Common use of Debt of Material Subsidiaries Clause in Contracts

Debt of Material Subsidiaries. Any default under any agreement or instrument relating to Debt of any Material Subsidiary having an outstanding principal amount of Fifty Million Dollars ($50,000,000) or more in the aggregate shall occur and shall continue after the applicable notice and grace period, if any, specified in such agreement or instrument, if, as a result thereof, the maturity of such Debt is accelerated; provided that if such acceleration is rescinded within 30 days, the Event of Default arising out of such acceleration shall be deemed to have been cured; or

Debt of Material Subsidiaries. Any default under any agreement or instrument relating to Debt of any Material Subsidiary having an outstanding principal amount of Fifty Million Dollars ($50,000,000) or more in the aggregate shall occur and shall continue after the applicable notice and grace period, if any, specified in such agreement or instrument, if, as a result thereof, the maturity of such Debt is accelerated; provided that if such acceleration is rescinded within 30 thirty (30) days, the Event of Default arising out of such acceleration shall be deemed to have been cured; or