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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;", "hash": "28ca40e97f3437b466ed6815beb76bbf", "id": 7}, {"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}], "size": 509, "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]}], "snippet": "If Borrower fails to pay any of the Obligations when due;", "hash": "3230838f3eca7e9656972838fded3a8c", "id": 2}, {"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}], "size": 62, "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": "clause", "offset": [356, 373]}], "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;", "hash": "b46fe776bd6af3ab842eab57a38d46d0", "id": 9}, {"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}], "size": 62, "snippet_links": [{"key": "addition-of", "type": "clause", "offset": [35, 46]}, {"key": "late-payment-interest", "type": "definition", "offset": [47, 68]}, {"key": "within-thirty", "type": "clause", "offset": [88, 101]}, {"key": "calendar-days", "type": "definition", "offset": [107, 120]}, {"key": "due-date", "type": "clause", "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": "definition", "offset": [347, 369]}, {"key": "if-the-customer", "type": "clause", "offset": [389, 404]}, {"key": "expiry-of", "type": "clause", "offset": [491, 500]}], "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.", "hash": "968e93cb75f29f692e91cec70c117e2f", "id": 8}, {"samples": [{"hash": "1iv8kCPsbJo", "uri": "/contracts/1iv8kCPsbJo#payment-default", "label": "Loan and Security Agreement", "score": 31.3408622742, "published": true}, {"hash": "jNB9tEXuuWL", "uri": "/contracts/jNB9tEXuuWL#payment-default", "label": "Loan and Security Agreement (Aspen Group, Inc.)", "score": 28.5701580048, "published": true}], "size": 50, "snippet_links": [{"key": "interest-on-any", "type": "clause", "offset": [55, 70]}, {"key": "credit-extension", "type": "definition", "offset": [71, 87]}, {"key": "days-after", "type": "definition", "offset": [114, 124]}, {"key": "due-and-payable", "type": "definition", "offset": [141, 156]}, {"key": "cure-period", "type": "definition", "offset": [178, 189]}, {"key": "payments-due", "type": "clause", "offset": [209, 221]}, {"key": "term-loan-maturity-date", "type": "definition", "offset": [229, 252]}, {"key": "loan-party", "type": "definition", "offset": [266, 276]}, {"key": "fails-to-pay", "type": "clause", "offset": [277, 289]}, {"key": "other-obligations", "type": "definition", "offset": [294, 311]}, {"key": "failure-to-make", "type": "clause", "offset": [503, 518]}, {"key": "section-91", "type": "clause", "offset": [559, 570]}, {"key": "an-event-of-default", "type": "definition", "offset": [578, 597]}, {"key": "no-credit", "type": "clause", "offset": [603, 612]}], "snippet": "(1. Borrower fails to make any payment of principal or interest on any Credit Extension when due within three (3) days after such payment is due and payable (which three (3) day cure period shall not apply to payments due on the Term Loan Maturity Date), or (2. any Loan Party fails to pay any other Obligations within three (3) days after such Obligations are due and payable (which three (3) day cure period shall not apply to payments due on the Term Loan Maturity Date). During the cure period, the failure to make or pay any payment specified under this Section 9.1 is not an Event of Default (but no Credit Extension will be made during the cure period).", "hash": "f6637a09b89c7631bcce108cf70c3d21", "id": 10}, {"samples": [{"hash": "bRIdV4ZtKvr", "uri": "/contracts/bRIdV4ZtKvr#payment-default", "label": "Business Loan Agreement (Charge Enterprises, Inc.)", "score": 33.4161529541, "published": true}, {"hash": "5uThxXi6j87", "uri": "/contracts/5uThxXi6j87#payment-default", "label": "Business Loan Agreement (Asset Based) (TSS, Inc.)", "score": 32.1293640137, "published": true}, {"hash": "ceFCbyW08sp", "uri": "/contracts/ceFCbyW08sp#payment-default", "label": "Business Loan Agreement (AmpliTech Group, Inc.)", "score": 31.9404525757, "published": true}], "size": 68, "snippet_links": [{"key": "payment-when-due", "type": "clause", "offset": [27, 43]}, {"key": "the-loan", "type": "clause", "offset": [50, 58]}], "snippet": "Borrower fails to make any payment when due under the Loan.", "hash": "383309c9e76bf7b3884f3504bcb0c4da", "id": 6}], "next_curs": "ClgSUmoVc35sYXdpbnNpZGVyY29udHJhY3RzcjQLEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhhwYXltZW50LWRlZmF1bHQjMDAwMDAwMGEMogECZW4YACAA", "clause": {"size": 5103, "parents": [["events-of-default", "EVENTS OF DEFAULT"], ["compliance", "Compliance"], ["further-assurances", "Further Assurances"], ["default", "Default"], ["events-of-default-and-remedies", "Events of Default and Remedies"]], "title": "Payment Default", "children": [["", ""], ["payment-default", "Payment Default"], ["covenant-default", "Covenant Default"], ["development-default", "Development Default"], ["misrepresentation-default", "Misrepresentation Default"]], "id": "payment-default", "related": [["payment-defaults", "Payment Defaults", "<strong>Payment Defaults</strong>"], ["other-payment-default", "Other Payment Default", "Other <strong>Payment Default</strong>"], ["no-payment-default", "No Payment Default", "No <strong>Payment Default</strong>"], ["covenant-default", "Covenant Default", "Covenant Default"], ["tenant-default", "Tenant Default", "Tenant Default"]], "related_snippets": [], "updated": "2026-04-18T05:49:41+00:00", "also_ask": ["What are the most effective remedies to include for payment default to maximize leverage?", "Which notice and cure periods are market standard and how can they be negotiated?", "What drafting elements are essential to avoid ambiguity and ensure enforceability?", "How do payment default provisions differ across jurisdictions 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": ""}}