Common use of Payment Date and Default Notice Clause in Contracts

Payment Date and Default Notice. The Default Payment shall be due and payable on the fifteenth (15th) calendar day after the date written notice is sent from the Lender to the Borrower of an Event of Default as defined in Section 4 ("Default Payment Date"). The period between the date of the written notice from the Lender to the Borrower of an Event of Default and the Default Payment Date shall be the "Default Notice Period." If during the Default Notice Period, the Borrower cures the Event of Default, the Event of Default will no longer exist and any rights the Lender had pertaining to the Event of Default will no longer exist. If the Event of Default is not cured during the Default Notice Period, all amounts payable hereunder shall be due and payable on the Default Payment Date, all without further demand, presentment or notice, or grace period, all of which hereby are expressly waived.