Not Payable on Demand; Default Clause Samples

Not Payable on Demand; Default. Under no circumstances will the outstanding balance of the Loan be payable on demand, except in the case of an Event of Default. For this purpose, the only Event of Default hereunder shall be the ESOP’s failure to make the payments required under Section 2.1(a) and (b), but only if the ESOP has received sufficient cash contributions and dividends from the Company to make such payments.