Default and Consequences of Default. 10.1 Interest on overdue invoices shall accrue daily from the date when payment becomes due, until the date of payment, at a rate of two and one half percent (2.5%) per calendar month and such interest shall compound monthly at such a rate after as well as before any judgment.
10.2 If the Customer defaults in payment of any invoice when due, the Customer shall indemnify the Creditor from and against all costs and disbursements incurred by the Creditor in pursuing the debt including legal costs on a solicitor and own client basis and the Creditor’s debt collection costs.
10.3 Without prejudice to any other remedies the Creditor may have, if at any time the Customer is in breach of any obligation (including those relating to payment), the Creditor may suspend or terminate the supply of Goods and/or Services to the Customer and any of its other obligations under the terms and conditions. The Customer acknowledges and agrees that the Creditor will not be liable to the Customer for any loss or damage the Customer suffers because the Creditor has exercised its rights under this clause.
10.4 If any account remains overdue after thirty (30) days then an amount of the greater of twenty dollars ($20.00) or ten percent (10.00%) of the amount overdue (up to a maximum of two hundred dollars ($200.00)) shall be levied for administration fees which sum shall become immediately due and payable.
10.5 Without prejudice to the Creditor’s other remedies at law the Creditor shall be entitled to cancel all or any part of any order of the Customer which remains unfulfilled and all amounts owing to the Creditor shall, whether or not due for payment, become immediately payable in the event that;
(a) any money payable to the Creditor becomes overdue, or in the Creditor’s opinion the Customer will be unable to meet its payments as they fall due; or
(b) the Customer becomes insolvent, convenes a meeting with its creditors or proposes or enters into an arrangement with creditors, or makes an assignment for the benefit of its creditors; or
(c) a receiver, manager, liquidator (provisional or otherwise) or similar person is appointed in respect of the Customer or any asset of the Customer.
Default and Consequences of Default. 22.1 Interest on overdue invoices shall accrue daily from the date when payment becomes due, until the date of payment, at a rate of two and a half percent (2.5%) per calendar month (and at Xxxxxxx Air’s sole discretion such interest shall compound monthly at such a rate) after as well as before any judgment.
22.2 If the Client owes Xxxxxxx Air any money the Client shall indemnify Xxxxxxx Air from and against all costs and disbursements incurred by Xxxxxxx Air in recovering the debt (including but not limited to internal administration fees, legal costs on a solicitor and own client basis, Xxxxxxx Air’s collection agency costs, and bank dishonour fees).
22.3 Further to any other rights or remedies Xxxxxxx Air may have under this Contract, if a Client has made payment to Xxxxxxx Air, and the transaction is subsequently reversed, the Client shall be liable for the amount of the reversed transaction, in addition to any further costs incurred by Xxxxxxx Air under this clause 22, where it can be proven that such reversal is found to be illegal, fraudulent or in contravention to the Client’s obligations under this Contract.
22.4 Without prejudice to Xxxxxxx Air’s other remedies at law Xxxxxxx Air shall be entitled to cancel all or any part of any order of the Client which remains unfulfilled and all amounts owing to Xxxxxxx Air shall, whether or not due for payment, become immediately payable if:
(a) any money payable to Xxxxxxx Air becomes overdue, or in Xxxxxxx Air’s opinion the Client will be unable to make a payment when it falls due;
(b) the Client has exceeded any applicable credit limit provided by Xxxxxxx Air;
(c) the Client becomes insolvent or bankrupt, convenes a meeting with its creditors or proposes or enters into an arrangement with creditors, or makes an assignment for the benefit of its creditors; or
(d) a receiver, manager, liquidator (provisional or otherwise) or similar person is appointed in respect of the Client or any asset of the Client.
Default and Consequences of Default. 18.1 Interest on overdue invoices shall accrue daily from the date when payment becomes due, until the date of payment, at a rate of two and a half percent (2.5%) per calendar month (and at Kairos’s sole discretion such interest shall compound monthly at such a rate) after as well as before any judgment.
18.2 If the Client owes Kairos any money the Client shall indemnify Kairos from and against all costs and disbursements incurred by Kairos in recovering the debt (including but not limited to internal administration fees, legal costs on a solicitor and own client basis, Kairos’s contract default fee, and bank dishonour fees).
18.3 Further to any other rights or remedies Kairos may have under this Contract, if a Client has made payment to Kairos, and the transaction is subsequently reversed, the Client shall be liable for the amount of the reversed transaction, in addition to any further costs incurred by Kairos under this clause 18 where it can be proven that such reversal is found to be illegal, fraudulent or in contravention to the Client’s obligations under this Contract.
18.4 Without prejudice to Kairos’s other remedies at law Kairos shall be entitled to cancel all or any part of any order of the Client which remains unfulfilled and all amounts owing to Kairos shall, whether or not due for payment, become immediately payable if:
(a) any money payable to Kairos becomes overdue, or in Kairos’s opinion the Client will be unable to make a payment when it falls due;
(b) the Client has exceeded any applicable credit limit provided by Kairos;
(c) the Client becomes insolvent, convenes a meeting with its creditors or proposes or enters into an arrangement with creditors, or makes an assignment for the benefit of its creditors; or
(d) a receiver, manager, liquidator (provisional or otherwise) or similar person is appointed in respect of the Client or any asset of the Client.
Default and Consequences of Default. 18.1 Interest on overdue invoices shall accrue daily from the date when payment becomes due, until the date of payment, at a rate of two and one half percent (2.5%) per calendar month and at CNC’s sole discretion such interest shall compound monthly at such a rate, after as well as before any judgment.
18.2 If the Client owes CNC any money the Client shall indemnify CNC from and against all costs and disbursements incurred by CNC in recovering the debt including but not limited to internal administration fees, legal costs on a solicitor and own client basis, CNC’s contract default fees, and bank dishonour fees.
18.3 Further to any other rights or remedies CNC may have under this Contract, if the Client has made payment to CNC, and the transaction is subsequently reversed, the Client shall be liable for the amount of the reversed transaction, in addition to any further costs incurred by CNC under this clause 18 where it can be proven that such reversal is found to be illegal, fraudulent or in contravention to the Client’s obligations under this Contract.
18.4 Without prejudice to CNC’s other remedies at law CNC shall be entitled to cancel all or any part of any order of the Client which remains unperformed in addition to and without prejudice to any other remedies and all amounts owing to CNC shall, whether or not due for payment, become immediately payable in the event that:
(a) any money payable to CNC becomes overdue, or in CNC’s opinion the Client will be unable to meet its payments as they fall due; or
(b) the Client has exceeded any applicable credit limit provided by CNC;
(c) the Client becomes insolvent, convenes a meeting with its creditors or proposes or enters into an arrangement with creditors, or makes an assignment for the benefit of its creditors; or
(d) a receiver, manager, liquidator (provisional or otherwise) or similar person is appointed in respect of the Client or any asset of the Client.
Default and Consequences of Default. 14.1 An event of default (“Default Event”) occurs if:
(a) any money payable under this Contract is not paid before or on the due date for payment;
(b) the Customer fails to observe and perform any of the Customer’s covenants, other than the failure to pay money, and such failure continues for more than three (3) days after BTI had given the Customer notice requiring the Customer to remedy the breach;
(c) the Customer, being an individual, commits an act of bankruptcy, is declared mentally ill or is convicted of a criminal offence or dies;
(d) a receiver, or an agent in possession for a mortgagee, is appointed in respect of any property of the Customer;
(e) a mortgagee takes possession of any property of the Customer;
(f) any execution or similar process is made against the property of the Customer;
(g) an application is made, a resolution is passed or a meeting is convened for the purpose of considering a resolution for the Customer to be wound up, unless the winding up is for the purpose of reconstruction or amalgamation;
(h) a compromise or arrangement is made between the Customer and its creditors;
(i) a resolution is passed, or a meeting is convened for the purpose of considering a resolution for the Customer to be placed under official management;
(j) the Customer admits in writing its inability to pay its debts;
14.2 On the occurrence of an Default Event:
(a) BTI may:
(i) take possession of the Goods with, or without notice to the Customer, in accordance with clause 10.3(e);
(ii) charge interest on overdue invoices, which shall accrue daily from the date when payment becomes due, until the date of payment, at a rate of two and one half percent (2.5%) per calendar month (and at BTI’s sole discretion such interest shall compound monthly at such a rate) after as well as before any judgment;
(b) if the Customer owes BTI any money, the Customer shall indemnify BTI from and against all costs and disbursements incurred by BTI in recovering the debt (including but not limited to internal administration fees, legal costs on a solicitor and own client basis, BTI’s contract default fee, and bank dishonour fees);
(c) further to any other rights or remedies BTI may have under this Contract, if the Customer has made payment to BTI and the transaction is subsequently reversed, the Customer shall be liable for the amount of the reversed transaction, in addition to any further costs incurred by BTI under this clause 14 where it can be proven that such reversal is fou...
Default and Consequences of Default. 11.1 Interest on overdue invoices shall accrue daily from the date when payment becomes due, until the date of payment, at a rate of 4.75% per calendar month (and at Sahara Trailers Campers and RV Centre sole discretion such interest shall compound monthly at such a rate) after as well as before any judgment.
11.2 If the Customer owes Sahara Trailers Campers and RV Centre any money the Customer shall indemnify Sahara Trailers Campers and RV Centre from and against all costs and disbursements incurred by Sahara Trailers Campers and RV Centre in recovering the debt (including but not limited to internal administration fees, legal costs on a solicitor and own client basis, Sahara Trailers Campers and RV Centre contract default fee, and bank dishonour fees).
11.3 Further to any other rights or remedies Sahara Trailers Campers and RV Centre may have under this Contract, if a Customer has made payment to Sahara Trailers Campers and RV Centre, and the transaction is subsequently reversed, the Customer shall be liable for the amount of the reversed transaction, in addition to any further costs incurred by Sahara Trailers Campers and RV Centre under this clause 11 where it can be proven that such reversal is found to be illegal, fraudulent or in contravention to the Customer’s obligations under this Contract.
Default and Consequences of Default. 8.1 Interest on overdue invoices shall accrue daily from the date when payment becomes due, until the date of payment, at a rate of two and a half percent (2.5%) per calendar month (and at Liveli’s sole discretion such interest shall compound monthly at such a rate) after as well as before any judgment.
8.2 If the Client owes Liveli any money the Client shall indemnify Liveli from and against all costs and disbursements incurred by Liveli in recovering the debt (including but not limited to internal administration fees, legal costs on a solicitor and own client basis, Liveli’s contract default fee, and bank dishonour fees).
8.3 Without prejudice to any other remedies Liveli may have, if at any time the Client is in breach of any obligation (including those relating to payment) under these terms and conditions Liveli may suspend or terminate or restrict the supply of Product to the Client. Liveli will not be liable to the Client for any loss or damage the Client suffers because Liveli has exercised its rights under this clause.
8.4 Without prejudice to Liveli’s other remedies at law Liveli shall be entitled to cancel the Agreement and all amounts owing to Liveli shall, whether or not due for payment, become immediately payable if:
(a) any money payable to Liveli becomes overdue, or in Liveli’s opinion the Client will be unable to make a payment when it falls due;
(b) the Client becomes insolvent or bankrupt, convenes a meeting with its creditors or proposes or enters into an arrangement with creditors, or makes an assignment for the benefit of its creditors; or
(c) a receiver, manager, liquidator (provisional or otherwise) or similar person is appointed in respect of the Client or any asset of the Client.
Default and Consequences of Default. 21.1 Interest on overdue invoices shall accrue daily from the date when payment becomes due, until the date of payment, at a rate of two and a half percent (2.5%) per calendar month (and at the School’s sole discretion such interest shall compound monthly at such a rate) after as well as before any judgment.
21.2 If the Parent owes the School any money the Parent shall indemnify the School from and against all costs and disbursements incurred by the School in recovering the debt (including but not limited to internal administration fees, legal costs on a solicitor and own client basis, the School’s collection agency costs, and bank dishonour fees).
21.3 Without prejudice to any other remedies the School may have, if at any time the Parent is in breach of any obligation (including those relating to payment) under these terms and conditions the School may suspend or terminate the enrolment of Student at the School. The School will not be liable to the Parent for any loss or damage the Parent suffers because the School has exercised its rights under this clause.
21.4 Without prejudice to the School’s other remedies at law the School shall be entitled to cancel all or any part of any order of the Parent which remains unfulfilled and all amounts owing to the School shall, whether or not due for payment, become immediately payable if:
(a) any money payable to the School becomes overdue, or in the School’s opinion the Parent will be unable to make a payment when it falls due;
(b) the Parent becomes insolvent, convenes a meeting with its creditors or proposes or enters into an arrangement with creditors, or makes an assignment for the benefit of its creditors; or
(c) a receiver, manager, liquidator (provisional or otherwise) or similar person is appointed in respect of the Parent or any asset of the Parent.
Default and Consequences of Default. (a) In the ----------------------------------- event that a Stockholder fails to contribute to the Company its required Capital Commitment by the date specified in the Notice of Drawdown (a "Default") any portion of the Capital Commitment required to be contributed (a "Defaulted Capital Commitment") by such Stockholder (a "Defaulting Stockholder"), the non-Defaulting Stockholder, in its sole discretion, may take or cause to be taken any and all of the following actions individually but not in combination:
(i) loan to the Company an amount equal to the Defaulted Capital Commitment, bearing an interest rate equal to the prime rate as announced by Citibank, N.A. on the date of such loan plus 400 basis points per annum and on such other terms and conditions as are satisfactory to the non-Defaulting Stockholder;
(ii) contribute to the Company an amount equal to the Defaulted Capital Commitment in exchange for additional shares of either Class A or Class B Preferred Stock as determined by the non- Defaulting Stockholder (in either case at a purchase price of $1,000 per share) and Common Stock (calculated as provided in Section 1.4(b)); or
(iii) notwithstanding any provision to the contrary contained in this Agreement, arrange for and cause the Company to borrow from a third party an amount not to exceed the Defaulted Capital Commitment.
(i) If the non-Defaulting Stockholder funds such Defaulted Capital Commitment (or causes it to be funded) pursuant to this Section 1.4, then the percentage ownership of the Common Stock owned by the non-Defaulting Stockholder (the "Default Adjusted Percentage") shall be equal to the sum of (A) the product of (1) 200% times (2) a fraction the numerator of which is the Defaulted Capital Commitment and the denominator of which is $90,868,000 plus (B) 51%, if Five Arrows is the non-Defaulting Stockholder, or 49%, if Hospitality Partners is the non-Defaulting Stockholder, as the case may be. The percentage ownership of Common Stock owned by the Defaulting Stockholder, if any, shall be, after giving effect to the Default Adjusted Percentage, to the extent a positive number, 100% minus the Default Adjusted Percentage. The Company shall promptly issue to the non-Defaulting Stockholder, for no additional consideration, such shares of Common Stock as are necessary to implement this Section 1.4(b)(i).
(ii) Notwithstanding the foregoing, if the Defaulting Stockholder shall contribute within 60 days of the date originally specified in the Not...
Default and Consequences of Default. 11.1 Interest on overdue invoices shall accrue daily from the date when payment becomes due, until the date of payment, at a rate of 4.75% per calendar month (and at SUV Campers sole discretion such interest shall compound monthly at such a rate) after as well as before any judgment.
11.2 If the Customer owes SUV Campers any money the Customer shall indemnify SUV Campers from and against all costs and disbursements incurred by SUV Campers in recovering the debt (including but not limited to internal administration fees, legal costs on a solicitor and own client basis, SUV Campers contract default fee, and bank dishonour fees).
11.3 Further to any other rights or remedies SUV Campers may have under this Contract, if a Customer has made payment to SUV Campers, and the transaction is subsequently reversed, the Customer shall be liable for the amount of the reversed transaction, in addition to any further costs incurred by SUV Campers under this clause 11 where it can be proven that such reversal is found to be illegal, fraudulent or in contravention to the Customer’s obligations under this Contract.
11.4 Without prejudice to SUV Campers other remedies at law SUV Campers shall be entitled to cancel all or any part of any order of the Customer which remains unfulfilled and all amounts owing to SUV Campers shall, whether or not due for payment, become immediately payable if:
(a) any money payable to SUV Campers becomes overdue, or in SUV Campers opinion the Customer will be unable to make a payment when it falls due;
(b) the Customer becomes insolvent, convenes a meeting with its creditors or proposes or enters into an arrangement with creditors, or makes an assignment for the benefit of its creditors; or
(c) a receiver, manager, liquidator (provisional or otherwise) or similar person is appointed in respect of the Customer or any asset of the Customer.
