Common use of Customer Defaults Clause in Contracts

Customer Defaults. (a) The following shall constitute Customer Defaults: (i) The Customer shall default in the payment or performance of any obligation contained in the Senior Credit Agreement, as the same may be amended from time to time, and such default shall continue beyond any applicable grace period, whether or not such default is waived. (ii) The Customer shall default in the payment or performance of any obligation contained in this Agreement, including default in the payment of any sums due pursuant to the Guaranty continuing for five Business Days following demand by Bank. (b) Upon the occurrence of a Customer Default, all Obligations shall become immediately due and payable, and the liability of the Customer pursuant to the Guaranty shall (unless Bank otherwise elects) become immediately due and payable without demand, presentment or notice.