Payment Default Period Clause Samples

The Payment Default Period clause defines the specific timeframe within which a party must remedy a missed or late payment before being considered in default under the contract. Typically, this period begins once a payment is due and not received, and allows the owing party a set number of days to make the payment without triggering default-related penalties or remedies. By establishing a clear grace period, this clause provides both parties with certainty and a fair opportunity to resolve payment issues before more severe contractual consequences are enforced.
Payment Default Period. That period of time beginning on the initial date of a Payment Default and ending thirty (30) Days following a notice of default as provided in accordance with Section 11.2 hereof.
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Payment Default Period. That period of time during which a Payment Default exists.
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Related to Payment Default Period

  • Payment 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);