Common use of Payment of Obligation Clause in Contracts

Payment of Obligation. The failure or refusal of (a) Borrower to pay (i) Principal Debt within three days after the same becomes due in accordance with the Loan Papers; (ii) interest, fees, or any other part of the Obligation within five days after the same becomes due and payable in accordance with the Loan Papers; or (iii) the indemnifications and reimbursements provided for in SECTIONS 3.15, 3.19, and 3.20 within ten days after demand therefor as required by such Sections; or (b) any Restricted Company to punctually and properly perform, observe, and comply with SECTION 9.12 or with any other provision in the Loan Papers setting forth indemnification or reimbursement obligations (other than pursuant to SECTIONS 3.15, 3.19, and 3.20) of the Restricted Companies, and such failure or refusal continues for 15 days.

Payment of Obligation. The failure or refusal of any Restricted Company to pay (a) Borrower to pay (i) Principal Debt within three days after when the same becomes due in accordance with the Loan Papers; , or (iib) interest, fees, or any other part of the Obligation within five days after the same becomes due and payable in accordance with the Loan Papers; or (iiic) the indemnifications and reimbursements provided for in SECTIONS 3.15, 3.19, 3.16 and 3.20 3.18 within ten days after demand therefor as required by such Sections; or (bd) any the failure of the Restricted Company to punctually and properly perform, observe, and comply with SECTION 9.12 or with any other provision in the Loan Papers setting forth indemnification or reimbursement obligations (other than pursuant to SECTIONS 3.15, 3.19, 3.16 and 3.203.18) of the Restricted Companies, and such failure or refusal continues for 15 days.