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 Bond or in the payment of any fee under the Agency Fee Letter or any other scheduled fee due under any Bond Document when and as the same shall become due and payable, and such default shall continue unremedied for a period of three Business Days or (ii) in the payment of any other amounts (other than an amount referred to in paragraph (b) above or the foregoing clause (i)) due under any Bond Document (including, without limitation, any increased costs, breakage costs or indemnity payments) when and as the same shall become due and payable, and such default shall continue unremedied for a period of five Business Days.

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