Common use of PAYMENT DEMAND Clause in Contracts

PAYMENT DEMAND. If the Secured Obligations are not discharged as indicated in article 2 (Independent Guarantee) of this Guarantee, the Initial Lender (or after the rights (claims) under this Guarantee have been assigned in accordance with Article 5.2 (Transfer of rights by the Lenders) — the Facility Manager acting on behalf of the Lenders) shall serve a Payment Demand on the Guarantor appending copies of the notice from the Initial Lender or the Facility Manager, respectively, served on the Borrower in accordance with clause (a) (ii) of article 21.18 (Acceleration) of the Facility Agreement. The Guarantor shall make the payment under such Payment Demand within a period not exceeding five Business Days from the time when the Guarantor received such Payment Demand, in accordance with the terms of this Guarantee.

PAYMENT DEMAND. If the Secured Obligations are not discharged as indicated in article 2 (Independent Guarantee) of this Guarantee, the Initial Lender (or after the rights (claims) under this Guarantee have been assigned in accordance with Article 5.2 (Transfer of rights by the Lenders) — the Facility Manager acting on behalf of the Lenders) shall serve a Payment Demand on the Guarantor appending copies of the notice from the Initial Lender or the Facility Manager, respectively, served on the respective Borrower in accordance with clause (a) (ii) of article 21.18 (Acceleration) of the Facility Agreement. The Guarantor shall make the payment under such Payment Demand within a period not exceeding five Business Days from the time when the Guarantor received such Payment Demand, in accordance with the terms of this GuaranteeGuarantee and the Independent Guarantee Agreement.