Common use of Other Payment Defaults Clause in Contracts

Other Payment Defaults. The Borrower shall default in the payment of any interest on any Construction Loan Advance or Construction Loan Note or the payment of any other Obligation when and as due (whether at maturity, by reason of acceleration or otherwise), and such default shall continue unremedied for five (5) Business Days.

Other Payment Defaults. The Borrower shall default in the payment of any interest on any Construction Term Loan Advance or Construction Loan Term Note or the payment of any other Obligation when and as due (whether at maturity, by reason of acceleration or otherwise), and such default shall continue unremedied for five (5) Business Days.