Payment Breach definition

Payment Breach means the failure of Borrower to pay to Lender on any Payment Date the amount due and owing on such Payment Date pursuant to this Agreement.

Payment Breach is defined in Section 1.5(b).

Payment Breach means a 395 Concessionaire Breach that arises pursuant to Section 19.06(c) of the Comprehensive Agreement that has not been cured within a period of thirty (30) days of the Concessionaire receiving written notice from the Department of such 395 Concessionaire Breach.

Examples of Payment Breach in a sentence

• In the event the AOLB Parties terminate -------- the Agreement pursuant to this Section 11.2 for a Material Payment Breach, in addition to any amounts due, or for which the payment obligation has accrued prior to such Termination Date, as the AOLB Parties sole and exclusive remedy for such Material Payment Breach, the Type I Acceleration Payment shall become immediately due and payable upon the Termination Date.

• In the event of termination of this Agreement by Licensor following a Payment Breach by Licensee, Licensee shall continue to be obligated to pay Licensee Profits, if any, generated by any Revenue that may be paid to Licensee after such termination with respect to any sublicenses, covenants not to sue or other encumbrances under the Patents granted by Licensee or any Affiliate of Licensee at or after the Closing and prior to such termination.

• Licensor’s sole and exclusive remedy in the event of any claim, dispute, or controversy under this Agreement, other than a Payment Breach, will be the recovery of money damages, subject to the disclaimer and limitations set forth in this Agreement, including, without limitation, those in subsections 9.1, 9.2 and 9.3.

• In the event of a Payment Breach, the provisions of Section 4.4 below shall cease to apply to this Agreement and MagneGas’s sole obligation will be to complete performance hereunder upon receipt of the delinquent Progress Payment without effect on MagneGas’s rights to exercise any remedies under Article 7 below.

• Upon receipt of a Notice of Breach, the recipient shall have (i) ten days to cure such material breach if such material breach relates to the failure to pay amounts due to the non-breaching party pursuant to this Agreement (a “Payment Default”); or (ii) thirty days to cure such material breach if such material breach relates to any material breach of this Agreement other than a Payment Breach.

More Definitions of Payment Breach

Payment Breach shall have the meaning provided in Section 9.2(a).

Payment Breach means a 395 Concessionaire Breach that arises pursuant to Section 19.06(c) of the Second ARCA that has not been cured within a period of thirty (30) days of the Concessionaire receiving written notice from the Department of such 395 Concessionaire Breach.

Payment Breach is defined in Section 1.04(d).

Payment Breach has the meaning given such term in Section 15.3.1.

Payment Breach means the failure of Mezzanine Borrower to pay to Mezzanine Lender on any Payment Date the amount due and owing on such Payment Date pursuant to this Agreement.

Payment Breach means LICENSEE’s failure for any reason to pay LICENSOR any or all money owed, when and as due. In respect of any breach other than a Payment Breach, any right to terminate under this Section 9.2(a) shall be stayed and the cure period tolled in the event that, during any cure period, the Party alleged to have been in material breach shall have initiated and be diligently pursuing dispute resolution in accordance with Article 11 with respect to the alleged breach, which stay and tolling shall continue until such dispute has been resolved in accordance with Article 11.

Payment Breach means and includes (i) the failure of the Company to make payments under this Agreement for a period of thirty (30) days after the first date upon which such payments are due and owing; (ii) if an Event of Default as a result of the failure by AmeriPath to pay principal or interest when due, under either the 7% Non-Negotiable Subordinated Contingent Note or the 7% Non-Negotiable Subordinated Note issued by AmeriPath, as borrower, to the Employee, as the holder, pursuant to the Purchase Agreement and such failure shall continue and remain uncured for thirty (30) days after notice from the Employee; or (iii) the failure of AmeriPath to comply with the obligations under the Stock Rights (as defined in the Purchase Agreement) and such failure shall continue and remain uncured for thirty (30) days after notice from the Employee.