Principal Payment Default Clause Samples
A Principal Payment Default clause defines the circumstances under which a party fails to make required payments of principal on a loan or financial obligation by the due date. In practice, this clause typically specifies what constitutes a default, such as missing a scheduled payment or failing to pay the full amount owed, and may outline any grace periods or notice requirements before the default is officially recognized. Its core function is to clearly establish the consequences of non-payment, thereby protecting the lender’s interests and providing a basis for remedies such as acceleration of the debt or enforcement actions.
Principal Payment Default. The Borrower shall fail to pay any principal of 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.
Principal Payment Default. Default shall be made in the payment of any principal of any Loan or L/C Reimbursement Obligation when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or by acceleration thereof or otherwise.
Principal Payment Default. Default in the due and punctual payment of the principal or redemption price of the Bond when and as the same shall become due and payable, whether at maturity as therein expressed, by proceedings for redemption, by declaration or otherwise, or default in the payment of mandatory sinking fund redemption from any Sinking Account of any Bond in the amounts and at the times provided therefor;
Principal Payment Default. The Borrower defaults in the payment of any principal of any Loan or L/C Reimbursement Obligation when and as the same becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise.
Principal Payment Default the Company shall fail to pay any principal of any Loan or any reimbursement obligation in respect of any LC Disbursement when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise;
Principal Payment Default. Failure by Borrower to make any principal payment required to be made hereunder within 5 days after the date when due; or