Default in Payment Obligations. (i) Borrower shall fail to pay (i) any principal, interest, or both, whether by acceleration, maturity or otherwise, of the Loan when due in accordance with the terms of the Note (including any period of grace or cure as provided therein); or (ii) any fees, expenses or other amounts payable hereunder or under any Loan Document within any period of grace or cure as provided therein, or if no such period of grace or cure is specified therein, within ten (10) days after written demand therefor by the Lender. (ii) Any default shall occur pursuant to the Interest Rate Protection Agreement (which continues beyond any applicable period of grace or cure provided thereunder), including without limitation, if any termination payment shall be due by Borrower under the Interest Rate Protection Agreement and such amount is not paid when due and following the expiration of any applicable cure period.
Appears in 2 contracts
Sources: Loan and Security Agreement (Griffin Industrial Realty, Inc.), Loan and Security Agreement (Griffin Industrial Realty, Inc.)