Common use of Payments; Late Payments Clause in Contracts

Payments; Late Payments. 10.1. All payments to be made under this Agreement shall be made in full and free from any deduction, withholding or Tax save as may be required by Law, in which event such deduction, withholding or Tax shall not exceed the minimum amount which it is required by Law to deduct or withhold. 10.2. If any amount required to be paid under this Agreement is not paid when it is due, such amount shall bear default interest at the rate of 3-month EURIBOR plus 2.5% per annum, calculated on a daily basis for the period from the relevant due date for payment up to, and including, the date of actual payment, which interest shall be compounded monthly, and shall apply in addition to (and not in lieu of) any other interest payable (if any) in accordance with other provisions of this Agreement. 10.3. The penalties agreed in this Clause are established as specific penalty clauses and are cumulative to any other remedies available at Law to the Seller. The Parties agree to exclude the power of Court moderation regulated in article 1,154 of the Spanish Civil Code. The Parties expressly accept the appropriateness and proportionality of the agreed penalties and, consequently, expressly and irrevocably waive any right to take any action, judicial or extrajudicial, aimed at avoiding, excluding or preventing its application, or to request its moderation or reduction.