Principal or Interest Payment Default Sample Clauses
The Principal or Interest Payment Default clause defines what constitutes a default when a borrower fails to make scheduled payments of principal or interest on a loan or debt instrument. Typically, this clause specifies the time frame within which payments must be made and outlines the consequences if payments are missed, such as triggering default remedies or acceleration of the debt. Its core function is to protect the lender by clearly establishing the borrower's payment obligations and the repercussions of non-payment, thereby reducing uncertainty and managing credit risk.
Principal or Interest Payment Default. The Borrower shall fail to pay any principal of or interest on the Loans, when and as the same shall become due and payable, whether at the due date thereof, at a date fixed for prepayment thereof or otherwise.
Principal or Interest Payment Default. The Borrower shall fail to pay any principal of or interest on the Loan, when and as the same shall become due and payable, whether at the due date thereof, at a date fixed for prepayment thereof or otherwise, and in the case of payment of interest on the Loan, such non-payment is not cured within three (3) Business Days of when the interest payment on the Loan was due and payable.
Principal or Interest Payment Default. The Issuer shall fail to pay any principal of the Notes, when and as the same shall become due and payable, whether at the due date thereof, at a date fixed for redemption thereof or otherwise.