) up to 3 months which the Lender may select from time to time: (i) LIBOR; or (ii) if the Lender determines that Dollar deposits for any such period are not being made available to it by leading banks in the London interbank market in the ordinary course of business, a rate from time to time determined by the Lender by reference to the cost of funds to it from such other sources as the Lender may from time to time determine.

  • Default Rate Interest In the event that the Corporation does not make timely payment of all or any portion of a Tax Benefit Payment to a Member on or before the Final Payment Date as determined pursuant to Section 3.1(a), the amount of “Default Rate Interest” calculated in respect of the Net Tax Benefit (including previously accrued Imputed Interest and Extension Rate Interest) for a Taxable Year will equal interest calculated at the Default Rate from the Final Payment Date for a Tax Benefit Payment as determined pursuant to Section 3.1(a) until the date on which the Corporation makes such Tax Benefit Payment to such Member. For the avoidance of doubt, the amount of any Default Rate Interest as determined with respect to any Net Tax Benefit payable by the Corporation to a Member shall be included in the Hypothetical Tax Liability of the Corporation for purposes of calculating Realized Tax Benefits and Realized Tax Detriments pursuant to this Agreement.

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