Delinquent Party definition
Examples of Delinquent Party in a sentence
The Delinquent Party shall promptly take such measures as may be necessary to prevent or minimize such delay and shall promptly notify the other Party in writing of the measures intended to be taken.
In the event that either Customer or Service Provider shall become aware (hereinafter the “Delinquent Party”) of an actual or potential delay in the performance of all or any portion of its contractual obligations, such Delinquent Party shall promptly give notice thereof to the other Party.
If a scheduled equity funding commitment is pending and one of the Parties (the “Delinquent Party”) determines it will not be able to fund all or part of its obligation, the Delinquent Party shall promptly provide written notice to the other Party (which shall in no event be less than ten (10) days’ prior to the date that such funding is due) indicating the amount, if any, of the equity that the Delinquent Party will fund on such date.
In the event that a Credit Support Provider (as the case may be, the “Delinquent Party”) shall have failed to make any payment as required in satisfaction of a parent or other affiliate guaranty issued by such Delinquent Party or an affiliate thereof, the other Party (the “Curing Party”) shall have the right, but not the obligation, to make all or part of such Credit Support Payment to the beneficiary of such guaranty (the “Cure Payment”).
Purchaser acknowledges that the City prohibits affiliated entities such as Seller from contracting with parties who are delinquent in taxes, fines, fees or other amounts or obligations owed to the City ("Delinquent Party").
In the event the CITY OF ARCADIA elects to make a payment on behalf of a Delinquent Party, the Delinquent Party and/or the remaining Parties shall reimburse the CITY OF ARCADIA the funds expended making the payment as described below.
Purchaser agrees that Purchaser shall not contract with a "builder" (as defined by the Texas Residential Construction Commission) that is a Delinquent Party.
Immediately and automatically upon the making of such Cure Payment by the Curing Party, the Delinquent Party shall be indebted to the Curing Party for the amount of the Cure Payment, payable to the Curing Party on demand, together with interest from the day such Cure Payment is made by the Curing Party until the Cure Payment is paid in full, at an annual interest rate equal to the Default Rate.
Purchaser shall cause each such builder to execute and deliver to Seller such forms and certificates confirming that such builder is not a Delinquent Party as may be required by the City from time to time.
If either party (a “Delinquent Party”) fails to pay any amount it owes to the other party (the “Non-Delinquent Party”) under this Agreement within five (5) Business Days after such amount is due, then, in addition to any other remedies available hereunder, the Delinquent Party shall pay the Non-Delinquent Party interest on such amount from the date the same was due until it is paid at the lesser of twelve percent (12%) per annum or the maximum rate of interest permitted under Applicable Law.