Payment Breach Sample Clauses
A Payment Breach clause defines the consequences and procedures that apply when a party fails to make required payments under a contract. Typically, this clause outlines what constitutes a payment default, such as missing a payment deadline or underpaying, and may specify remedies like late fees, interest charges, or the right for the non-breaching party to terminate the agreement. Its core function is to incentivize timely payments and provide a clear framework for addressing non-payment, thereby reducing uncertainty and protecting the financial interests of the parties involved.
POPULAR SAMPLE Copied 2 times
Payment Breach. Except as otherwise provided herein, Elastic may terminate this Agreement prior to its expiration in the event MSP fails to cure any breach for failure to timely pay undisputed amounts owed to Elastic within ten (10) days after written notice from Elastic demanding such payment.
Payment Breach. It is understood and agreed that if the Company or the Purchaser breach any of their payment obligations under this Agreement or the Purchase Agreement, and fail to cure such breach within five (5) business days after written notice from you of such breach, then, provided that the Senior Obligations (as defined in the Subordination Agreement dated September ___, 2007 by and among the Company, the Purchaser, Brookside Technology Partners, Inc., Hilco Financial, LLC, The M▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ Irrevocable Delaware Trust, M▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, The M. S▇▇▇▇ ▇▇▇▇▇▇▇ Irrevocable Delaware Trust and M. S▇▇▇▇ ▇▇▇▇▇▇▇ (the “Subordination Agreement”)) have been Paid in Full (as defined in the Subordination Agreement), the Restrictive Covenants shall be null and void as contemplated by, and on the terms set forth in, Section 2.6 of the Subordination Agreement; provided, however, that if the Purchaser or the Company are in good faith contesting their obligation to make such payment, no such payment breach shall be deemed to have occurred and the Restrictive Covenants shall continue to apply to you until the dispute is adjudicated, provided that payment for any disputed amounts shall be made to a mutually agreed third-party escrow agent, and provided, further that if the adjudication is that the Company or the Purchaser, as applicable, is not in breach, then in such event, the escrowed funds shall be paid to Company and the Restrictive Covenants shall continue to apply to you in accordance with the terms of this paragraph 9, and if the adjudication is that the Company or Purchaser, as applicable, is in breach, then in such event the escrowed funds shall be paid to you, and the Restrictive Covenants shall be null and void (provided that the Senior Obligations have been Paid in Full).
Payment Breach. This Agreement may be terminated immediately, at the sole election of a party entitled to payment, if the other party fails to make a payment due hereunder and such payment is not made within five (5) days of receipt of notice of nonpayment.
Payment Breach. Except as otherwise provided herein, Supplier may suspend acceptance of Orders in the event OEM fails to cure any breach of a payment obligation hereunder within [***] of written notice from Supplier describing the breach provided such suspension terminates upon the earlier of: (i) resolution of the payment dispute; or (ii) executive management of the parties agree to meet to resolve the payment dispute.
Payment Breach. Except as otherwise provided herein, Elastic may terminate this Agreement prior to its expiration in the event OEM fails to cure any breach for failure to timely pay undisputed amounts owed to Elastic within ten (10) days after written notice from Elastic demanding such payment.
Payment Breach. In the event that the Buyer breaches any payment that shall be done according this Agreement, the Seller (without any prejudice of any other right or legal resource derived from this Agreement or any other source) will have the right at its sole discretion (i) to suspend any further delivery of the Product until the Buyer pays the matured amounts and the interests derived on those amounts and (ii) to terminate the present Agreement with immediate effects (without the need of any judicial declaration) through notice to the Buyer given in any moment prior to the complete payment of all the owed amounts and the correspondent interests by the Buyer.
Payment Breach. If the Agreement is terminated by either Party pursuant to Section 11.2(c) for the other Party’s uncured breach of a payment obligation under this Agreement, then the terminating Party shall have the right to deduct from the future payments due to such breaching Party under this Section 11.3, the amount of such payment obligation together with all interest accrued from the date such payment was due at the rate set forth in Section 8.11, to the extent such amount and any interest so accrued is not paid by the breaching Party prior to such deduction.
Payment Breach. Except as otherwise provided herein, Seagate Software may terminate this Agreement prior to its expiration in the event Distributor fails to cure any breach of a payment obligation hereunder within twenty (20) business days after written notice from Seagate Software describing the breach. Notwithstanding any other provision in this Agreement to the contrary, Distributor shall not be deemed in payment breach if it withholds any specific amount to Seagate Software because of a legitimate dispute between the parties as to that specific amount, pending the timely resolution of the disputed amount.
Payment Breach. The Borrower fails to pay any fund due and payable hereunder in the amount, currency, method and time agreed upon herein.
Payment Breach. Sponsor acknowledges and agrees to make all Funding payments in accordance with this Agreement and the Term Sheet. Notwithstanding anything herein to the contrary, any missed Funding payment that is not remedied within thirty (30) days of written notice from Talent or Prompti shall be deemed a material breach of this Agreement and deemed lack of consideration causing this Agreement to be null and void. Talent acknowledges and agrees to make all Income Payout payments in accordance with this Agreement and the Term Sheet. Notwithstanding anything herein to the contrary, in the event any missed Income Payout payment is not remedied within thirty (30) days of written notice from Sponsor or Prompti, Sponsor shall suspend any and all Funding payments in addition to any other rights and remedies Sponsor has under this Agreement.