Common use of Interest Payment Default Clause in Contracts

Interest Payment Default. Default shall be made (i) in the payment of any interest on any Loan or in the payment of any Agent Fee or any other scheduled fee due under any Loan Document when and as the same shall become due and payable or (ii) in the payment of any other amounts (other than an amount referred to in clause (b) above or the foregoing clause (i)) due under any Loan Document (including, without limitation, any increased costs, breakage costs, tax gross-up or indemnity payments) when and as the same shall become due and payable, and, in each case, such default shall continue unremedied for a period of five (5) Business Days.