Protracted Default Sample Clauses

A Protracted Default clause defines the consequences and procedures that apply when a party remains in default for an extended period beyond an initial grace or cure period. Typically, this clause outlines specific actions the non-defaulting party may take, such as accelerating obligations, terminating the agreement, or seeking additional remedies if the default is not remedied within a set timeframe. Its core practical function is to provide a clear escalation path and protect the non-defaulting party from ongoing breaches, ensuring that unresolved defaults are addressed efficiently and do not persist indefinitely.
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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 Excluded causes of loss 01200.00 Generally excluded losses Cover shall not apply to:
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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 63170.00 Generally excluded losses Cover shall not apply to:
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Protracted Default failure of the Buyer to fully pay the Debt at the expiration of the waiting period, provided that such failure is not due to Insolvency, a Political Event or a Natural Disaster.
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Protracted Default. Protracted Default means failure on the part of an Approved Debtor, after having accepted delivery of the goods exported by the Client in accordance with the relevant Export Contract, to pay the relevant amount due thereon to the Client or to whomsoever who is entitled in law to receive the said amount within a period of One Hundred and twenty days (120) days after the expiry of the relevant Due Date;
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Protracted Default. There is Protracted Default when the Insured Buyer having accepted delivery of goods under a valid contract of sale, has failed to pay to the Insured, whole or any part of an Insured Debt, and it remains overdue and unpaid for a considerable long time. Under this Policy, the said time is considered as four months after the due date of payment.
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Protracted Default. 11.1 If the Insured Debtor fails to pay any amount in relation to the Insured Debt which may result in a Protracted Default, the Insured shall, as soon as possible thereafter, give written notice to the Insured Debtor of such default under the Insured Contract, informing the Insured Debtor of the default and the details thereof, including that payment is due (within applicable grace period). 11.2 It is specifically recorded that, if the Insured Debtor disputes its indebtedness under the Insured Contract on reasonable grounds, a Protracted Default shall be deemed not to have occurred until a judgment is granted by a court of law or an award has been made by an arbitrator or arbitration panel confirming the indebtedness of the Insured Debtor to the Insured under the Insured Contract. 11.3 Subject to the provisions of clause 11.1, should the Insured Debtor dispute its indebtedness in terms of the Insured Contract, the Insurer may at its sole discretion agree that the period of 180 (one hundred and eighty) days referred to in the definition of Protracted Default shall commence to run from an earlier stage than as set out in the definition of Protracted Default.
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Protracted Default. Provided the debt falls under the scope of this contract; when your buyer has not paid the debt in whole or in part according to the sales contract, at the expiry of the maximum credit period, and no dispute has arisen in relation with the debt.
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Related to Protracted Default

  • Existing Defaults No Loan Party is in default in the performance, observance or fulfillment of any of the obligations, contained in any Contractual Obligation applicable to it, and no condition exists which, with or without the giving of notice or the lapse of time, would constitute a default under such Contractual Obligation, except, in any such case, where the consequences, direct or indirect, of such default or defaults, if any, could not reasonably be expected to have a Material Adverse Effect on the Loan Parties, taken as a whole.

  • Default Events (a) Any material breach of the Funding Agreement by the Recipient, including those set out below, will be an event of default (“Default Event”): 1. the Recipient has amounts owing to the IESO in respect of another funding agreement or other program, contract or arrangement with the IESO that have not been paid after due notice; 2. the IESO notifies the Recipient that it is in default of any existing agreements with the IESO, its predecessor entities, or any of their third party funds managers, including funding agreements; 3. the Recipient fails to complete or submit to the IESO any Activities set out in Schedule C by the applicable Target Completion Date; or 4. the Recipient fails to notify the IESO of any of the events set out in Section 6.1. (b) Should a Default Event occur, the IESO will be entitled to deliver to the Recipient a written notice that the Recipient is in default of the obligations under the Funding Agreement (the “Notice of Default”). The Notice of Default will set out the nature of the Default Event and a reasonable period of time by which the Default Event must be cured.

  • Landlord Default If Landlord shall default in the performance or observance of any of its covenants or obligations set forth in this Agreement or any obligation of Landlord, if any, under any agreement affecting the Leased Property, the performance of which is not Tenant’s obligation pursuant to this Agreement, and any such default shall continue for a period of thirty (30) days after Notice thereof from Tenant to Landlord and any applicable Facility Mortgagee, or such additional period as may be reasonably required to correct the same, Tenant may declare the occurrence of a “Landlord Default” by a second Notice to Landlord and to such Facility Mortgagee. Thereafter, Tenant may forthwith cure the same and, subject to the provisions of the following paragraph, invoice Landlord for costs and expenses (including reasonable attorneys’ fees and court costs) incurred by Tenant in curing the same, together with interest thereon (to the extent permitted by law) from the date Landlord receives Tenant’s invoice until paid, at the Overdue Rate. Tenant shall have no right to terminate this Agreement for any default by Landlord hereunder and no right, for any such default, to offset or counterclaim against any Rent or other charges due hereunder. If Landlord shall in good faith dispute the occurrence of any Landlord Default and Landlord, before the expiration of the applicable cure period, shall give Notice thereof to Tenant, setting forth, in reasonable detail, the basis therefor, no Landlord Default shall be deemed to have occurred and Landlord shall have no obligation with respect thereto until final adverse determination thereof. If Tenant and Landlord shall fail, in good faith, to resolve any such dispute within ten (10) days after Landlord’s Notice of dispute, either may submit the matter for resolution in accordance with Article 22.

  • Answer and Default An answer and any counterclaims to the Arbitration Notice shall be required to be delivered to the party initiating the Arbitration within twenty (20) calendar days after the Arbitration Commencement Date. If an answer is not delivered by the required deadline, the arbitrator must provide written notice to the defaulting party stating that the arbitrator will enter a default award against such party if such party does not file an answer within five (5) calendar days of receipt of such notice. If an answer is not filed within the five (5) day extension period, the arbitrator must render a default award, consistent with the relief requested in the Arbitration Notice, against a party that fails to submit an answer within such time period.

  • Major Default The Purchasers shall be considered to be in “Major Default” in the event that (a) the Purchasers are in breach of their obligations under the Agreement and (b) such breaches, individually or in the aggregate, resulted or would reasonably be expected to result in (i) material Losses to the Sellers or their Affiliates, (ii) material reputational harm to the Sellers or their Affiliates, (iii) material and adverse regulatory consequences to the Sellers or their Affiliates, for which, in each case of clauses (i) through (iii), indemnification by the Purchasers pursuant to Article 8 of the Agreement would not be sufficient to remedy all damages incurred by the Sellers and their Affiliates or (iv) if the Sellers reasonably determine, based on the advice of counsel, that it would reasonably be expected to be a violation of their fiduciary duties under applicable Law to not terminate the Agreement, taking into account the indemnification by the Purchasers pursuant to Article 8 of the Agreement; provided, that the following breaches shall be excluded, and not taken into account, in determining if a Major Default has occurred: (x) any breach to the extent resulting from any action taken by the Purchasers pursuant to and in accordance with written direction given by the Sellers and (y) any breach to the extent arising out of or resulting from, directly or indirectly, a breach by the Sellers of the Agreement, the Transition Services Agreement or the Purchase Agreement.