CROSS DEFAULT AND Clause Samples

CROSS DEFAULT AND. RESCHEDULING Save as disclosed in the Disclosure Letter and excluding any Specified Indebtedness of the Target Group during the Clean-up Period which any member of the VNU Group is able to refinance by making use of the Facility or any other facility for the provision of Specified Indebtedness in existence as at the date hereof (whether or not such member of the VNU Group does actually apply such Specified Indebtedness for the purpose of such refinancing), if: (a) any Obligor or any member or members of the VNU Group the aggregate net revenues of which, consolidated if applicable, represent 10% or more of the consolidated net revenues of the VNU Group fails or fail to pay at the due time (subject to any originally applicable contractual grace period or, where there is no such grace period and if no legal or formal action is being taken by the relevant creditor or creditors in relation to such Specified Indebtedness as a result of such failure, within three business days of such due time) an amount relating to any Specified Indebtedness having a principal (or notional principal) amount in excess of NLG 25,000,000 (or its equivalent in other currencies) or, when aggregated with the principal (or notional principal) amount of any other Specified Indebtedness to which this Clause 16.5 applies, NLG 50,000,000 (or its equivalent in other currencies); or (b) any Specified Indebtedness of any Obligor or any member or members of the VNU Group the aggregate net revenues of which, consolidated if applicable, represent 10% or more of the consolidated net revenues of the VNU Group having a principal (or notional principal) amount in excess of NLG 25,000,000 (or its equivalent in other currencies) or, when aggregated with the principal (or notional principal) amount of any other Specified Indebtedness to which this Clause 16.5 applies, NLG 50,000,000 (or its equivalent in other currencies) is declared to be or otherwise becomes due and payable prior to its specified maturity with the exception of any such declaration which is being diligently contested in good faith by such Obligor or such member or members of the VNU Group on the basis of independent legal advice and in respect of which the relevant creditor (or creditors) have not obtained a judgement in respect of such declaration which has not been stayed and which is enforceable notwithstanding any further appeal; or (c) any Obligor or any member or members of the VNU Group the aggregate net revenues of which, cons...