Common use of Late Repayment During Production Period Clause in Contracts

Late Repayment During Production Period. In the event the Producer fails to make timely payment in accordance with the timelines set out in subclauses 3.4.1 and 3.4.3, the Producer shall be charged the greater of (a) $150.00; and (b) LRDPP Interest on the amount of the late payment from the date the payment was due until the late payment is made. In the event the Producer is charged LRDPP Interest on the amount of a late payment, such interest shall be in lieu of the interest rate provided in clause 4.1 and not in addition during the applicable time period.

Late Repayment During Production Period. In the event the Producer fails to make timely payment in accordance with the timelines set out in subclauses 3.4.1 3.4(a) and 3.4.33.4(c), the Producer shall be charged the greater of (a) $150.00; and (b) LRDPP Interest on the amount of the late payment from the date the payment was due until the late payment is made. In the event the Producer is charged LRDPP Interest on the amount of a late payment, such interest shall be in lieu of the interest rate provided in clause 4.1 and not in addition during the applicable time period.