Principal Default Sample Clauses
The Principal Default clause defines the circumstances under which the principal party to an agreement is considered to be in default. Typically, this clause outlines specific events or failures—such as non-payment, breach of obligations, or insolvency—that trigger a default status. For example, if the principal fails to make required payments or violates key terms of the contract, this clause would specify the resulting consequences, such as acceleration of debt or termination rights for the other party. Its core function is to clearly establish what constitutes a default by the principal, thereby protecting the counterparty and providing a structured response to breaches or financial instability.
Principal Default if the Borrower fails to pay the principal of any Loan hereunder when due and payable;
Principal Default default in the due and punctual payment of the principal or Redemption Price of any Bond when and as the same shall become due and payable;
Principal Default. Default shall be made in the payment of any principal of any of the Revolving Note or the Revolving Loan when and as the same shall become due and payable, whether at maturity or otherwise; or
Principal Default. Failure of the Principal, which has neither been remedied nor waived, to perform or otherwise to comply with the terms of the Construction Contract.
Principal Default. 37 Section 9.02
Principal Default. Whenever the Principal shall be, and is declared by the Obligee to be in default under the Subcontract, the Surety shall promptly remedy the default, or shall promptly:
Principal Default if the Borrower fails to pay the principal amount of any Loan when due and payable hereunder; (b) Other Payment Default: if the Borrower fails to pay:
Principal Default. Whenever the Principal shall be, and is declared by the Obligee to be in default under the Trade Contract, with the Obligee having performed its obligations in the Trade Contract, the Surety after receipt of written notice of the default from the Obligee may promptly remedy the default, or shall promptly:
Principal Default. Default shall be made in the payment of any principal of the Loan required to be made by the terms of this Agreement when and as the same shall become due and payable; or
Principal Default. Default shall be made in the payment of any principal of any of the Notes or any of the Loans when and as the same shall become due and payable, whether at maturity or otherwise and such default shall continue uncorrected for a period of five (5) days; or