Common use of Payments by Carrier Clause in Contracts

Payments by Carrier. Upon an Event of Default resulting from the failure of Carrier to perform, comply with, or observe its agreements, obligations, and undertakings in Section 5 of this Agreement, including without limitation its failure to pay the Shortfall by no later than thirty (30) days from the date of invoice, and the continuance of such failure for a period of thirty (30) days after written notice from PHA to Carrier specifying the failure, Carrier shall pay and refund to PHA the total amount of the Commitment Discount provided to Carrier for those five (5) years of the term during which Carrier’s Container Volume was the highest, or such shorter period during which this Agreement has been in effect. Carrier understands and agrees that the exact amount of damages to PHA as a result of an Event of Default under Section 5 hereof is and will be difficult to determine. PHA and Carrier recognize the delays, expense, and difficulties involved in proving the actual loss suffered by PHA upon such Event of Default. Accordingly, instead of requiring any such proof, PHA and Carrier agree that as liquidated damages (but not as a penalty), the Carrier shall pay such amount. Carrier agrees that such amount is a fair and reasonable estimate of the amount of damages PHA will incur upon an Event of Default under Section 5 hereof. Carrier specially binds and obligates itself to pay such damages to PHA. No statute of limitation or other time bar limitation shall apply to the obligations and liability under this Section 9 and Carrier hereby waives the same and similar defenses with respect to such obligations and liability.

Payments by Carrier. Upon an Event of Default resulting from the failure of Carrier to perform, comply with, or observe its agreements, obligations, and undertakings in Section 5 6 of this Agreement, including without limitation its failure to pay the Shortfall by no later than thirty (30) days from the date of invoice, and the continuance of such failure for a period of thirty (30) days after written notice from PHA to Carrier specifying the failure, Carrier shall pay and refund to PHA the total amount of the Commitment Discount provided to Carrier for those five (5) years of the term during which Carrier’s Container Volume was the highest, or such shorter period during which this Agreement has been in effect. Carrier understands and agrees that the exact amount of damages to PHA as a result of an Event of Default under Section 5 6 hereof is and will be difficult to determine. PHA and Carrier recognize the delays, expense, and difficulties involved in proving the actual loss suffered by PHA upon such Event of Default. Accordingly, instead of requiring any such proof, PHA and Carrier agree that as liquidated damages (but not as a penalty), the Carrier shall pay such amount. Carrier agrees that such amount is a fair and reasonable estimate of the amount of damages PHA will incur upon an Event of Default under Section 5 6 hereof. Carrier specially binds and obligates itself to pay such damages to PHA. No statute of limitation or other time bar limitation shall apply to the obligations and liability under this Section 9 10 and Carrier hereby waives the same and similar defenses with respect to such obligations and liability.

Payments by Carrier. Upon an Event of Default resulting from the failure of Carrier to perform, comply with, or observe its agreements, obligations, and undertakings in Section 5 of this Agreement, including without limitation its failure to pay the Shortfall by no later than thirty (30) days from the date receipt of invoice, and the continuance of such failure for a period of thirty (30) days after written notice from PHA to Carrier specifying the failure, Carrier shall pay and refund to PHA the total amount of the Commitment Discount provided to Carrier for those five (5) years of the term during which Carrier’s Container Volume was the highest, or such shorter period during which this Agreement has been in effect. Carrier understands and agrees that the exact amount of damages to PHA as a result of an Event of Default under Section 5 hereof is and will be difficult to determine. PHA and Carrier recognize the delays, expense, and difficulties involved in proving the actual loss suffered by PHA upon such Event of Default. Accordingly, instead of requiring any such proof, PHA and Carrier agree that as liquidated damages (but not as a penalty), the Carrier shall pay such amount. Carrier agrees that such amount is a fair and reasonable estimate of the amount of damages PHA will incur upon an Event of Default under Section 5 hereof. Carrier specially binds and obligates itself to pay such damages to PHA. No statute of limitation or other time bar limitation shall apply to the obligations and liability under this Section 9 and Carrier hereby waives the same and similar defenses with respect to such obligations and liability.