Insufficient Payment Clause Samples
The Insufficient Payment clause defines the procedures and consequences when a party fails to pay the full amount owed under an agreement. Typically, this clause outlines what constitutes an insufficient payment, how the shortfall will be addressed, and any penalties or interest that may accrue as a result. For example, if a customer pays less than the invoiced amount, the clause may require the customer to pay the outstanding balance within a specified period and may allow the service provider to suspend services until full payment is received. The core function of this clause is to ensure timely and complete payments, protect the financial interests of the receiving party, and provide a clear process for resolving payment shortfalls.
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Insufficient Payment. Any payroll error resulting in insufficient payment for an employee in the bargaining unit shall be corrected, and a special payroll check issued no later than five (5) working days after the District has received both a written request from the employee and verification of the error. Otherwise, the supplemental amount will be included in the next regular paycheck following verification of the error.
Insufficient Payment. Subject to the provisions of Article 8, whenever any payment received by the Administrative Agent under this Credit Agreement or any of the other Loan Documents is insufficient to pay in full all amounts due and payable to the Credit Parties under or in respect of this Credit Agreement and the other Loan Documents on any date, such payment shall be distributed by the Administrative Agent and applied by the Administrative Agent (i) first, towards payment of all fees and expenses due to the Administrative Agent under the Loan Documents, (ii) second, towards payment of all expenses then due hereunder, ratably among the parties entitled thereto in accordance herewith, (iii) third, towards payment of interest, fees and commissions then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest, fees and commissions then due to such parties, and (iv) fourth, towards payment of principal of Loans and unreimbursed L/C Borrowings then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal of Loans and unreimbursed L/C Borrowings then due to such parties.
Insufficient Payment. Whenever any payment received by the Administrative Agent under this Agreement or any of the other Loan Documents is insufficient to pay in full all amounts due and payable to the Administrative Agent and the Lenders under or in respect of this Agreement and the other Loan Documents on any date, such payment shall be distributed by the Administrative Agent and applied by the Administrative Agent and the Lenders in the order of priority set forth in Section 8.03.
Insufficient Payment. Whenever any payment received by the Administrative Agent under this Agreement or any of the other Loan Documents is insufficient to pay in full all amounts due and payable to the Administrative Agent, the Lenders, or the L/C Issuer under or in respect of this Agreement and the other Loan Documents on any date, such payment shall be distributed by the Administrative Agent and applied by the Administrative Agent and the Lenders in the order of priority set forth in Section 8.03. If the Administrative Agent receives funds for application to the Obligations of the Loan Parties under or in respect of the Loan Documents under circumstances for which the Loan Documents do not specify the manner in which such funds are to be applied, the Administrative Agent may, but shall not be obligated to, elect to distribute such funds to each of the Lenders in accordance with such Lender’s Applicable Percentage of the Outstanding Amount of all Loans outstanding at such time in repayment or prepayment of such of the outstanding Loans or other Obligations then owing to such Lender.
Insufficient Payment. If the Purchaser who has chosen a Lump Sum Contract pays less than the total Program Contract amount plus the one-time Enrollment Fee, the Program will notify the Purchaser. If the Program does not receive instructions and payment (if applicable) from the Purchaser within 90 business days of the date notice is sent, the Program shall Terminate the Contract. If the Program sends a notice, the Purchaser shall advise the Program by mail that he/she will do one of the following:
Insufficient Payment. If the error results in the employee being paid less than is due, then the error will be corrected and a supplemental warrant will be issued as soon as possible, but not more than five (5) working days after the Payroll Office is notified of the error by the employee.
Insufficient Payment. Subject to the provisions of Article 8, whenever any payment received by Lender under this Credit Agreement or any of the other Loan Documents is insufficient to pay in full all amounts due and payable to Lender under or in respect of this Credit Agreement and the other Loan Documents on any date, such payment shall be distributed by Lender and applied by ▇▇▇▇▇▇ (i) first, towards payment of all fees and expenses due to Lender under the Loan Documents, (ii) second, towards payment of interest, fees and commissions then due hereunder, and (iii) third, towards payment of principal of Loans and unreimbursed L/C Loans then due hereunder.
Insufficient Payment. Whenever any payment received by the Administrative Agent under this Agreement or any of the other Loan Documents is insufficient to pay in full all amounts due and payable to the Agents and the Lenders under or in respect of this Agreement and the other Loan Documents on any date, such payment shall be distributed by the Administrative Agent and applied by the Agents and the Lenders in the order of priority set forth in Section 8.03. If the Administrative Agent receives funds for application to the Obligations of the Loan Parties under or in respect of the Loan Documents under circumstances for which the Loan Documents do not specify the manner in which such funds are to be applied, the Administrative Agent may, but shall not be obligated to, elect to distribute such funds to each of the Lenders in accordance with such Lender’s Applicable Percentage of the Outstanding Amount of all Term Loans outstanding at such time.
Insufficient Payment. 21.1. The Cardholder become insufficient payer or deliquent when not making fully payment of The Minimum Payment Amount. If the Cardholder has not yet fulfilled due Minimum Payment amount until the next cycle date, Shinhan shall include the unpaid accumulated overdue Minimum Amount and the New Minimum amount of the new cycle together in the Statement.
21.2. In the event of a situation as stated in the foregoing 1, at any time in working days after payment due date, Shinhan may collect repayment from available balance in the designated payment account or any other Cardholder's payment accounts at Shinhan (if any) without the Cardholder's payment request. In case of a foreign currency account, the payment shall be debited after being exchanged at the designated currency rate by Shinhan at the time of debt collection. Shinhan can also convert bonus points generated for the Cardholder to repay the Cardholder's overdue debt without the Cardholder's request confirmation.
21.3. As to the secured card, in insufficient payment events, Shinhan reserves the right to use the deposit collateral of the corresponding Credit Card to repay the past due amount.
Insufficient Payment. If the Purchaser who has chosen a Lump Sum Contract pays less than the total Program Contract amount plus the one-time Enrollment Fee, the Program will notify the Purchaser. If the Program does not receive instructions and payment (if applicable) from the Purchaser within 90 business days of the date notice is sent, the Program shall Terminate the Contract. If the Program sends a notice, the Purchaser shall advise the Program by mail that he/she will do one of the following: ▪ Enclose payment in full, including any specified Program Fees; ▪ Inform the Program to apply the amount submitted and convert the unpaid balance (if any) to a Monthly Purchase option; ▪ Inform the Program to convert the Contract to a different Plan Option (see Section 3) which is equal to or less than the lump sum paid; or ▪ Withdraw the Open Enrollment Application.