Advance Default

Advance Default. Means the occurrence of any of the following prior to the repayment in full of the Advance to Holder: (i) Maker shall fail to make any payment relating to the repayment of the Advance or interest thereon within five (5) business days after the same shall be due and payable pursuant to this Note, (ii) an Insolvency Event shall occur with respect to Maker or Pledgor, (iii) any lien created under or provided by this Note, the Guaranty or the NM Mortgage for any reason ceases to be or is not a... valid and perfected Lien having a first priority interest, (iv) any representation and warranty made by Maker or Pledgor to Holder in this Note or in the NM mortgage shall prove to have been incorrect or misleading in any material respect on the date when made or (V) the occurrence of an "Event of Default" as defined in the NM Mortgage. View More