Common use of Default as to Other Indebtedness Clause in Contracts

Default as to Other Indebtedness. Any Credit Party Entity shall fail to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) after any grace period applicable thereto with respect to the Senior Notes, or any other Indebtedness (other than an Obligation) in excess of $11,000,000, and if a three-Business Day grace period is applicable under Section 11.01(e) of the Existing Credit Agreement, such default shall continue for three Business Days; or any breach, default or event of default shall occur, or any other condition shall exist under any instrument, agreement or indenture pertaining to any such Indebtedness, if the effect thereof is (or, with the giving of notice or lapse of time or both, would be) to cause an acceleration, mandatory redemption or other required repurchase of any such Indebtedness, or permit the holders of any such Indebtedness to accelerate the maturity of such Indebtedness or require the redemption or other repurchase of such Indebtedness; or any such Indebtedness shall be otherwise declared to be due and payable (by acceleration or otherwise) or required to be prepaid, redeemed or otherwise repurchased by any Credit Party Entity (other than by a regularly scheduled required prepayment, mandatory redemption or required repurchase) prior to the stated maturity thereof.

Default as to Other Indebtedness. Any Credit Loan Party Entity shall fail to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) after any grace period applicable thereto with respect to any Indebtedness if the Senior Notes, or any other aggregate amount of such Indebtedness (other than an Obligation) is in excess of $11,000,000, 300,000 in the aggregate and if a three-Business Day grace period is applicable under Section 11.01(e) of the Existing Credit Agreement, such default failure shall continue for three Business Daysafter the applicable grace period, if any, specified in the agreement or instrument relating to such Indebtedness; or any other breach, default or event of default shall occur, or any other condition shall exist under any instrument, agreement or indenture pertaining to any such Indebtedness, if the effect thereof is (or, with or without the giving of notice or lapse of time or both, would be) is to cause an acceleration, mandatory redemption or other required repurchase of any such Indebtedness or, as to such Indebtedness, or permit the holder or holders of any such Indebtedness to accelerate the maturity of any such Indebtedness or require the a redemption or other repurchase of such Indebtedness; or any Indebtedness if the aggregate amount of such Indebtedness is $300,000 shall be otherwise declared to be due and payable (by acceleration or otherwise) or required to be prepaid, redeemed or otherwise repurchased by any Credit Loan Party Entity (other than by a regularly scheduled required prepayment, mandatory redemption or required repurchase) prior to the stated maturity thereof; or the holder or holders of any Lien, securing obligations of $300,000 or more, shall commence foreclosure of such Lien upon property of any Loan Party.

Default as to Other Indebtedness. Any Credit Stellex Party Entity shall fail to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) after any grace period applicable thereto with respect to the Senior Notes, or any other Indebtedness (other than (i) an ObligationObligation or (ii) the Xxxxxxxx Seller Note or the Monitor Seller Note provided that the failure to make any payment under either the Xxxxxxxx Seller Note or the Monitor Seller Note does not give rise to a default or event of default under or in excess connection with any other Indebtedness which is in an aggregate amount of $11,000,000, and 5,000,000 or more) if a three-Business Day grace period the aggregate amount of such other Indebtedness is applicable under Section 11.01(eFive Million Dollars ($5,000,000) of the Existing Credit Agreement, such default shall continue for three Business Daysor more; or any breach, default or event of default shall occur, or any other condition shall exist under any instrument, agreement or indenture pertaining to any such Indebtedness, if the effect thereof is (or, with or without the giving of notice or lapse of time or both, would be) is to cause an acceleration, mandatory redemption or other required repurchase of any such Indebtedness, Indebtedness or permit the holder or holders of any such Indebtedness to accelerate the maturity of any such Indebtedness or require the a redemption or other repurchase of such Indebtedness; or any such Indebtedness shall be otherwise declared to be due and payable (by acceleration or otherwise) or required to be prepaid, redeemed or otherwise repurchased by any Credit Stellex Party Entity (other than by a regularly scheduled required prepayment, mandatory redemption or required repurchase) prior to the stated maturity thereof; or the holder or holders of any Lien, in any amount, shall commence foreclosure of such Lien upon property of any Stellex Party having an aggregate value in excess of Five Million Dollars ($5,000,000).

Default as to Other Indebtedness. Any Credit Loan Party Entity shall fail to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) after any grace period applicable thereto with respect to the Senior Notes, or any other Indebtedness (other than an Obligation) in excess if the aggregate amount of such other Indebtedness is Thirty-Five Million Dollars ($11,000,000, and if a three-Business Day grace period is applicable under Section 11.01(e35,000,000) of the Existing Credit Agreement, such default shall continue for three Business Daysor more; or any breach, default or event of default shall occur, or any other condition shall exist under any instrument, agreement or indenture pertaining to any such Indebtedness, if the effect thereof is (or, with or without the giving of notice or lapse of time or both, would be) is to cause an acceleration, mandatory redemption or other required repurchase of any such Indebtedness, Indebtedness or permit the holder or holders of any such Indebtedness to accelerate the maturity of any such Indebtedness or require the a redemption or other repurchase of such Indebtedness; or any such Indebtedness shall be otherwise declared to be due and payable (by acceleration or otherwise) or required to be prepaid, redeemed or otherwise repurchased by any Credit Loan Party Entity (other than by a regularly scheduled required prepayment, mandatory redemption or required repurchase) prior to the stated maturity thereof; or the holder or holders of any Lien, securing obligations of Twenty-Five Million Dollars ($25,000,000) or more, shall commence foreclosure of such Lien upon property of any Loan Party.

Default as to Other Indebtedness. Any Credit Party Entity or any Subsidiary of a Credit Party shall fail to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) after any grace period applicable thereto with respect to any Indebtedness if the Senior Notes, or any other aggregate amount of such Indebtedness (other than an Obligation) is in excess of $11,000,000, 5,000,000 in the aggregate and if a three-Business Day grace period is applicable under Section 11.01(e) of the Existing Credit Agreement, such default failure shall continue for three Business Daysafter the applicable grace period, if any, specified in the agreement or instrument relating to such Indebtedness; or any other breach, default or event of default shall occur, or any other condition shall exist under any instrument, agreement or indenture pertaining to any such Indebtedness, if the effect thereof is (or, with or without the giving of notice or lapse of time or both, would be) is to cause permit or require an acceleration, mandatory redemption or other required repurchase of any such Indebtedness or, as to such Indebtedness, or permit the holder or holders of any such Indebtedness to accelerate the maturity of any such Indebtedness or require the a redemption or other repurchase of such Indebtedness; or any Indebtedness if the aggregate amount of such Indebtedness is $5,000,000 shall be otherwise declared to be due and payable (by acceleration or otherwise) by a Person (other than a Credit Party or any Subsidiary of a Credit Party) as a result of a breach, Default or Event of Default by a Credit Party or any Subsidiary of a Credit Party, or required to be prepaid, redeemed or otherwise repurchased by any Credit Party Entity or any Subsidiary of a Credit Party (other than by a regularly scheduled required prepayment, mandatory redemption or required repurchase) prior to the stated maturity thereof; or the holder or holders of any Lien, securing obligations of $5,000,000 or more, shall commence foreclosure of such Lien upon property of any Credit Party or any Subsidiary of a Credit Party.

Default as to Other Indebtedness. Any Credit Party Entity or any Subsidiary of a Credit Party shall fail to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) after any grace period applicable thereto with respect to any Indebtedness if the Senior Notes, or any other aggregate amount of such Indebtedness (other than an Obligation) is in excess of $11,000,000, 10,000,000 in the aggregate and if a three-Business Day grace period is applicable under Section 11.01(e) of the Existing Credit Agreement, such default failure shall continue for three Business Daysafter the applicable grace period, if any, specified in the agreement or instrument relating to such Indebtedness; or any other breach, default or event of default shall occur, or any other condition shall exist under any instrument, agreement or indenture pertaining to any such Indebtedness, if the effect thereof is (or, with or without the giving of notice or lapse of time or both, would be) is to cause permit or require an acceleration, mandatory redemption or other required repurchase of any such Indebtedness or, as to such Indebtedness, or permit the holder or holders of any such Indebtedness to accelerate the maturity of any such Indebtedness or require the a redemption or other repurchase of such Indebtedness; or any Indebtedness if the aggregate amount of such Indebtedness is in excess of $10,000,000 shall be otherwise declared to be due and payable (by acceleration or otherwise) by a Person (other than a Credit Party or any Subsidiary of a Credit Party) as a result of a breach, Default or Event of Default by a Credit Party or any Subsidiary of a Credit Party, or required to be prepaid, redeemed or otherwise repurchased by any Credit Party Entity or any Subsidiary of a Credit Party (other than by a regularly scheduled required prepayment, mandatory redemption or required repurchase) prior to the stated maturity thereof; or the holder or holders of any Lien, securing obligations of $10,000,000 or more, shall commence foreclosure of such Lien upon property of any Credit Party or any Subsidiary of a Credit Party.

Default as to Other Indebtedness. Any Credit Party Entity or any Subsidiary of a Credit Party shall fail to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) after any grace period applicable thereto with respect to any Indebtedness if the Senior Notesaggregate amount of such Indebtedness is in excess of one hundred thousand Dollars ($100,000) in the aggregate and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Indebtedness; or any other Indebtedness (other than an Obligation) in excess of $11,000,000, and if a three-Business Day grace period is applicable under Section 11.01(e) of the Existing Credit Agreement, such default shall continue for three Business Days; or any breach, default or event of default shall occur, or any other condition shall exist under any instrument, agreement or indenture pertaining to any such Indebtedness, if the effect thereof is (or, with or without the giving of notice or lapse of time or both, would be) is to cause permit or require an acceleration, mandatory redemption or other required repurchase of any such Indebtedness or, as to such Indebtedness, or permit the holder or holders of any such Indebtedness to accelerate the maturity of any such Indebtedness or require the a redemption or other repurchase of such Indebtedness; or any Indebtedness if the aggregate amount of such Indebtedness is in excess of three million Dollars ($3,000,000) shall be otherwise declared to be due and payable (by acceleration or otherwise) by a Person (other than a Credit Party or any Subsidiary of a Credit Party) as a result of a breach, Default or Event of Default by a Credit Party or any Subsidiary of a Credit Party, or required to be prepaid, redeemed or otherwise repurchased by any Credit Party Entity or any Subsidiary of a Credit Party (other than by a regularly scheduled required prepayment, mandatory redemption or required repurchase) prior to the stated maturity thereof; or the holder or holders of any Lien, securing obligations of three million Dollars ($3,000,000) or more, shall commence foreclosure of such Lien upon property of any Credit Party or any Subsidiary of a Credit Party.

Default as to Other Indebtedness. Any Credit Party Entity shall fail Borrower or any Subsidiary fails to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) after any grace period applicable thereto with respect to the Senior Notes, any Subordinated Indebtedness or any other Indebtedness (other than an Obligation) in excess if the aggregate amount of such other Indebtedness is Five Million Dollars ($11,000,000, and if a three-Business Day grace period is applicable under Section 11.01(e5,000,000) of the Existing Credit Agreement, such default shall continue for three Business Daysor more; or any breach, default or event of default shall occuroccurs, or any other condition shall exist exists under any instrument, agreement or indenture pertaining to any such IndebtednessIndebtedness (including, without limitation, a "Change of Control", as defined in the Senior Subordinated Note Indenture), if the effect thereof is (or, with or without the giving of notice or lapse of time or both, would be) is to cause an acceleration, mandatory redemption or other required repurchase of any such Indebtedness, Indebtedness or permit the holder or holders of any such Indebtedness to accelerate the maturity of any such Indebtedness or require the a redemption or other repurchase of such Indebtedness; or any such Indebtedness shall be otherwise declared to be due and payable (by acceleration or otherwise) or required to be prepaid, redeemed or otherwise repurchased by Borrower or any Credit Party Entity Subsidiary (other than by a regularly scheduled required prepayment, mandatory redemption or required repurchase) prior to the stated maturity thereof.; or the holder or holders of any Lien, in any amount, commences foreclosure of such Lien upon Property of Borrower having a value of Five Million Dollars ($5,000,000) or more; or

Default as to Other Indebtedness. Any Credit Loan Party Entity shall fail to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise, and after giving effect to applicable grace periods) after any grace period applicable thereto with respect to the Senior Notes, or any other Indebtedness (other than an Obligation) in excess if the aggregate principal amount of such other Indebtedness is $11,000,000, and if a three-Business Day grace period is applicable under Section 11.01(e) of the Existing Credit Agreement, such default shall continue for three Business Days35,000,000 or more; or any breach, default or event of default shall occur, or any other condition shall exist under any instrument, agreement or indenture pertaining to any such Indebtedness, if the effect thereof is (or, with or without the giving of notice or lapse of time or both, would be) is to cause an acceleration, mandatory redemption or other required repurchase of any such Indebtedness, Indebtedness or permit the holder or holders of any such Indebtedness to accelerate the maturity of any such Indebtedness or require the a redemption or other repurchase of such Indebtedness; or any such Indebtedness shall be otherwise declared to be due and payable (by acceleration or otherwise) or required to be prepaid, redeemed or otherwise repurchased by any Credit Loan Party Entity (other than by a regularly scheduled required prepayment, mandatory redemption or required repurchase) prior to the stated maturity thereof; or the holder or holders of any Lien, securing obligations of $25,000,000 or more, shall commence foreclosure of such Lien upon property of any Loan Party; provided that, notwithstanding anything to the contrary contained herein, this Section 11.01(e) shall not apply to any secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness, but provided further that such secured Indebtedness is paid when due.

Default as to Other Indebtedness. Any Credit Loan Party Entity shall fail to -------------------------------- make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) after any grace period applicable thereto with respect to the Senior Notes, or any other Indebtedness (other than an Obligation) in excess if the aggregate amount of such other Indebtedness is Thirty-Five Million Dollars ($11,000,000, and if a three-Business Day grace period is applicable under Section 11.01(e35,000,000) of the Existing Credit Agreement, such default shall continue for three Business Daysor more; or any breach, default or event of default shall occur, or any other condition shall exist under any instrument, agreement or indenture pertaining to any such Indebtedness, if the effect thereof is (or, with or without the giving of notice or lapse of time or both, would be) is to cause an acceleration, mandatory redemption or other required repurchase of any such Indebtedness, Indebtedness or permit the holder or holders of any such Indebtedness to accelerate the maturity of any such Indebtedness or require the a redemption or other repurchase of such Indebtedness; or any such Indebtedness shall be otherwise declared to be due and payable (by acceleration or otherwise) or required to be prepaid, redeemed or otherwise repurchased by any Credit Loan Party Entity (other than by a regularly scheduled required prepayment, mandatory redemption or required repurchase) prior to the stated maturity thereof; or the holder or holders of any Lien, securing obligations of Twenty-Five Million Dollars ($25,000,000) or more, shall commence foreclosure of such Lien upon property of any Loan Party.

Default as to Other Indebtedness. Any Credit Party Entity or any Subsidiary of a Credit Party shall fail to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) after any grace period applicable thereto with respect to any Indebtedness if the Senior Notes, or any other aggregate amount of such Indebtedness (other than an Obligation) is in excess of $11,000,000, 6,000,000 in the aggregate and if a three-Business Day grace period is applicable under Section 11.01(e) of the Existing Credit Agreement, such default failure shall continue for three Business Daysafter the applicable grace period, if any, specified in the agreement or instrument relating to such Indebtedness; or any other breach, default or event of default shall occur, or any other condition shall exist under any instrument, agreement or indenture pertaining to any such Indebtedness, if the effect thereof is (or, with or without the giving of notice or lapse of time or both, would be) is to cause permit or require an acceleration, mandatory redemption or other required repurchase of any such Indebtedness or, as to such Indebtedness, or permit the holder or holders of any such Indebtedness to accelerate the maturity of any such Indebtedness or require the a redemption or other repurchase of such Indebtedness; or any Indebtedness if the aggregate amount of such Indebtedness is $6,000,000 shall be otherwise declared to be due and payable (by acceleration or otherwise) by a Person (other than a Credit Party or any Subsidiary of a Credit Party) as a result of a breach, Default or Event of Default by a Credit Party or any Subsidiary of a Credit Party, or required to be prepaid, redeemed or otherwise repurchased by any Credit Party Entity or any Subsidiary of a Credit Party (other than by a regularly scheduled required prepayment, mandatory redemption or required repurchase) prior to the stated maturity thereof; or the holder or holders of any Lien, securing obligations of $6,000,000 or more, shall commence foreclosure of such Lien upon property of any Credit Party or any Subsidiary of a Credit Party.

Default as to Other Indebtedness. Any Credit Party Entity shall fail to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) after any grace period applicable thereto with respect to (x) Indebtedness under the Senior Notes, Existing ABL Credit Agreement or (y) any other Indebtedness (other than an Obligation) in excess of $11,000,000, and if a three-Business Day grace period is applicable under Section 11.01(e) of the Existing Credit Agreement, such default shall continue for three Business Days; or any breach, default or event of default shall occur, or any other condition shall exist under any instrument, agreement or indenture pertaining to any such Indebtedness, if the effect thereof is (or, with the giving of notice or lapse of time or both, would be) to cause an acceleration, mandatory redemption or other required repurchase of any such Indebtedness, or permit the holders of any such Indebtedness to accelerate the maturity of such Indebtedness or require the redemption or other repurchase of such Indebtedness; or any such Indebtedness shall be otherwise declared to be due and payable (by acceleration or otherwise) or required to be prepaid, redeemed or otherwise repurchased by any Credit Party Entity (other than by a regularly scheduled required prepayment, mandatory redemption or required repurchase) prior to the stated maturity thereof.