1Payment Default Clause Samples
The Payment Default clause defines the circumstances under which a party is considered to have failed to make required payments under the agreement. Typically, this clause outlines what constitutes a default, such as missing a payment deadline or failing to pay the full amount owed, and may specify any grace periods or notice requirements before a default is officially recognized. Its core practical function is to establish clear consequences for non-payment, thereby protecting the interests of the party expecting payment and providing a basis for remedies or termination if payment obligations are not met.
1Payment Default. Borrower fails to (a) make any payment of principal or interest on any Credit Extension on its due date, or (b) pay any other Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day grace period shall not apply to payments due on the Maturity Date or the date of acceleration pursuant to Section 9.1 (a) hereof). During the cure period, the failure to cure the payment default is not an Event of Default (but no Credit Extension will be made during the cure period);
1Payment Default. Borrower fails to make any interest or principal payment or payment of any other obligation under this Agreement after it is due.
1Payment Default. (a) Issuer fails to (i) make any payment of principal on any Notes on its due date, or (ii) make any payment of interest on any Notes or pay any Revenue Participation Payment within two (2) Business Days of when such payment is due; or
(b) Issuer fails to pay any other Obligations within five (5) Business Days after such Obligations are due and payable (which five (5) Business Day grace period shall not apply to payments due on the Maturity Date or the date of acceleration pursuant to Section 9.1(a) hereof).
1Payment Default. Borrower fails to (a) make any payment of principal or interest on any Term Loan on its due date, or (b) pay any other Obligation within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day grace period shall not apply to payments due on the Maturity Date or the date of acceleration pursuant to Section 9.1 (a) hereof);
1Payment Default. If Borrower fails to pay any of the Obligations when due;
1Payment Default. Any Borrower shall fail to make any payment of sums due under this Agreement, including any amounts specified in the Loan Chart, within three (3) Business Days of the applicable due date. A failure to pay includes any nonpayment as a result of ▇▇▇▇▇▇’s inability for any reason to collect the entire sum due from Borrowers’ Designated Account;
1Payment Default. Borrower fails to (a) make any payment of principal or interest on any Credit Extension when due, or (b) pay any other Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day cure period shall not apply to payments due on the Term Loan Maturity Date); provided that, notwithstanding the foregoing in this Section 8.1, an Event of Default shall not occur on account of a failure to pay due solely to an administrative or operation error of Agent or any Lender (or any failure to auto-debit Borrower’s deposit accounts pursuant to the terms of this Agreement to the extent Agent or any Lender fails to notify Borrower of the intention not to initiate such auto-debit at least five (5) Business Days prior to the applicable payment date) or Borrower’s bank if Borrower had the funds to make the payment when due and makes the payment within three (3) Business Days following Borrower’s knowledge of such failure to pay). During the cure period, the failure to make or pay any payment specified under clause (b) hereunder is not an Event of Default (but no Credit Extension will be made during the cure period);
1Payment Default. Any Credit Party fails to (a) make any payment of any principal of the Term Loans when and as the same shall become due and payable, whether at the due date thereof (including pursuant to Section 2.2(c)) or at a date fixed for prepayment (whether voluntary or mandatory) thereof or by acceleration thereof or otherwise, or (b) within [***] Business Days after the same becomes due and payable, any payment of interest or premium pursuant to Section 2.2, including any applicable Additional Consideration, Makewhole Amount or Prepayment Premium, or any other Obligations (which such [***] Business Day cure period shall not apply to any such payments due on the Term Loan Maturity Date or such earlier date pursuant to Section 2.2(c)(ii) hereof or the date of acceleration pursuant to Section 8.1(a) hereof). A failure to pay any such interest, premium or Obligations pursuant to the foregoing clause (b) prior to the end of such [***] Business Day-period shall not constitute an Event of Default (unless such payment is due on the Term Loan Maturity Date or such earlier date pursuant to Section 2.2(c)(ii) hereof or the date of acceleration pursuant to Section 8.1(a) hereof).
1Payment Default. Failure by EDF to comply with any obligation set forth in Section 3 of this Agreement or failure by EDF to pay ESCO any amount owing to ESCO under this Agreement within five (5) Local Business Days after written notice of such failure is given to EDF.
1Payment Default. If ▇▇▇▇▇▇▇▇ fails to pay any of the Obligations when due;