Common use of Protracted Default Period Clause in Contracts

Protracted Default Period. The Protracted Default Period means the period specified in the Schedule and which commences on the original due date for payment of an Insured Debt under the relevant contract of sale or, if that original due date is postponed, such postponed due date. The Protracted Default Period cannot commence or continue to run while an Insolvency of the Insured Buyer exists or while the Insured Buyer: a) is entitled or obliged to refuse payment of an Insured Debt under any applicable law or regulation or is obliged to refuse payment by a person exercising powers of government; or b) claims that it is entitled to withhold payment of any part of an Insured Debt and the Insurer is satisfied that a dispute exists between the Insured and the Insured Buyer which has not been resolved by the parties to the relevant contract or by arbitration, or by legal proceedings.

Protracted Default Period. The Protracted Default Period means the period specified in the Schedule and which commences on the original due date for payment of an Insured Debt under the relevant contract of sale Lease or, if that original due date is postponed, such postponed due date. The Protracted Default Period cannot commence or continue to run while an Insolvency of the Insured Buyer Tenant exists or while the Insured BuyerTenant: a) is entitled or obliged to refuse payment of an Insured Debt under any applicable law or regulation or is obliged to refuse payment by a person exercising powers of government; or b) claims that it is entitled to withhold payment of any part of an Insured Debt and the Insurer is satisfied that a dispute exists between the Insured and the Insured Buyer Tenant which has not been resolved by the parties to the relevant contract or by arbitration, or by legal proceedings.

Protracted Default Period. The Protracted Default Period means the period specified in the Schedule and which commences on the original due date for payment of an Insured Debt under the relevant contract of sale or, if that original due date is postponed, such postponed due date. The Protracted Default Period cannot commence or continue to run while an Insolvency of the Insured Buyer exists or while the Insured Buyer: (a) is entitled or obliged to refuse payment of an Insured Debt under any applicable law or regulation or is obliged to refuse payment by a person exercising powers of government; or (b) claims that it is entitled to withhold payment of any part of an Insured Debt and the Insurer is satisfied that a dispute exists between the Insured and the Insured Buyer which has not been resolved by the parties to the relevant contract or by arbitration, or by legal proceedings.

Protracted Default Period. The Protracted Default Period means the period specified in the Schedule and which commences on the original due date for payment of an Insured Debt under the relevant contract of sale or, if that original due date is postponed, postponed such postponed due date. The Protracted Default Period cannot commence or continue to run while an Insolvency of the Insured Buyer exists or while the Insured Buyer: a) is entitled or obliged to refuse payment of an Insured Debt under any applicable law or regulation or is obliged to refuse payment by a person exercising powers of government; or b) claims that it is entitled to withhold payment of any part of an Insured Debt and the Insurer is satisfied that a dispute exists between the Insured and the Insured Buyer which has not been resolved by the parties to the relevant contract or by arbitration, or by legal proceedings.