Common use of Non-Payment of Principal Clause in Contracts

Non-Payment of Principal. Any Borrower fails to make when due, whether by acceleration or otherwise, any scheduled payment of principal required to be made under this Agreement or any other Document, or any Borrower fails to make when due any other non-scheduled payment or mandatory prepayment of principal and that failure to make when due any other non-scheduled payment or mandatory prepayment of principal continues for two Business Days after either the Borrower has become aware of such failure or the Agent has notified the Borrower of such failure.