Common use of Protracted Default Clause in Contracts

Protracted Default. For the purposes of this policy, the Covered Cause of Loss Protracted Default shall mean the failure of a Buyer to pay the receivable within the waiting period specified in the Policy Schedule. If the Schedule of Countries specifies a longer waiting period for the country of the Buyer, this shall be the applicable waiting period. The waiting period commences on the original due date of payment of the receivable. For this Covered Cause of Loss, the Date of Loss shall be the date on which the applicable waiting period expires. Excluded causes of loss 01200.00 Generally excluded losses Cover shall not apply to: