Payment Default Event Sample Clauses

A Payment Default Event clause defines the circumstances under which a party is considered to be in default due to failure to make required payments under the agreement. Typically, this clause specifies the time frame within which payment must be made and what constitutes a default, such as missing a payment deadline or failing to pay the full amount owed. Its core practical function is to clearly establish the consequences of non-payment, thereby protecting the interests of the party expecting payment and providing a basis for remedies or termination if payment obligations are not met.
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Payment Default Event. If any Obligor shall default in the payment of any principal or interest under the Senior Obligations when the same becomes due and payable which default constitutes an Event of Default under any of the Senior Loan Documents, whether at maturity or at a date fixed for scheduled payment or by declaration or acceleration or otherwise (a “Payment Default Event”), then no Obligor shall make, and no Subordinated Claimholder shall accept, take or receive by payment or prepayment, directly or indirectly from any Obligor or any other Person any Distribution which may now or hereafter be owing to such Subordinated Claimholder on account of any of the Subordinated Obligations during the Payment Blockage Period applicable to such Payment Default Event. Each Subordinated Claimholder shall be entitled to assume conclusively that no Payment Default Event exists at the time of its receipt of any Permitted Subordinated Debt Payment, and accordingly, shall not be required to turn over any such payment in accordance with the terms of this Agreement unless (i) such Subordinated Claimholder has actual notice of the existence of such Payment Default Event at the time it receives such payment or within the thirty (30) days following such receipt, (ii) the Subordinated Agent is notified in writing of the existence of a Payment Default Event by any Senior Agent, any other Senior Claimholder, any Obligor or any other Person either (x) prior to the time such payment is made or (y) at any time during the thirty (30) days following the making of such payment, or (iii) such Payment Default Event occurs prior to, concurrently with, or as a result of the making of such payment, whether as a result of an automatic acceleration of the Senior Obligations occurring upon the acceleration of all or any part of the Subordinated Obligations or otherwise, in which case each Senior Claimholder shall be deemed to have knowledge of the existence of such Payment Default Event.
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Payment Default Event. If any Obligor shall default in the payment of principal or interest on any Senior Obligations when the same becomes due and payable which default constitutes an Event of Default under any of the Senior Loan Documents, whether at maturity or at a date fixed for scheduled payment or by declaration or acceleration or otherwise (a “Payment Default Event”), then no Obligor shall make, and no Subordinated Claimholder shall accept, take or receive by payment or prepayment, directly or indirectly from any Obligor any Distribution on account of any of the Subordinated Obligations during the Payment Blockage Period applicable to such Payment Default Event (other than Non-Blockable Amounts).
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Payment Default Event. If any Obligor shall default in the payment of any Senior Obligations when the same becomes due and payable which default constitutes an Event of Default under any of the Senior Loan Documents, whether at maturity or at a date fixed for scheduled payment or by declaration or acceleration or otherwise (a “Payment Default Event”), then no Obligor shall make, and no Subordinated Claimholder shall accept, take or receive by payment or prepayment, directly or indirectly from any Obligor or any other Person any Distribution which may now or hereafter be owing to such Subordinated Claimholder on account of any of the Subordinated Obligations during the Payment Blockage Period applicable to such Payment Default Event.
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Related to Payment Default Event

  • Payment Default Borrower fails to (a) make any payment of principal or interest on any Credit Extension on its due date, or (b) pay any other Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day grace period shall not apply to payments due on the Maturity Date or the date of acceleration pursuant to Section 9.1 (a) hereof). During the cure period, the failure to cure the payment default is not an Event of Default (but no Credit Extension will be made during the cure period);

  • Payment Defaults Tenant shall fail to pay any installment of Rent or any other payment hereunder when due; provided, however, that Landlord will give Tenant notice and an opportunity to cure any failure to pay Rent within 3 days of any such notice not more than once in any 12 month period and Tenant agrees that such notice shall be in lieu of and not in addition to, or shall be deemed to be, any notice required by law.

  • Other Payment Default The Borrower shall default in the payment when and as due (whether at maturity, by reason of acceleration or otherwise) of interest on any Loan or Reimbursement Obligation or the payment of any other Obligation, and such default shall continue for a period of three (3) Business Days.

  • No Payment Default Except for payment delinquencies that have been continuing for a period of not more than 29 days, no payment default under the terms of any Receivable exists as of the Cutoff Date.

  • 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.