Common use of Defaulted Payments Clause in Contracts

Defaulted Payments. In the event the Company should fail to make any of the payments required in this Article IV or in Article V hereof, the item or installment so in default shall continue as an obligation of the Company until the amount in default shall have been fully paid, and the Company agrees to pay the same with interest thereon (to the extent permitted by law) at a rate per annum equal to the statutory rate for nonpayment of taxes to accrue from the date of such default, and, in the case of FILOT Payments, subject to the penalties provided by law until paid. The foregoing and any other provision hereof to the contrary notwithstanding, to the extent, and only to the extent, the same may be permitted by law with respect to the payment of ad valorem taxes for similar investments, if the Company shall first notify the County of its intention to do so, the Company may, at its own expense, and in good faith, contest FILOT Payments and any other related fees, taxes, assessments, and other charges and, in the event of any such contest, may permit the FILOT Payments and such taxes, assessments, or other charges so contested to remain unpaid during the period of such contest and any appeal therefrom. The Company shall have all appeal and protest rights available to the Company under the Act and all other South Carolina statutory provisions. The Company’s failure to make any such payments as allowed by the foregoing shall not constitute a default on the part of the Company nor give rise to an Event of Default, the foregoing and any other provision hereof to the contrary notwithstanding. [End of Article IV]

Defaulted Payments. ‌ In the event the Company should fail to make any of the payments required in this Article IV or in Article V hereof, the item or installment so in default shall continue as an obligation of the Company until the amount in default shall have been fully paid, and the Company agrees to pay the same with interest thereon (to the extent permitted by law) at a rate per annum equal to the statutory rate for nonpayment of taxes to accrue from the date the applicable Event of such defaultDefault occurs, and, in the case of FILOT Payments, subject to the penalties provided by law until paid. The foregoing and any other provision hereof to the contrary notwithstanding, to the extent, and only to the extent, the same may be permitted by law with respect to the payment of ad valorem taxes for similar investments, if the Company shall first notify the County of its intention to do so, the Company may, at its own expense, and in good faith, contest FILOT Payments and any other related fees, taxes, assessments, and other charges and, in the event of any such contest, may permit the FILOT Payments and such taxes, assessments, or other charges so contested to remain unpaid during the period of such contest and any appeal therefrom. The Company shall have all appeal and protest rights available to the Company under the Act and all other South Carolina statutory provisions. The Company’s failure to make any such payments as allowed by the foregoing shall not constitute a default on the part of the Company nor give rise to an Event of Default, the foregoing and any other provision hereof to the contrary notwithstanding. [End of Article IV]

Defaulted Payments. ‌ In the event the Company should fail to make any of the payments required in this Article IV or in Article V hereof, the item or installment so in default shall continue as an obligation of the Company until the amount in default shall have been fully paid, and the Company agrees to pay the same with interest thereon (to the extent permitted by law) at a rate per annum equal to the statutory rate for nonpayment of taxes to accrue from the date the applicable Event of such defaultDefault occurs, and, in the case of FILOT Payments, subject to the penalties provided by law until paid. The foregoing and any other provision hereof to the contrary notwithstanding, to the extent, and only to the extent, the same may be permitted by law with respect to the payment of ad valorem taxes for similar investments, if the Company shall first notify the County of its intention to do so, the Company may, at its own expense, and in good faith, contest FILOT Payments and any other related fees, taxes, assessments, and other charges and, in the event of any such contest, may permit the FILOT Payments and such taxes, assessments, or other charges so contested to remain unpaid during the period of such contest and any appeal therefrom. The Company shall have all appeal and protest rights available to the Company under the Act and all other South Carolina statutory provisions. The Company’s failure to make any such payments as allowed by the foregoing shall not constitute a default on the part of the Company nor give rise to an Event of Default, the foregoing and any other provision hereof to the contrary notwithstanding. [End of Article IV]

Defaulted Payments. In the event the Company should fail to make any of the payments required in this Article IV or in Article V hereof, the item or installment so in default shall continue as an obligation of the Company until the amount in default shall have been fully paid, and the Company agrees to pay the same with interest thereon (to the extent permitted by law) at a rate per annum equal to the statutory rate for nonpayment of taxes to accrue from the date the applicable Event of such defaultDefault occurs, and, in the case of FILOT Payments, subject to the penalties provided by law until paid. The foregoing and any other provision hereof to the contrary notwithstanding, to the extent, and only to the extent, the same may be permitted by law with respect to the payment of ad valorem taxes for similar investments, if the Company shall first notify the County of its intention to do so, the Company may, at its own expense, and in good faith, contest FILOT Payments and any other related fees, taxes, assessments, and other charges and, in the event of any such contest, may permit the FILOT Payments and such taxes, assessments, or other charges so contested to remain unpaid during the period of such contest and any appeal therefrom. The Company shall have all appeal and protest rights available to the Company under the Act and all other South Carolina statutory provisions. The Company’s failure to make any such payments as allowed by the foregoing shall not constitute a default on the part of the Company nor give rise to an Event of Default, the foregoing and any other provision hereof to the contrary notwithstanding. [End of Article IV]