Default Protection Sample Clauses
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Default Protection. Pursuant to the terms outlined therein, the Borrower agrees to Confession of Judgment provisions for narrow and limited reasons known as the Stipulated Reasons of Judgment as shown in Exhibit B (a “Default Protection”). In the event that Borrower is for any reason unable to repay the Loan, SCM Subsidiary hereby agrees to repay any remaining amount of the Loan.
Default Protection. > To the extent economically feasible and justifiable, as determined by the State after consultation with contractors, the State shall maintain insurance or other forms of security protecting bondholders and non-defaulting contractors against costs resulting from the failure of any contractor to make the payments required by this article.
Default Protection. Trades executed through the IFM Platform benefit from Default Protection, which means that IFM shall guarantee to Seller 90% of the price of the goods sold as agreed with the Buyer on the IFM Platform, minus VAT (if applicable), minus a deductible of EUR 1’500 per Trade (“Indemnity”), subject to the following conditions being fulfilled:
1. The Trade has been registered on and executed through the IFM Platform
2. At the moment of the delivery of the products by the Seller to the Buyer, a sufficient credit line was available and published on the IFM Platform
3. The payment term of the Trade does not exceed 60 days
4. Seller does not have negative financial information about the Buyer, unless such negative information about the Buyer has been fully disclosed to IFM by the Seller
5. IFM has confirmed the terms of the Trade to Buyer and Seller by e-mail or through the IFM Platform
6. Buyer does not have any claims against the Seller (“Good Delivery Notice” as per Appendix B), and has not raised such claim before the payment of the Indemnity by IFM to Seller In order to trigger the payment from IFM in case of a default by the Buyer, the Seller must follow the procedures below:
1. Seller must inform IFM within 15 days from due date if Buyer has not paid or has not fully paid the invoice as agreed in the Trade
2. Within 60 days from the original due date of the Trade, Seller must assign the invoice for the Trade to IFM; IFM and its credit insurance company shall start collection procedures against Buyer
3. Payment of the Indemnity by IFM to Seller shall take place 180 days after the original due date of the Trade, and shall be subject to IFM having received from its credit insurance company the amount to be paid by IFM to the Seller for this Trade For this Default Protection, Seller shall pay a fee as per Appendix A.