Required Payment. Pursuant to Section 2.2-4354 of the code, the contractor covenants and agrees to:
(a) Within seven (7) days after receipt of any amounts paid to the contractor under the Contract, (i) pay any subcontractor for its proportionate share of the total payment received from the County attributable to the work under the contract performed by such subcontractor, or (ii) notify the County and the subcontractor in writing of its intention to withhold all or part of the subcontractor’s payment and the reason therefore;
(b) Provide its federal employer identification number or social security number, as applicable, before any payment is made to the Contractor under the Contract; and
(c) Pay interest at the legal rate or such other rate as may be agreed to in writing by the subcontractor and the contractor on all amounts owed by the contractor that remain unpaid after the seventh (7) day following receipt by the Contractor of payment from the County for work performed by the subcontractor under the Contract, except for amounts withheld pursuant to subparagraph 10a. above.
(d) Unless otherwise provided under the terms of the contract, interest shall accrue at the rate of one percent per month.
(e) Include in its contract with any and all subcontractors the requirements of a, b, c and d above.
Required Payment. See Section 1.17.
Required Payment. If the aggregate principal amount at any one time outstanding hereunder exceeds the lending commitment amount of $10,000,000 (without giving effect to any accrued PIK Interest), as such amount may be reduced from time to time pursuant to Section 4(c)(ii), the Company shall, at the time any such excess shall arise, promptly pay to Holder such amount as may be necessary to eliminate the excess.
Required Payment. See SECTION 1.14. ----------------
Required Payment. The term "Required Payment" is used herein ---------------- as defined in Section 3(i) hereof.
Required Payment. During the term of this Agreement, GWI's ---------------- obligation to pay Guaranteed Revenues under this Article VI shall remain in effect except as expressly provided in Sections 20.5(b) or 24.3.
Required Payment. Any amounts due pursuant to this Article 6, shall be paid by the owing Party in the amounts and when required by this Agreement, notwithstanding any event, act, omission, failure, condition, change, excuse, suspension of a Party’s performance under Section 12.1 or Section 12.2 (as the case may be) or contrary provision in this Agreement. The obligations contained in this Article 6 shall survive the termination or expiration of this Agreement. SELLER SECURITY Seller Security . On the Effective Date, as security for Seller’s payment and performance obligations under this Agreement, Seller shall deliver to Buyer, at Seller’s sole cost and expense, cash in escrow (which escrow account shall be different from the Escrow Account established pursuant to Section 3.3(vi)), which shall be governed by rules in the definition of Escrow Account), or Letter(s) of Credit in an amount equal to [______________] (“Seller Security”). The obligations contained in this Article 7 shall survive the termination or expiration of this Agreement. Seller shall maintain the Seller Security in the foregoing amount until the date that is ninety-eight (98) Days after the later to occur of (a) the expiration or earlier termination of this Agreement, or (b) payment of all obligations due from Seller to Buyer, For purposes of this Agreement, Seller Security shall be deemed to include Seller Security held by Buyer at any time. [PROPOSER TO INSERT NUMBER EQUAL TO THE NUMBER OF MW OF NET DESIGN CAPACITY OF THE PROJECT MULTIPLIED BY ONE HUNDRED FIFTY THOUSAND DOLLARS ($150,000 FOR THE SELLER SECURITY IN EACH OF SECTION 7.1]. Seller Security Replacement . Each Letter of Credit provided by Seller shall be issued by an issuer meeting the requirements contained in the definition “Letter of Credit”, and if at any time such issuer of a Letter of Credit fails to meet such Credit Rating or net worth requirements or becomes Bankrupt, Seller shall promptly replace such Letter of Credit within five (5) Days of such event. Notwithstanding the foregoing, if no Seller Event of Default has occurred that is continuing, and no Seller Event of Default will occur upon the giving of notice, the passage of time or both, Seller shall have the right to replace any Letter of Credit with a substitute form of security; provided, that any such replacement meets the terms and conditions of Seller Security under this Agreement; and provided further that there is no lapse in Seller Security. If the applicable substitute Sel...
Required Payment. At any time upon: (i) a sale of twenty-five percent (25%) or more of the assets of either of the Borrowers (in a single transaction or a series of transactions not in the ordinary course of business), (ii) a repayment in full of the AR Loan, or (iii) a Change in Control of any Borrower, the Loan shall be required to be prepaid in full with accrued interest plus the appropriate prepayment premium, as set forth in Section 6.3 (Default Rate) and Section 2.6 (Prepayment) at the option of Lender in its sole discretion; provided, however, that no prepayment penalty shall be required for a prepayment due to a Change in Control.
Required Payment. The phrase Required Payment shall mean the Tax Preparation, Welfare Continuation and Accrued/Other Obligations.
Required Payment. 1. XxxXxxxxxxx, and/or their agents, insurers, or otherwise, shall pay to Interlake the total sum of ONE MILLION, FOUR-HUNDRED THOUSAND and 00/100 DOLLARS ($1,400,000.00) within 30 days of execution of this Agreement.
