Common use of Reporting Default Clause in Contracts

Reporting Default. If Borrower fails to provide to Lender the financial statements and other information specified in this Section 4.1.6 within the respective time period specified, then (i) if such failure shall continue for ten (10) days after notice from Lender, such failure shall, at Lender’s election, constitute an Event of Default, and (ii) Borrower shall pay to Lender a fee in the amount of $2,500.00 immediately upon the occurrence of such failure and again upon the expiration of each 30-day period thereafter until compliance is achieved, which amounts shall constitute a portion of the Obligations and, if unpaid, shall accrue interest at the Default Rate.

Reporting Default. If Borrower fails to provide to Lender the financial statements and other information specified in this Section 4.1.6 within the respective time period specified, then (i) if such failure shall continue for ten (10) days after notice from Lender, such failure shall, at Lender’s election, constitute an Event of DefaultDefault upon notice from Lender, and (ii) Borrower shall pay to Lender a fee in the amount of $2,500.00 5,000 immediately upon the occurrence of such failure and again upon the expiration of each 30-day period thereafter until compliance is achieved, which amounts shall constitute a portion of the Obligations and, if unpaid, shall accrue interest at the Default Rate.

Reporting Default. If Borrower fails to provide to Lender the financial statements and other information specified in this Section 4.1.6 within the respective time and such failure shall continue for a period specifiedof ten (10) days following written notice by Lender to Borrower, then (i) if such failure shall continue for ten (10) days after notice from Lender, such failure shall, at Lender’s election, constitute an Event of DefaultDefault upon notice from Lender, and (ii) Borrower shall pay to Lender a fee in the amount of $2,500.00 1,000 immediately upon the occurrence of such failure and again upon the expiration of each 30-day period thereafter until compliance is achieved, which amounts shall constitute a portion of the Obligations and, if unpaid, shall accrue interest at the Default Rate.