{"component": "clause", "props": {"groups": [{"snippet": "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);", "samples": [{"hash": "Mmq3X2l9iE", "uri": "/contracts/Mmq3X2l9iE#payment-default", "label": "Loan and Security Agreement (Kyverna Therapeutics, Inc.)", "score": 37.2299804688, "published": true}, {"hash": "iph5exKd6x3", "uri": "/contracts/iph5exKd6x3#payment-default", "label": "Loan and Security Agreement (Soleno Therapeutics Inc)", "score": 36.1594810486, "published": true}, {"hash": "gDvXTi6kAm6", "uri": "/contracts/gDvXTi6kAm6#payment-default", "label": "Loan and Security Agreement (Inhibrx Biosciences, Inc.)", "score": 36.0335388184, "published": true}], "snippet_links": [{"key": "interest-on-any", "type": "clause", "offset": [55, 70]}, {"key": "credit-extension", "type": "definition", "offset": [71, 87]}, {"key": "due-date", "type": "definition", "offset": [95, 103]}, {"key": "other-obligations", "type": "clause", "offset": [120, 137]}, {"key": "days-after", "type": "definition", "offset": [164, 174]}, {"key": "due-and-payable", "type": "clause", "offset": [196, 211]}, {"key": "grace-period", "type": "clause", "offset": [242, 254]}, {"key": "payments-due", "type": "clause", "offset": [274, 286]}, {"key": "on-the-maturity-date", "type": "clause", "offset": [287, 307]}, {"key": "date-of-acceleration", "type": "definition", "offset": [315, 335]}, {"key": "section-91", "type": "clause", "offset": [348, 359]}, {"key": "cure-period", "type": "definition", "offset": [384, 395]}, {"key": "failure-to-cure", "type": "clause", "offset": [401, 416]}, {"key": "the-payment", "type": "clause", "offset": [417, 428]}, {"key": "an-event-of-default", "type": "definition", "offset": [444, 463]}, {"key": "no-credit", "type": "clause", "offset": [469, 478]}], "size": 975, "hash": "f57f79a5ed627f767cb2ec8b81fdb33d", "id": 1}, {"snippet": "If Borrower fails to pay any of the Obligations within 3 days after their due date. During the additional period the failure to cure the default is not an Event of Default (but no Credit Extension will be made during the cure period);", "samples": [{"hash": "2XgxNCphfX0", "uri": "/contracts/2XgxNCphfX0#payment-default", "label": "Loan and Security Agreement (Quicklogic Corporation)", "score": 25.4982891083, "published": true}, {"hash": "k6IV3nPglz9", "uri": "/contracts/k6IV3nPglz9#payment-default", "label": "Loan and Security Agreement (Senorx Inc)", "score": 21.0, "published": true}, {"hash": "jYxG4tLcPe4", "uri": "/contracts/jYxG4tLcPe4#payment-default", "label": "Loan and Security Agreement (Corillian Corp)", "score": 21.0, "published": true}], "snippet_links": [{"key": "if-borrower", "type": "clause", "offset": [0, 11]}, {"key": "fails-to-pay", "type": "clause", "offset": [12, 24]}, {"key": "the-obligations", "type": "clause", "offset": [32, 47]}, {"key": "days-after", "type": "definition", "offset": [57, 67]}, {"key": "due-date", "type": "definition", "offset": [74, 82]}, {"key": "additional-period", "type": "definition", "offset": [95, 112]}, {"key": "cure-the-default", "type": "clause", "offset": [128, 144]}, {"key": "an-event-of-default", "type": "definition", "offset": [152, 171]}, {"key": "credit-extension", "type": "definition", "offset": [180, 196]}, {"key": "cure-period", "type": "definition", "offset": [221, 232]}], "size": 204, "hash": "859d981ecf1f26f0832c0d19f74b46c4", "id": 3}, {"snippet": "Borrower fails to pay any of the Obligations when due;", "samples": [{"hash": "4gJXgpt3mUG", "uri": "/contracts/4gJXgpt3mUG#payment-default", "label": "Loan and Security Agreement", "score": 31.3408622742, "published": true}, {"hash": "2qlcof2852l", "uri": "/contracts/2qlcof2852l#payment-default", "label": "Loan and Security Agreement", "score": 31.3408622742, "published": true}, {"hash": "6mbePqKDZ3Q", "uri": "/contracts/6mbePqKDZ3Q#payment-default", "label": "Loan and Security Agreement (Forescout Technologies, Inc)", "score": 28.7508563995, "published": true}], "snippet_links": [{"key": "fails-to-pay", "type": "clause", "offset": [9, 21]}, {"key": "the-obligations", "type": "clause", "offset": [29, 44]}], "size": 89, "hash": "d778fd32ff6ef9d3e880aa54bd6a356c", "id": 5}, {"snippet": "Borrower fails to (a) make any payment of principal or interest on the Term Loan on its due date, or (b) pay any other Obligation within three (3) Business Days after such Obligation is 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.", "samples": [{"hash": "g4UdAaROT9y", "uri": "/contracts/g4UdAaROT9y#payment-default", "label": "Subordinated Business Loan and Security Agreement (Blue Star Foods Corp.)", "score": 37.2628326416, "published": true}, {"hash": "a5H2qW9IWNc", "uri": "/contracts/a5H2qW9IWNc#payment-default", "label": "Business Loan and Security Agreement (Avalon GloboCare Corp.)", "score": 37.2409324646, "published": true}, {"hash": "eFfFAfTKfrh", "uri": "/contracts/eFfFAfTKfrh#payment-default", "label": "Subordinated Business Loan and Security Agreement (Aspira Women's Health Inc.)", "score": 37.0793991089, "published": true}], "snippet_links": [{"key": "interest-on-the-term-loan", "type": "clause", "offset": [55, 80]}, {"key": "due-date", "type": "definition", "offset": [88, 96]}, {"key": "other-obligation", "type": "definition", "offset": [113, 129]}, {"key": "days-after", "type": "definition", "offset": [156, 166]}, {"key": "due-and-payable", "type": "clause", "offset": [186, 201]}, {"key": "grace-period", "type": "clause", "offset": [232, 244]}, {"key": "payments-due", "type": "clause", "offset": [264, 276]}, {"key": "on-the-maturity-date", "type": "clause", "offset": [277, 297]}, {"key": "date-of-acceleration", "type": "definition", "offset": [305, 325]}, {"key": "section-91", "type": "clause", "offset": [338, 349]}], "size": 97, "hash": "720d03bbe647bf9ca13fd32fe7c4b9c9", "id": 4}, {"snippet": "Tenant\u2019s failure to pay Rent within five days after Landlord has delivered written notice to Tenant that the same is due; however, an Event of Default shall occur hereunder without any obligation of Landlord to give any notice if Tenant fails to pay Rent when due and, during the 12 month interval preceding such failure, Landlord has given Tenant written notice of failure to pay Rent on one or more occasions;", "samples": [{"hash": "3ZRdVpYfaiZ", "uri": "/contracts/3ZRdVpYfaiZ#payment-default", "label": "Lease Agreement (AIRO Group Holdings, Inc.)", "score": 36.6139640808, "published": true}, {"hash": "j13Evp3gWmk", "uri": "/contracts/j13Evp3gWmk#payment-default", "label": "Lease Agreement (Signing Day Sports, Inc.)", "score": 34.3661880493, "published": true}, {"hash": "7Mfg00n3OnQ", "uri": "/contracts/7Mfg00n3OnQ#payment-default", "label": "Lease Agreement (Mimecast LTD)", "score": 28.3976726532, "published": true}], "snippet_links": [{"key": "failure-to-pay-rent", "type": "clause", "offset": [9, 28]}, {"key": "days-after", "type": "definition", "offset": [41, 51]}, {"key": "notice-to-tenant", "type": "definition", "offset": [83, 99]}, {"key": "default-shall", "type": "definition", "offset": [143, 156]}, {"key": "obligation-of-landlord", "type": "clause", "offset": [185, 207]}, {"key": "any-notice", "type": "clause", "offset": [216, 226]}, {"key": "tenant-fails-to-pay", "type": "clause", "offset": [230, 249]}, {"key": "notice-of-failure", "type": "definition", "offset": [356, 373]}], "size": 66, "hash": "b46fe776bd6af3ab842eab57a38d46d0", "id": 7}, {"snippet": "If Borrower fails to pay any of the Obligations when due;", "samples": [{"hash": "kbDv4Yaq5oW", "uri": "/contracts/kbDv4Yaq5oW#payment-default", "label": "Loan and Security Agreement (Precision Biosciences Inc)", "score": 33.1998634338, "published": true}, {"hash": "iYp1ZTTYXxk", "uri": "/contracts/iYp1ZTTYXxk#payment-default", "label": "Loan and Security Agreement (Thayer Ventures Acquisition Corp)", "score": 32.928817749, "published": true}, {"hash": "43fxhQWjU68", "uri": "/contracts/43fxhQWjU68#payment-default", "label": "Loan and Security Agreement (On24 Inc.)", "score": 32.8631057739, "published": true}], "snippet_links": [{"key": "if-borrower", "type": "clause", "offset": [0, 11]}, {"key": "fails-to-pay", "type": "clause", "offset": [12, 24]}, {"key": "the-obligations", "type": "clause", "offset": [32, 47]}], "size": 509, "hash": "3230838f3eca7e9656972838fded3a8c", "id": 2}, {"snippet": "If overdue consideration, with the addition of late payment interest, has not been paid within thirty (30) calendar days of the due date, the Contractor may send a written notice to the Customer, stating that the Agreement will be terminated for breach, unless settlement has taken place within sixty (60) calendar days of receipt of such notice. Termination for breach may not take place if the Customer settles the overdue consideration, with the addition of late payment interest, by the expiry of the deadline.", "samples": [{"hash": "5fSVFYZq397", "uri": "/contracts/5fSVFYZq397#payment-default", "label": "Development and Customisation Agreement", "score": 33.2140312195, "published": true}, {"hash": "g4WIDSPuyZ7", "uri": "/contracts/g4WIDSPuyZ7#payment-default", "label": "Development and Customisation Agreement", "score": 31.3099422455, "published": true}, {"hash": "d2iUnAY9N3s", "uri": "/contracts/d2iUnAY9N3s#payment-default", "label": "Purchasing Agreement", "score": 31.1916332245, "published": true}], "snippet_links": [{"key": "addition-of", "type": "clause", "offset": [35, 46]}, {"key": "late-payment-interest", "type": "clause", "offset": [47, 68]}, {"key": "within-thirty", "type": "clause", "offset": [88, 101]}, {"key": "calendar-days", "type": "clause", "offset": [107, 120]}, {"key": "due-date", "type": "definition", "offset": [128, 136]}, {"key": "the-contractor-may", "type": "clause", "offset": [138, 156]}, {"key": "notice-to-the-customer", "type": "clause", "offset": [172, 194]}, {"key": "the-agreement", "type": "clause", "offset": [209, 222]}, {"key": "will-be-terminated", "type": "clause", "offset": [223, 241]}, {"key": "receipt-of", "type": "clause", "offset": [323, 333]}, {"key": "termination-for-breach", "type": "clause", "offset": [347, 369]}, {"key": "if-the-customer", "type": "clause", "offset": [389, 404]}, {"key": "expiry-of", "type": "clause", "offset": [491, 500]}], "size": 62, "hash": "968e93cb75f29f692e91cec70c117e2f", "id": 9}, {"snippet": "If Borrower fails to pay the principal of, or any interest on, any Advances when due and payable; or fails to pay any portion of any other Obligations not constituting such principal or interest, including without limitation Bank Expenses, within thirty (30) days of receipt by Borrower of an invoice for such other Obligations;", "samples": [{"hash": "lvvELTRPJlA", "uri": "/contracts/lvvELTRPJlA#payment-default", "label": "Loan and Security Agreement (Invision Technologies Inc)", "score": 18.0, "published": true}, {"hash": "kM8ZmZYXuzk", "uri": "/contracts/kM8ZmZYXuzk#payment-default", "label": "Loan Agreement (Centigram Communications Corp)", "score": 18.0, "published": true}, {"hash": "jTk3jWXDUnh", "uri": "/contracts/jTk3jWXDUnh#payment-default", "label": "Loan Agreement (Phoenix Technologies LTD)", "score": 18.0, "published": true}], "snippet_links": [{"key": "if-borrower", "type": "clause", "offset": [0, 11]}, {"key": "fails-to-pay", "type": "clause", "offset": [12, 24]}, {"key": "principal-of", "type": "definition", "offset": [29, 41]}, {"key": "interest-on", "type": "clause", "offset": [50, 61]}, {"key": "when-due-and-payable", "type": "clause", "offset": [76, 96]}, {"key": "other-obligations", "type": "clause", "offset": [133, 150]}, {"key": "principal-or-interest", "type": "clause", "offset": [173, 194]}, {"key": "including-without-limitation", "type": "clause", "offset": [196, 224]}, {"key": "bank-expenses", "type": "definition", "offset": [225, 238]}, {"key": "within-thirty", "type": "clause", "offset": [240, 253]}, {"key": "receipt-by-borrower", "type": "clause", "offset": [267, 286]}, {"key": "an-invoice", "type": "clause", "offset": [290, 300]}], "size": 62, "hash": "28ca40e97f3437b466ed6815beb76bbf", "id": 8}, {"snippet": "(a) Except as provided in Section 9.4 (b), Owner, in addition to any other remedy it may have, may pursue all claims against CAISO and the Collateral, as defined in Section 9.7 below, if CAISO fails to pay any invoice in full by the Due Date as required under Section 9.3. CAISO, in addition to any other remedy it may have, may pursue all claims against Owner if Owner fails to pay any invoice in full by the Due Date as required under Section 9.3. The parties' remedies shall be subject to the limitations set forth in Article 11.\n(b) If the amounts CAISO has not paid have been invoiced by CAISO to the Responsible Utility and the Responsible Utility has not paid such amounts to CAISO, Owner shall cause execution to issue against, and shall collect solely from the Collateral or the Responsible Utility, and not CAISO, if all of the following conditions have been satisfied:\n(i) The Responsible Utility is [INSERT SCE, PGE or SDGE, as applicable]\n(ii) CAISO has invoiced via the CAISO Invoice [INSERT SCE, PGE or SDGE, as applicable] for costs (net of any applicable credits, all as shown on the Revised Estimated or Revised Adjusted RMR Invoice) after deducting only amounts permitted to be deducted under Section 9.6.\n(iii) The CAISO Tariff expressly requires [INSERT SCE, PGE or SDGE, as applicable] to pay all amounts shown on the CAISO Invoices without offset, recoupment or deduction (except to the extent that Section 41 of the CAISO Tariff permits deduction of amounts that are due the Responsible Utility after resolution of a dispute) and, to the extent that [INSERT SCE, PGE or SDGE, as applicable] disputes any amounts due under the CAISO Invoices, to pay the disputed amounts under protest and subject to refund with interest; and\n(iv) [INSERT SCE, PGE or SDGE, as applicable] fails to pay all or a portion of the amounts due under the CAISO Invoices and did not have the right to have such amount deducted under Section 41 of the CAISO Tariff.\n(c) Notwithstanding the provisions of Section 9.4 (b), Owner may cause execution to issue against, and collect from, CAISO, the Responsible Utility, the Collateral or insurance maintained by CAISO pursuant to Section 12.1(a), if notwithstanding the requirement to pay CAISO Invoices without offset, recoupment or deduction (except to the extent that Section 41 of the CAISO Tariff permits deduction of amounts that are due the Responsible Utility after resolution of a dispute), a Responsible Utility nonetheless offsets amounts unrelated to this Agreement or withholds amounts based on a breach or default by CAISO of any of its obligations to the Responsible Utility.\n(d) The CAISO Invoices shall separately show the amounts due for services from each Facility. If the Responsible Utility withholds any portion of the amount due under the CAISO Invoices, CAISO shall inform Owner of the specific Facility and time periods for which the Responsible Utility withheld payments.\n(e) As a condition for Owner\u2019s agreement not to seek to recover amounts from CAISO under Section 9.4(b), CAISO agrees to include and retain in the CAISO Tariff provisions expressly recognizing that Owner is a third party beneficiary of, and has all rights that CAISO has under the CAISO Tariff, at law, in equity or otherwise, to enforce the Responsible Utility\u2019s obligation to pay all sums invoiced to it in the CAISO Invoices but not paid by the Responsible Utility, to the extent that, as a result of the Responsible Utility\u2019s failure to pay, CAISO does not pay Owner on a timely basis amounts due under this Agreement. Owner recognizes that its rights as a third party beneficiary are (i) no greater than CAISO\u2019s rights against the Responsible Utility, and (ii) subject to Section 13 of the CAISO Tariff regarding dispute resolution. Either CAISO or Owner (but not both) will be entitled to enforce any claim arising from unpaid CAISO Invoices, and only one party will be a \u201cdisputing party\u201d under Section 13 of the CAISO Tariff with respect to such claim so that the Responsible Utility will not be subject to duplicate claims or recoveries. Owner shall have the right to control the disposition of claims against the Responsible Utility for non-payments which result in payment defaults by CAISO under this Agreement. To that end, CAISO agrees that in the event of nonpayment by the Responsible Utility of amounts due under the CAISO Invoices, CAISO will not take any action to enforce its rights against the Responsible Utility unless CAISO is requested to do so by Owner. CAISO shall cooperate with Owner in a timely manner as necessary or appropriate to most fully effectuate Owner\u2019s rights related to such enforcement, including using its best efforts to enforce the Responsible Utility\u2019s payment obligations if, as, to the extent, and within the time frame, requested by Owner. CAISO shall intervene and participate where procedurally necessary to the assertion of a claim by Owner.\n(f) If a Responsibility Utility was not the Responsible Utility on April 1, 1998 (a \u201cNew Responsible Utility\u201d) and if:\n(i) The senior unsecured debt of the New Responsible Utility is rated or becomes rated at less than A- from Standard & Poors (\u201cS&P\u201d) or A3 from Moody\u2019s Investment Services (\u201cMoody\u2019s), and\n(ii) Such ratings do not improve to A- or better from S&P or A3 or better from Moody\u2019s within 60 days, CAISO shall then require the New Responsible Utility to issue and confirm to CAISO an irrevocable and unconditional letter of credit in an amount equal to three times the highest monthly payment invoiced by CAISO to the New Responsible Utility (or the prior Responsible Utility) in connection with services provided under this Agreement during the last 3 months for which invoices have been issued. The letter of credit must be issued by a bank or other financial institution whose senior unsecured debt rating is not less than A from S&P and A2 from Moody\u2019s. The letter of credit shall authorize CAISO or Owner to draw on the letter of credit for deposit solely into the RMR Owner Facility Trust Account in an amount equal to any amount due and not paid by the Responsible Utility under the CAISO Invoices.", "samples": [{"hash": "izQ42oNzjCD", "uri": "/contracts/izQ42oNzjCD#payment-default", "label": "Must Run Service Agreement", "score": 22.7097873688, "published": true}, {"hash": "gyWcyZd91h7", "uri": "/contracts/gyWcyZd91h7#payment-default", "label": "Must Run Service Agreement", "score": 22.4223136902, "published": true}, {"hash": "jSQCDlZdJGP", "uri": "/contracts/jSQCDlZdJGP#payment-default", "label": "Must Run Service Agreement", "score": 22.1471595764, "published": true}], "snippet_links": [{"key": "except-as-provided-in", "type": "clause", "offset": [4, 25]}, {"key": "section-94", "type": "clause", "offset": [26, 37]}, {"key": "in-addition-to", "type": "clause", "offset": [50, 64]}, {"key": "other-remedy", "type": "clause", "offset": [69, 81]}, {"key": "all-claims", "type": "definition", "offset": [106, 116]}, {"key": "the-collateral", "type": "definition", "offset": [135, 149]}, {"key": "section-97", "type": "clause", "offset": [165, 176]}, {"key": "fails-to-pay", "type": "clause", "offset": [193, 205]}, {"key": "due-date", "type": "definition", "offset": [233, 241]}, {"key": "as-required", "type": "clause", "offset": [242, 253]}, {"key": "section-93", "type": "clause", "offset": [260, 271]}, {"key": "the-parties", "type": "definition", "offset": [450, 461]}, {"key": "subject-to-the", "type": "clause", "offset": [481, 495]}, {"key": "article-11", "type": "definition", "offset": [521, 531]}, {"key": "the-responsible", "type": "clause", "offset": [602, 617]}, {"key": "to-issue", "type": "clause", "offset": [718, 726]}, {"key": "caiso-invoice", "type": "definition", "offset": [984, 997]}, {"key": "applicable-credits", "type": "definition", "offset": [1061, 1079]}, {"key": "as-shown", "type": "definition", "offset": [1085, 1093]}, {"key": "revised-adjusted-rmr-invoice", "type": "definition", "offset": [1122, 1150]}, {"key": "section-96", "type": "clause", "offset": [1212, 1223]}, {"key": "caiso-tariff", "type": "clause", "offset": [1235, 1247]}, {"key": "except-to-the-extent", "type": "clause", "offset": [1396, 1416]}, {"key": "deduction-of-amounts", "type": "clause", "offset": [1461, 1481]}, {"key": "a-dispute", "type": "definition", "offset": [1539, 1548]}, {"key": "amounts-due", "type": "clause", "offset": [1628, 1639]}, {"key": "disputed-amounts", "type": "definition", "offset": [1677, 1693]}, {"key": "with-interest", "type": "definition", "offset": [1730, 1743]}, {"key": "a-portion", "type": "definition", "offset": [1815, 1824]}, {"key": "right-to-have", "type": "clause", "offset": [1890, 1903]}, {"key": "amount-deducted", "type": "clause", "offset": [1909, 1924]}, {"key": "the-provisions-of-section", "type": "clause", "offset": [1983, 2008]}, {"key": "pursuant-to-section", "type": "definition", "offset": [2160, 2179]}, {"key": "requirement-to-pay", "type": "clause", "offset": [2212, 2230]}, {"key": "agreement-or", "type": "definition", "offset": [2510, 2522]}, {"key": "based-on", "type": "definition", "offset": [2541, 2549]}, {"key": "default-by", "type": "clause", "offset": [2562, 2572]}, {"key": "for-services", "type": "clause", "offset": [2694, 2706]}, {"key": "time-periods", "type": "definition", "offset": [2874, 2886]}, {"key": "withheld-payments", "type": "clause", "offset": [2921, 2938]}, {"key": "agrees-to", "type": "clause", "offset": [3051, 3060]}, {"key": "tariff-provisions", "type": "clause", "offset": [3093, 3110]}, {"key": "third-party-beneficiary", "type": "definition", "offset": [3149, 3172]}, {"key": "all-rights", "type": "clause", "offset": [3185, 3195]}, {"key": "obligation-to-pay", "type": "clause", "offset": [3304, 3321]}, {"key": "failure-to-pay", "type": "clause", "offset": [3470, 3484]}, {"key": "section-13", "type": "definition", 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or contract types?", "What are the most common pitfalls that render payment default clauses unenforceable in court?"], "drafting_tip": "Specify default triggers and cure periods to avoid ambiguity; detail remedies for default to ensure enforceability; define notice requirements to provide procedural clarity.", "explanation": "A Payment Default clause defines the consequences and procedures that apply when a party fails to make a required payment under the agreement. Typically, this clause outlines what constitutes a default, such as missing a payment deadline or failing to pay the full amount owed, and may specify remedies like late fees, interest charges, or the right to terminate the contract. Its core function is to protect the non-defaulting party by providing clear recourse in the event of non-payment, thereby encouraging timely fulfillment of financial obligations and reducing the risk of disputes."}, "json": true, "cursor": ""}}