Examples of Protracted Default in a sentence
The Insurer will pay to the Insured the Insured Percentage of the Insured Loss within thirty (30) days of receipt of a Confirmation of Debt (for Insolvency claims) or the judgment (if applicable) of a court of competent jurisdiction (for Protracted Default claims), after deducting any interim payments, Recoveries and any applicable deductible, but the Insurer shall be entitled not to do this if the Insured has failed to comply with any provision of this Policy.
Claimable Event in respect of an Insured Tenant means either Insolvency, Protracted Default or any other named Claimable Event in the Schedule that has occurred before a claim can be submitted.
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 Lease or, if that original due date is postponed, such postponed due date.