Obligation to Advance Delinquent Amounts Sample Clauses

Obligation to Advance Delinquent Amounts. (A) All Current Landowners shall be required, within thirty (30) days following receipt of written notice that a Landowner has become a Delinquent Landowner, to advance the Delinquent Landowner’s Pro-Rata Share of any delinquent payments due under this Agreement, with such advances being made in proportion to the Current Landowners’ respective number of EDUs allocated under this Agreement as compared to the aggregate number of EDUs allocated to the Current Landowners under this Agreement, or as may otherwise be agreed to by the Current Landowners. If an otherwise Current Landowner fails to pay its share of a Delinquent Landowner’s Pro-Rata Share as required under this Section 4.3, such Current Landowner shall immediately become a Delinquent Landowner, and the remaining Current Landowners shall be obligated hereunder to fund such Delinquent Landowner’s share of any other Delinquent Landowner’s Pro-Rata Share as provided hereunder. If the Current Landowners, or any of them, advance a Delinquent Landowner’s Pro-Rata Share due under this Agreement, such Current Landowners shall thereafter be referred to as “Advancing Landowners”, and such Advancing Landowners shall be entitled to recover from the Delinquent Landowner the amount advanced on behalf of the Delinquent Landowner, together with any and all costs associated with such Advancing Landowners’ obtaining the necessary funds for such advance (including, without limitation, any loan fees or expenses and any legal fees reasonably incurred to obtain such funds), together with interest on the amount advanced by such Advancing Landowners at the rate of twelve percent (12%) per annum or the maximum rate allowable by law on delinquent financial obligations, whichever is less.
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Related to Obligation to Advance Delinquent Amounts

  • Advance Payments Payments made by the Borrower to satisfy future installments must be accounted for as prepaid installments of principal and interest. The Servicer should contact the Borrower if there is a question about the Borrower's intention in making any unscheduled payment.

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  • Obligation to Make Payments Any Interconnection Party's obligation to make payments for services shall not be suspended by Force Majeure.

  • NO ADVANCE PAYMENT No advance payments shall be made for any products or services furnished by Contractor pursuant to this Master Contract.

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  • Basic Obligations (1) The Authority shall carry out international search and international preliminary examination in accordance with, and perform such other functions of an International Searching Authority and International Preliminary Examining Authority as are provided under, the Treaty, the Regulations, the Administrative Instructions and this Agreement.

  • Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges Borrower will pay each Periodic Payment when due. Borrower will also pay any prepayment charges and late charges due under the Note, and any other amounts due under this Security Instrument. Payments due under the Note and this Security Instrument must be made in U.S. currency. If any check or other instrument received by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer’s check, or cashier’s check, provided any such check is drawn upon an institution whose deposits are insured by a U.S. federal agency, instrumentality, or entity; or (d) Electronic Fund Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 16. Lender may accept or return any Partial Payments in its sole discretion pursuant to Section 2. Any offset or claim that Borrower may have now or in the future against Lender will not relieve Borrower from making the full amount of all payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument.

  • Interest on Delinquent Payments Without waiving any other right or action available to Authority, in the event of default of Company's payment of Rents or other charges hereunder, and in the event Company is delinquent in paying to Authority any Rents or other charges for a period of five (5) days after the payment is due, Authority reserves the right to charge Company interest thereon from the date the Rents or other charges became due to the date of payment at one and one-half percent (1.5%) per month, to the maximum extent permitted by Applicable Law.

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