Default in Payment of Principal of Loans Clause Samples
The "Default in Payment of Principal of Loans" clause defines the consequences and procedures that apply when a borrower fails to pay back the principal amount of a loan as scheduled. Typically, this clause outlines what constitutes a default, such as missing a payment deadline or failing to pay the full principal amount, and may specify remedies available to the lender, such as acceleration of the loan or imposition of penalties. Its core practical function is to protect the lender by providing clear recourse in the event of non-payment, thereby allocating risk and encouraging timely repayment by the borrower.
Default in Payment of Principal of Loans. The Borrower shall default in any payment of principal of any Loan when and as due (whether at maturity, by reason of acceleration or otherwise).
Default in Payment of Principal of Loans the Borrower shall fail to make any payment of principal on the Loans when due, whether due by acceleration or otherwise; or
Default in Payment of Principal of Loans. The Borrower shall default in any payment of principal of any Loan or the Notes when and as due (whether at maturity, by reason of acceleration or otherwise) and such default shall continue unremedied for five (5) Business Days.
Default in Payment of Principal of Loans. The Borrower shall default in any payment of principal of any Loan or the Notes when and as due (whether at maturity, by reason of acceleration or otherwise) and such default shall continue unremedied for five (5) Business Days.