Common use of Events of Default under Loan Agreement Clause in Contracts

Events of Default under Loan Agreement. Each of the following events shall constitute an "Event of Default" hereunder: (a) Failure to make any payment or mandatory prepayment of principal of the Promissory Note, or failure to make any payment of interest on the Promissory Note, within five (5) Business Days after the date when due; provided, however, that a default shall be deemed to have occurred only if and to the extent that the Borrower has received a contribution from the Lender to be used to make such payment or the Borrower has received dividends which it is permitted to apply to make such payment and the Borrower fails to apply such contribution or dividends to such payment.

Events of Default under Loan Agreement. Each of the following events shall constitute an "Event of Default" hereunder: (a) Failure to make any payment or mandatory prepayment of principal of the Promissory Note, or failure to make any payment of interest on the Promissory Note, within five (5) Business Days after the date when due; , provided, however, that a default shall be deemed to have occurred only if and to the extent that the Borrower has received a contribution from the Lender to be used to make such payment or the Borrower has received dividends which it is permitted to apply to make such payment and the Borrower fails to apply such contribution or dividends to such payment.