Payment of Obligation. The failure or refusal of the Borrower to pay any portion of the Obligation, as the same become due in accordance with the terms of the Loan Papers and, in the case of an interest payment, such failure or refusal continues for a period of 5 Business Days (no grace period being given for failure or refusal to make a principal payment). Notwithstanding the foregoing, the Borrower’s failure to pay, if caused solely by a wire transfer malfunction or similar problem outside the Borrower’s control, shall not be deemed an Event of Default so long as such failure to pay is promptly corrected.
Appears in 13 contracts
Samples: Credit Agreement (Qwest Corp), Credit Agreement (Lumen Technologies, Inc.), Credit Agreement (Qwest Corp)
Payment of Obligation. The failure or refusal of the Borrower to pay any portion of the Obligation, as the same become due in accordance with the terms of the Loan Papers and, in the case of an interest payment, such failure or refusal continues for a period of 5 Business Days (no grace period being given for failure or refusal to make a principal payment). Notwithstanding the foregoing, the Borrower’s 's failure to pay, if caused solely by a wire transfer malfunction or similar problem outside the Borrower’s 's control, shall not be deemed an Event of Default so long as such failure to pay is promptly correctedDefault.
Appears in 5 contracts
Samples: Competitive Advance and Revolving Credit Facility Agreement (Century Telephone Enterprises Inc), Credit Agreement (Centurytel Inc), Revolving Credit Facility Agreement (Centurytel Inc)
Payment of Obligation. The failure or refusal of the Borrower to pay any portion of the Obligation, as the same become due in accordance with the terms of the Loan Papers and, in the case of an interest payment, such failure or refusal continues for a period of 5 Business Days (no grace period being given for failure or refusal to make a principal payment). Notwithstanding the foregoing, the Borrower’s 's failure to pay, if caused solely by a wire transfer malfunction or similar problem outside the Borrower’s 's control, shall not be deemed an Event of Default so long as such failure to pay is promptly corrected.
Appears in 3 contracts
Samples: Revolving Credit Agreement (Centurytel Inc), Revolving Credit Agreement (Centurytel Inc), 364 Day Revolving Credit Agreement (Centurytel Inc)