Suspension and Forfeiture of Payments Sample Clauses

Suspension and Forfeiture of Payments. ‌ (a) Following a decision of the Arbitrators that (i) any of the Limited Partner Distributions is not being applied by an OFNLP 2008 Limited Partner for the Approved Purposes and otherwise in compliance with section 4.2, or (ii) that an OFNLP 2008 Limited Partner is in breach of or not in compliance with the provisions of section 5.1 or has acted in a manner described in sections 8.6(a) or (b) of this Agreement (and the corresponding provisions in the OFNLP 2008 Partnership Agreement), then the Province shall be entitled to require the Arbitrators to, and the Arbitrators shall, direct OFNLP 2008 to forthwith suspend any distributions to such OFNLP 2008 Limited Partner pursuant to the OFNLP 2008 Partnership Agreement on such terms and for such time as the Province in its discretion may determine. Following a decision of the Arbitrators that OFNLP 2008 is in breach of or not in compliance with the provisions of either of sections 5.2 or 8.5(c) of this Agreement, then the Province shall be entitled to suspend any payments payable to OFNLP 2008 pursuant to Article 2 of this Agreement, on such terms and for such time as the Province in its discretion may determine. (b) In the event of a suspension of distributions to an OFNLP 2008 Limited Partner pursuant to section 9.4(d) or 9.5(a): (i) upon such OFNLP 2008 Limited Partner correcting its breach or failure to comply, such OFNLP 2008 Limited Partner shall be entitled to receive its suspended distributions from OFNLP 2008 and shall again be entitled to receive regular distributions from OFNLP 2008 pursuant to section 4.2, provided that; (ii) if, after the date that is 180 days from and after the date that the Arbitrators directed OFNLP 2008 to suspend distributions to such OFNLP 2008 Limited Partner pursuant to section 9.5(a) or the date that OFNLP 2008 suspended distributions to such OFNLP 2008 Limited Partner pursuant to section 9.4(d), as the case may be, such OFNLP 2008 Limited Partner has failed to remedy the breach or to comply with the provisions of section 4.2 or the reporting obligations of Article 5, then such OFNLP 2008 Limited Partner shall have forfeited its right to receive any suspended Limited Partner Distributions and any further Limited Partner Distributions and, subject to section 9.5(c) below, OFNLP 2008 shall be entitled to distribute to the remaining OFNLP 2008 Limited Partners that are not subject to a suspension or forfeiture of Limited Partner Distributions, the amount of such suspended ...
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Suspension and Forfeiture of Payments. (a) Following a decision of the arbitrators under the Revenue Agreement that (i) any distribution is not being applied by a Limited Partner for the Approved Purposes and otherwise in compliance with Section 7.1, or (ii) that a Limited Partner is in breach of or not in compliance with the provisions of Section 9.1 or has acted in a manner described in Sections 7.5.1.1 or 7.5.1.2 of this Agreement, then the Province shall be entitled to require such arbitrators to, and the arbitrators shall, direct the Partnership to forthwith suspend any distributions to such Limited Partner on such terms and for such time as the Province in its discretion may determine. (b) In the event of a suspension of distributions to a Limited Partner pursuant to Section 7.6(d) or 7.4(a): (i) upon such Limited Partner correcting its breach or failure to comply, such Limited Partner shall be entitled to receive its suspended distributions from the Partnership and shall again be entitled to receive regular distributions from the Partnership pursuant to Section 7.1, provided that; (ii) if, after the date that is 180 days from and after the date that the arbitrators under the Revenue Agreement directed the Partnership to suspend distributions to such Limited Partner pursuant to Section 7.4(a) or the date that the Partnership suspended distributions to such Limited Partner pursuant to Section 7.6(d), as the case may be, such Limited Partner has failed to remedy the breach or comply with the provisions of Section 7.1, or the reporting obligations of Article 9, then such Limited Partner shall have forfeited its right to receive any suspended distributions and any further distributions and, subject to Section 7.4(c) below, the Partnership shall be entitled to distribute to the remaining Limited Partners that are not subject to a suspension or forfeiture of distributions, the amount of such suspended distributions and any further distributions to which such Limited Partner would be entitled pursuant to the terms of this Agreement but for such forfeiture. Notwithstanding the foregoing but subject to Section 7.4(c), where a breach or failure to comply with any of the provisions referred to in Section 7.6(d) or 7.4(a) by a Limited Partner cannot reasonably be corrected in respect of such breach or failure to comply, and without limiting the terms or application of this Section 7.4(b) in respect of such breach or failure to comply or in respect of any future breach or failure to comply, then the P...
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Related to Suspension and Forfeiture of Payments

  • Suspension of Payments This Grant Agreement may be subject to suspension of payments or termination, or both if the State determines that: A. The Grantee, its contractors, or subcontractors have made a false certification, or B. The Grantee, its contractors, or subcontractors violates the certification by failing to carry out the requirements noted in this Grant Agreement.

  • Restrictions to Safeguard the Balance of Payments 1. The Parties shall endeavour to avoid the imposition of restrictions to safeguard the balance of payments. 2. The rights and obligations of the Parties in respect of such restrictions shall be governed by paragraphs 1 to 3 of Article XII of the GATS, which are hereby incorporated into and made part of this Chapter, mutatis mutandis. 3. A Party adopting or maintaining such restrictions shall promptly notify the Joint Committee.

  • Timing of Payments All payments of Expenses (including without limitation Expense Advances) by the Company to the Indemnitee pursuant to this Agreement shall be made to the fullest extent permitted by law as soon as practicable after written demand by Indemnitee therefor is presented to the Company, but in no event later than thirty (30) business days after such written demand by Indemnitee is presented to the Company, except in the case of Expense Advances, which shall be made no later than ten (10) business days after such written demand by Indemnitee is presented to the Company.

  • Termination of Payments Notwithstanding section 2.2, no payments shall be due to Purchaser xXxx Purchaser has received an aggregate amount under this Note, including payments made by the Company pursuant to section 2.3, equal to (i) the Principal Amount (as defined in the Investor Information Sheet above), multiplied by (ii) the Maximum Payment Multiple. We refer to the result of this multiplication as the “Maximum Payment Amount.”

  • Set Off Sharing of Payments (a) Without limitation of any other rights of the Lenders, if an Event of Default shall have occurred and be continuing, each Lender and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender or any such Affiliate to or for the credit or the account of the Borrower against any and all of the obligations of the Borrower now or hereafter existing under this Agreement or any other Credit Document to such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement or any other Credit Document and although such obligations of the Borrower may be contingent or unmatured or are owed to a branch or office of such Lender different from the branch or office holding such deposit or obligated on such indebtedness. The rights of each Lender and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender or their respective Affiliates may have. Each Lender agrees promptly to notify the Borrower and the Administrative Agent after any such setoff and application, provided that the failure to give such notice shall not affect the validity of such setoff and application. (b) If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans or other obligations hereunder resulting in such Lender’s receiving payment of a proportion of the aggregate amount of its Loans and accrued interest thereon or other such obligations greater than its Percentage thereof as provided herein, then the Lender receiving such greater proportion shall notify the Administrative Agent of such fact and purchase (for cash at face value) participations in the Loans and such other obligations of the other Lenders, or make such other adjustments as shall be equitable, so that all such payments shall be shared by the Lenders ratably in accordance with their Percentages and other amounts owing them; provided that: (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to (x) any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant, other than to the Borrower or any Subsidiary thereof (as to which the provisions of this paragraph shall apply). The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.

  • Proration of Payments If any Lender shall obtain any payment or other recovery (whether voluntary, involuntary, by application of offset or otherwise, on account of (a) principal of or interest on any Loan, but excluding (i) any payment pursuant to Section 8.7 or 15.6 and (ii) payments of interest on any Affected Loan) or (b) its participation in any Letter of Credit) in excess of its applicable Pro Rata Share of payments and other recoveries obtained by all Lenders on account of principal of and interest on the Loans (or such participation) then held by them, then such Lender shall purchase from the other Lenders such participations in the Loans (or sub-participations in Letters of Credit) held by them as shall be necessary to cause such purchasing Lender to share the excess payment or other recovery ratably with each of them; provided that if all or any portion of the excess payment or other recovery is thereafter recovered from such purchasing Lender, the purchase shall be rescinded and the purchase price restored to the extent of such recovery.

  • Time of Payments Any payment that is due on a day that is not a Business Day may be made on the next Business Day but will bear interest until received in full. All payments must be made in funds which are immediately available on the date on which payment is due.

  • Limitation of Payments City’s obligation to pay the Consultant for services rendered pursuant to this Contract is conditioned upon the availability of City’s funds which are allocated to pay the Consultant. If funds are not allocated and available to pay the Consultant for these services, City may terminate this Contract at the end of the period for which the funds are available. City shall notify the Consultant at the earliest possible time if this agreement will or may be affected by a shortage of funds. No liability shall accrue to City in the event this provision is exercised, and the City shall not be obligated or liable for any future payments due or for any damages as a result of termination under this section. This provision shall not be construed so as to permit City to terminate this Contract in order to acquire similar services from another party. The Consultant shall be paid for any allowable services provided and expenses incurred prior to receipt of any such notification that City was terminating the Contract because of a shortage of funds.

  • Restrictions on Actions by Lenders; Sharing of Payments (a) Each of the Lenders agrees that it shall not, without the express written consent of Agent, and that it shall, to the extent it is lawfully entitled to do so, upon the written request of Agent, set off against the Obligations, any amounts owing by such Lender to any Loan Party or its Subsidiaries or any deposit accounts of any Loan Party or its Subsidiaries now or hereafter maintained with such Lender. Each of the Lenders further agrees that it shall not, unless specifically requested to do so in writing by Agent, take or cause to be taken any action, including, the commencement of any legal or equitable proceedings to enforce any Loan Document against any Borrower or any Guarantor or to foreclose any Lien on, or otherwise enforce any security interest in, any of the Collateral. (b) If, at any time or times any Lender shall receive (i) by payment, foreclosure, setoff, or otherwise, any proceeds of Collateral or any payments with respect to the Obligations, except for any such proceeds or payments received by such Lender from Agent pursuant to the terms of this Agreement, or (ii) payments from Agent in excess of such Lender’s Pro Rata Share of all such distributions by Agent, such Lender promptly shall (A) turn the same over to Agent, in kind, and with such endorsements as may be required to negotiate the same to Agent, or in immediately available funds, as applicable, for the account of all of the Lenders and for application to the Obligations in accordance with the applicable provisions of this Agreement, or (B) purchase, without recourse or warranty, an undivided interest and participation in the Obligations owed to the other Lenders so that such excess payment received shall be applied ratably as among the Lenders in accordance with their Pro Rata Shares; provided, that to the extent that such excess payment received by the purchasing party is thereafter recovered from it, those purchases of participations shall be rescinded in whole or in part, as applicable, and the applicable portion of the purchase price paid therefor shall be returned to such purchasing party, but without interest except to the extent that such purchasing party is required to pay interest in connection with the recovery of the excess payment.

  • Set Off and Sharing of Payments In addition to any rights now or hereafter granted under applicable law and not by way of limitation of any such rights, during the continuance of any Event of Default, each Lender is hereby authorized by Borrower at any time or from time to time, with reasonably prompt subsequent notice to Borrower (any prior or contemporaneous notice being hereby expressly waived) to set off and to appropriate and to apply any and all (A) balances held by such Lender at any of its offices for the account of Borrower or any of its Subsidiaries (regardless of whether such balances are then due to Borrower or its Subsidiaries), and (B) other property at any time held or owing by such Lender to or for the credit or for the account of Borrower or any of its Subsidiaries, against and on account of any of the Obligations; except that no Lender shall exercise any such right without the prior written consent of Agent. Any Lender exercising a right to set off shall purchase for cash (and the other Lenders shall sell) interests in each of such other Lender's Pro Rata Share of the Obligations as would be necessary to cause all Lenders to share the amount so set off with each other Lender in accordance with their respective Pro Rata Shares. Borrower agrees, to the fullest extent permitted by law, that any Lender may exercise its right to set off with respect to amounts in excess of its Pro Rata Share of the Obligations and upon doing so shall deliver such amount so set off to the Agent for the benefit of all Lenders in accordance with their Pro Rata Shares.

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