Loan Defaults. If any of the following events occurs, it is hereby defined as and declared to be and to constitute a “Loan Default”: (a) failure by the Borrower to pay any payment obligation required to be paid hereunder when due, which failure shall continue a period of five Business Days; (b) failure by the Borrower to observe and perform any covenant, condition or agreement on its part to be observed or performed under this Loan Agreement, other than as referred to in paragraph (a) or (c) through
Appears in 2 contracts
Sources: Loan Agreement, Loan Agreement