Common use of Default by Borrower in Other Agreements Clause in Contracts

Default by Borrower in Other Agreements. Any default as defined in the applicable loan agreement, by Borrower (i) in the payment of any indebtedness to any lender, including any indebtedness owed under the Capital Source Finance Facility, the Resort Finance Facility, the Textron Financial Facility or the Additional Credit Facility; (ii) in the payment or performance of other indebtedness for borrowed money or obligations secured by any part of the Resort; (iii) in the payment or performance of other material indebtedness or obligations (material indebtedness or obligations being defined for purposes of this provision as any indebtedness or obligation in excess of $200,000) where such default accelerates or permits the acceleration (after the giving of notice or passage of time or both) of the maturity of such indebtedness, or permits the holders of such indebtedness to elect a majority of the board of directors of Borrower (whether or not such default[s] have been waived by such holder) or (iv) the acceleration by CapitalSource Finance, LLC under the CSF Documents, Resort Funding, LLC under the RFC Documents, Textron Financial Corporation under the TFC Documents or the bondholders of their respective credit facilities.

Default by Borrower in Other Agreements. Any default as defined in the applicable loan agreement, by Borrower (i) in the payment of any indebtedness to any lender, including any indebtedness owed under the Capital Source Finance CSF Facility, the Resort Finance UBS Facility, the Textron Financial Facility TFC Facility, the TFC Conduit Loan or the Additional Credit WFF Facility; (ii) in the payment or performance of other indebtedness for borrowed money or obligations secured by any part of the Resort; (iii) in the payment or performance of other material indebtedness or obligations (material indebtedness or obligations being defined for purposes of this provision as any indebtedness or obligation in excess of $200,000) where such default accelerates or permits the acceleration (after the giving of notice or passage of time or both) of the maturity of such indebtedness, or permits the holders of such indebtedness to elect a majority of the board of directors of Borrower (whether or not such default[s] have been waived by such holder) or (iv) the acceleration by CapitalSource Finance, LLC CSF under the CSF Documents, Resort Funding, LLC UBS under the RFC UBS Documents, Textron Financial Corporation TFC under the TFC Documents or the Silverleaf Finance II Documents, or WFF under the WFF Documents, or the bondholders of their respective credit facilities.

Default by Borrower in Other Agreements. Any default as defined in the applicable loan agreement, by Borrower (i) in the payment of any indebtedness Indebtedness to any lender, including any indebtedness Indebtedness owed under the Capital Source CapitalSource Finance Facility, the Resort UBS Finance Facility, the Textron Financial Facility or the Additional Credit Liberty Bank Facility; (ii) in the payment or performance of other indebtedness Indebtedness for borrowed money or obligations secured by any part of the Resort; (iii) in the payment or performance of other material indebtedness Indebtedness or obligations (material indebtedness Indebtedness or obligations being defined for purposes of this provision as any indebtedness Indebtedness or obligation in excess of $200,000) where such default accelerates or permits the acceleration (after the giving of notice or passage of time or both) of the maturity of such indebtednessIndebtedness, or permits the holders of such indebtedness Indebtedness to elect a majority of the board of directors of Borrower (whether or not such default[s] have been waived by such holder) or (iv) the acceleration by CapitalSource Finance, LLC under the CSF Documents, Resort Funding, LLC UBS Real Estate Securities Inc. under the RFC UBS Documents, Textron Financial Corporation under the TFC Documents, Liberty Bank under the Liberty Documents or the bondholders of their respective credit facilities, or (y) a default in or an involuntary early termination of one or more Hedge Agreements to which Borrower is a party.