Other Payment Default Clause Samples
The 'Other Payment Default' clause defines what constitutes a default by a party in relation to payment obligations outside of the primary payment terms, such as fees, reimbursements, or ancillary charges. It typically specifies that failure to make these additional payments within a certain period after notice or demand will be considered a default under the agreement. This clause ensures that all financial obligations, not just the main payments, are enforceable and that the non-breaching party has remedies if these secondary payments are not made, thereby promoting comprehensive compliance and reducing the risk of overlooked financial breaches.
POPULAR SAMPLE Copied 1 times
Other Payment Default. The Borrower or any other Credit Party shall default in the payment when and as due (whether at maturity, by reason of acceleration or otherwise) of interest on any Loan or Reimbursement Obligation or the payment of any other Obligation, and such default shall continue for a period of five (5) days.
Other Payment Default. The Borrower shall default in the payment when and as due (whether at maturity, by reason of acceleration or otherwise) of interest on any Loan or Reimbursement Obligation or the payment of any other Obligation, and such default shall continue for a period of three (3) Business Days.
Other Payment Default. The Borrower shall default in the payment, as and when due, of principal of or interest on, any other Secured Obligation, and such default shall continue for five days after written notice thereof has been given to the Borrower by the Lender.
Other Payment Default. Seller shall fail to make any payment not otherwise enumerated that is owing to Purchaser that has become due, whether by acceleration or otherwise under the Transaction Documents, within five (5) Business Days after notice thereof to Seller from Purchaser or Seller’s knowledge thereof.
Other Payment Default. Any Borrower shall default in the payment when and as due (whether at maturity, by reason of acceleration or otherwise) of any interest, fees or other amounts owing on any Loan, Note or L/C Obligation or the payment of any other Obligation, and such default shall continue unremedied for five (5) Business Days after the earlier of a Responsible Officer becoming aware of such default or written notice thereof has been given to the Company by the Administrative Agent.
Other Payment Default. The Borrower shall default in the payment when and as due (whether at maturity, by reason of acceleration or otherwise) of interest on any Loan, Note or Reimbursement Obligation or the payment of any other Obligation.
Other Payment Default if the Borrower fails to pay:
(i) any interest (including, if applicable, default interest) accrued on any Loan;
(ii) any issuance fee with respect to a Letter of Credit; or
(iii) any other amount not specifically referred to in paragraph (a) above or in this paragraph (b) payable by the Borrower hereunder; in each case when due and payable, and such default is not remedied within 3 Banking Days after written notice thereof is given by the Agent to the Borrower specifying such default and requiring the Borrower to remedy or cure the same;
Other Payment Default if the Borrower fails to pay:
(i) any interest (including, if applicable, default interest) due on any Loan;
(ii) any other amount not specifically referred to in paragraph (a) above or in this paragraph (b) payable by the Borrower hereunder; in each case when due and payable, and such default is not remedied within 5 Banking Days after written notice thereof is given by the Lender to the Borrower specifying such default and requiring the Borrower to remedy or cure the same;
Other Payment Default. The Borrower shall default in the payment of any sums other than principal or interest which are due under this Agreement or the Security Agreement, and such default shall continue for a period of thirty (30) days after written notice thereof has been given to the Borrower by the Lender.
Other Payment Default. Any Credit Party or any Subsidiary thereof shall default in the payment when and as due (whether at maturity, by reason of acceleration or otherwise) of interest on any Loan, any Note or the Reimbursement Obligation or the payment when and as due of any other Obligation and such default shall continue unremedied for three (3) Business Days.