PAYMENT DEFAULT BY BORROWER Clause Samples

PAYMENT DEFAULT BY BORROWER. Notwithstanding anything to the contrary contained herein, no "Event of Default" shall be deemed to have occurred under the Senior Debt subject to that certain Credit Agreement dated as of December 17, 1996 between Borrower and Bank as a consequence of Borrower's failure to pay when due any principal, interest, fees or other amounts payable thereunder or under any of the loan documents related thereto unless (a) Bank sends written notice to Borrower and to Creditor of such failure to pay and (b) Borrower and/or Creditor fail to pay such amount within five (5) Business Days of the date Bank sends such notice. As used herein "Business Day" means any day except a Saturday, Sunday or any other day on which commercial banks in California are authorized or required by law to close.