Common use of Timing for Payment Clause in Contracts

Timing for Payment. In the event Indemnitees incur any Losses which were not otherwise paid or satisfied by the Indemnifying Party pursuant to this Agreement, Indemnitees shall deliver written notice to the Indemnifying Party advising the Indemnifying Party that Indemnitees have incurred such Losses (“Notice of Loss”). The Notice of Loss shall include an itemization of all of the Losses which the Indemnifying Party is required to pay pursuant to and in accordance with the terms and provisions of this Agreement. Within thirty (30) calendar days after the date of receipt by the Indemnifying Party of the Notice of Loss, the Indemnifying Party shall pay to Indemnitees the aggregate amount of the Losses described in such Notice of Loss. In the event the Indemnifying Party fails to timely pay to Indemnitees the aggregate amount of such Losses, any and all unpaid amounts shall bear interest at the lesser of: (a) eighteen percent (18%) per annum; or (b) the maximum rate of interest allowable under applicable law, which interest, in either case, shall be deemed to accrue effective as of the date such payment was originally due.