Common use of Payment Defaults Clause in Contracts

Payment Defaults. Nonpayment of the principal of any Loan when due, nonpayment of interest upon any Loan within five days after the same becomes due or nonpayment of any commitment fee or other Obligation under any of the Loan Documents within ten days after the same becomes due.

Payment Defaults. Nonpayment of the principal of any Loan Note when due, nonpayment of interest upon any Loan Note within five days after the same becomes due or nonpayment of any commitment fee or other Obligation obligation under any of the Loan Documents within ten 10 days after the same becomes due.