Common use of Cross Default, etc Clause in Contracts

Cross Default, etc. (A) Any Credit Party or any Subsidiary of any Credit Party (i) fails to make any payment in respect of any Indebtedness (other than the Obligations, First Lien Indebtedness or intercompany Indebtedness) or Contingent Obligation (other than Contingent Obligations in respect of the Obligations, First Lien Indebtedness or intercompany Indebtedness) having an aggregate principal amount (including undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than $2,200,000 when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) and such failure continues after the applicable grace or notice period, if any, specified in the document relating thereto on the date of such failure; or (ii) fails to perform or observe any other condition or covenant, or any other event shall occur or condition exist, under any agreement or instrument relating to any such Indebtedness (other than the First Lien Indebtedness) or Contingent Obligation (other than Contingent Obligations in respect of First Lien Indebtedness or Contingent Obligations owing by one Credit Party with respect to the obligations of another Credit Party permitted hereunder or earn-outs permitted hereunder), if the effect of such failure, event or condition is to cause, or to permit the holder or holders of such Indebtedness or beneficiary or beneficiaries of such Indebtedness (or a trustee or agent on behalf of such Purchaser or Purchasers or beneficiary or beneficiaries) to cause such Indebtedness to be declared to be due and payable prior to its stated maturity (without regard to any subordination terms with respect thereto), or such Contingent Obligation to become payable or cash collateral in respect thereof to be demanded or (B) any event of default under the First Lien Credit Agreement shall occur and be continuing, and the effect of such event of default is to cause any loans under the First Lien Credit Agreement to become due prior to their stated maturity; or

Cross Default, etc. An (Aa) Any Credit event of default has occurred under the 2012/2013 Debt Documents, the documents governing or giving rise to Permitted Subordinated Debt or under any other agreement or instrument to which a Loan Party is bound governing or giving rise to Indebtedness of $2,000,000 (or, if the 2012/2013 Transaction Date has occurred, $4,000,000) or more in principal amount, which event of default is not cured or waived within any Subsidiary of any Credit Party applicable grace period, or (b) event shall have occurred which results in the (i) fails required payment by any Loan Party of the principal of any Indebtedness under the 2012/2013 Bridge Facility prior to the issuance of the 2012/2013 Notes or (ii) acceleration of the indebtedness under the 2012/2013 Notes or otherwise requires the mandatory redemption, repurchase or payment of the 2012/2013 Notes prior to their stated maturity date; provided that, this clause (b) shall not apply to Indebtedness permitted hereunder with respect to which (x) all or any portion becomes due or mandatorily redeemable solely as a result of an Asset Loss Event or voluntary sale or other transfer of, in each case, any property that does not constitute Collateral so long as (i) such sale or other transfer is otherwise permitted hereunder and (ii) if the Loan Parties are required to make any payment or transfer of funds in respect of any Indebtedness (other than the Obligationsassociation therewith, First Lien Indebtedness such payment or intercompany Indebtedness) or Contingent Obligation (other than Contingent Obligations in respect of the Obligations, First Lien Indebtedness or intercompany Indebtedness) having an aggregate principal amount (including undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than $2,200,000 when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) and such failure continues after the applicable grace or notice period, if any, specified in the document relating thereto on the date of such failure; or (ii) fails to perform or observe any other condition or covenant, or any other event shall occur or condition exist, under any agreement or instrument relating to any such Indebtedness (other than the First Lien Indebtedness) or Contingent Obligation (other than Contingent Obligations in respect of First Lien Indebtedness or Contingent Obligations owing by one Credit Party with respect to the obligations of another Credit Party transfer is otherwise permitted hereunder or earn-outs (y) all or any portion becomes due or mandatorily redeemable solely as a result of an Asset Loss Event or voluntary sale or other transfer of, in each case, any Collateral so long as all proceeds thereof are permitted hereunder), if to first be applied to the effect of such failure, event or condition is to cause, or to permit the holder or holders of such Indebtedness or beneficiary or beneficiaries of such Indebtedness (or a trustee or agent on behalf of such Purchaser or Purchasers or beneficiary or beneficiaries) to cause such Indebtedness to be declared to be due and payable prior to its stated maturity (without regard to any subordination terms with respect thereto), or such Contingent Obligation to become payable or cash collateral Obligations until paid in respect thereof to be demanded or (B) any event of default under the First Lien Credit Agreement shall occur and be continuing, and the effect of such event of default is to cause any loans under the First Lien Credit Agreement to become due prior to their stated maturity; orfull;”