Common use of 1Payment Default Clause in Contracts

1Payment Default. Borrower fails to (a) make any payment of principal or interest on any Term Loan on its due date, or (b) pay any other Obligation within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day grace period shall not apply to payments due on the Maturity Date or the date of acceleration pursuant to Section 9.1 (a) hereof);

1Payment Default. Borrower fails to (a) make any payment of principal or interest on any the Term Loan on its due datewhen due, or (b) pay any other Obligation interest on the Term Loan within three (3) Business Days after the same becomes due or (iii) pay any other Obligations within five (5) Business Days after such Obligations are due and payable (which three (3) Business Day grace period cure periods shall not apply to payments due on the Maturity Date or the date of acceleration pursuant to Section 9.1 (a) hereofDate);