Protracted Default definition

Protracted Default means a Claimable Event and means the failure of an Insured Buyer to pay an Insured Debt, or any part of it, within the Protracted Default Period stated in the Schedule and the Claimable Event Date in respect of Protracted Default will be the date of the expiry of the Protracted Default Period.

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Protracted Default means failure by a buyer to pay the contractual debt within a predefined period calculated from the due date of the debt.

Protracted Default means the failure of a Debtor to pay a Protected Book Debt within the Protected Default Period;

Examples of Protracted Default in a sentence

• The Insurer will pay to the Insured the Insured Percentage of the Insured Loss within thirty (30) days of receipt of a Confirmation of Debt (for Insolvency claims) or the judgment (if applicable) of a court of competent jurisdiction (for Protracted Default claims), after deducting any interim payments, Recoveries and any applicable deductible, but the Insurer shall be entitled not to do this if the Insured has failed to comply with any provision of this Policy.

• The Protracted Default Period means the period specified in the Schedule and which commences on the original due date for payment of an Insured Debt under the relevant contract of sale or, if that original due date is postponed, such postponed due date.

• Claimable Event in respect of an Insured Buyer means Insolvency, Protracted Default or any other named claimable event in the Schedule that has occurred before a claim is submitted.

More Definitions of Protracted Default

Protracted Default means neglect or failure of an exporter to repay any outstanding insured debt due to the Insured by the due date for its repayment but non-payment by an exporter owing to a genuine dispute with regard to the whole or any part of his liability to the Insured may not amount to protracted default.

Protracted Default means the non-payment at the end of the Waiting Period of all or part of an insured receivable by a Buyer that is not Insolvent.

Protracted Default means the non-payment at the end of the Waiting Period

Protracted Default means the failure of the Buyer to pay the amount owing under a Contract of Sale prior to the expiration of the Protracted Default Period, other than by reason of any form of dispute.

Protracted Default shall have occurred if any Scheduled Payment under the Insured Contract is not paid on due date, and the payment has not been made within a period of 180 (one hundred and eighty) days after the due date of payment (or postponed due payment as may be agreed to in writing by the Insurer), which failure is not caused directly or indirectly by any of the events described as a Political Cause of Loss (other than Breach of Contract which has arisen as a result of failure to honour any payment due and payable to the Insured Debtor under the agreement and which is not disputed by the Host Government) or Insolvency, provided that no protracted default shall have occurred for so long as the reason for failure to make payment of that amount is because the obligation to make payment is the subject of dispute;

Protracted Default means that a protracted default shall have occurred if any Scheduled Payment under the Insured Contract is not paid on due date, and the payment has not been made within a period of 180 (one hundred and eighty) days after the due date of payment (or postponed due payment as may be agreed to in writing by the Insurer), which failure is not caused directly or indirectly by any of the events described as a Political Cause of Loss, provided that no protracted default shall have occurred if and for so long as the reason for failure to make payment of that amount is because the obligation to make payment is the subject of dispute;

Protracted Default means a lengthened or extended duration in the repayment of the loan by the Borrower for more than ninety days (90) days from due date.