Common use of Default Under Other Borrowings Clause in Contracts

Default Under Other Borrowings. Default shall be made with respect to any Indebtedness for Borrowed Money of any of the Borrowers (other than the Loans) if the default is a failure to pay at maturity or if the effect of such default is to accelerate the maturity of such Indebtedness for Borrowed Money or to permit the holder or obligee thereof or other party thereto to cause such Indebtedness for Borrowed Money to become due prior to its stated maturity.

Appears in 4 contracts

Samples: Financing Agreement (Argan Inc), Financing and Security Agreement (Argan Inc), Financing and Security Agreement (Versar Inc)

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Default Under Other Borrowings. Default shall be made with respect to any Indebtedness for Borrowed Money of any of the Borrowers (other than the LoansRevolving Loan) with an outstanding principal amount of greater than $500,000 if the default is a failure to pay at maturity or if the effect of such default is to accelerate the maturity of such Indebtedness for Borrowed Money or to permit the holder or obligee thereof or other party thereto to cause such Indebtedness for Borrowed Money to become due prior to its stated maturity.

Appears in 4 contracts

Samples: Financing and Security Agreement (Gp Strategies Corp), Financing and Security Agreement (Gp Strategies Corp), Financing and Security Agreement (Gp Strategies Corp)

Default Under Other Borrowings. Default shall be made with respect to any Indebtedness for Borrowed Money of any of the Borrowers (other than the Loans) if the default is a failure to pay at maturity or if the effect of such default is to accelerate the maturity of such Indebtedness for Borrowed Money or to permit the holder or obligee thereof or other party thereto to cause such Indebtedness for Borrowed Money to become due prior to its stated maturity.

Appears in 4 contracts

Samples: Financing and Security Agreement (Rand Worldwide Inc), Financing and Security Agreement (Tvi Corp), Financing and Security Agreement (Tvi Corp)

Default Under Other Borrowings. Default shall be made with respect to any Indebtedness for Borrowed Money of any of the Borrowers (other than the Loans) if the default is a failure to pay at maturity or in excess of Two Hundred Thousand Dollars ($200,000) if the effect of such default is to accelerate the maturity of such Indebtedness for Borrowed Money or to permit the holder or obligee thereof or other party thereto to cause such Indebtedness for Borrowed Money to become due prior to its stated maturity.

Appears in 3 contracts

Samples: Business Loan and Security Agreement (Vse Corp), Business Loan and Security Agreement (Vse Corp), Business Loan and Security Agreement (Vse Corp)

Default Under Other Borrowings. Default shall be made with respect to any Indebtedness for Borrowed Money of any of the Borrowers (other than the LoansLoan) with an aggregate outstanding principal balance of more than $100,000 if the default is a failure to pay at maturity or if the effect of such default is to accelerate the maturity of such Indebtedness for Borrowed Money or to permit the holder or obligee thereof or other party thereto to cause any such Indebtedness for Borrowed Money to become due prior to its stated maturity.

Appears in 3 contracts

Samples: Financing and Security Agreement (Dcap Group Inc), Financing and Security Agreement (Dcap Group Inc), Financing and Security Agreement (Dcap Group Inc/)

Default Under Other Borrowings. Default shall be made with respect to any Indebtedness for Borrowed Money of any of the Borrowers (other than the LoansLoan) if the default is a failure to pay at maturity or if the effect of such default is to accelerate the maturity of such Indebtedness for Borrowed Money or to permit the holder or obligee thereof or other party thereto to cause any such Indebtedness for Borrowed Money to become due prior to its stated maturity.

Appears in 2 contracts

Samples: Financing and Security Agreement (Pec Solutions Inc), Financing and Security Agreement (Pec Solutions Inc)

Default Under Other Borrowings. Default shall be made with respect to any Indebtedness for Borrowed Money of any of the Borrowers Obligor (other than the Loans) if for an amount in excess of Two Hundred Thousand Dollars ($200,000) in the default is a failure to pay at maturity or aggregate if the effect of such default is to accelerate the maturity of such Indebtedness for Borrowed Money or to permit the holder or obligee thereof or other party thereto to cause such Indebtedness for Borrowed Money to become due prior to its stated maturity.

Appears in 2 contracts

Samples: Financing and Security Agreement (Optelecom-Nkf, Inc.), Financing and Security Agreement (Optelecom Inc)

Default Under Other Borrowings. Default shall be made with respect to any Indebtedness for Borrowed Money of any of the Borrowers (other than the LoansLoan) if the default is a failure to pay at maturity or if the effect of such default is to accelerate the maturity of such Indebtedness for Borrowed Money or to permit the holder or obligee thereof or other party thereto to cause such Indebtedness for Borrowed Money to become due prior to its stated maturity.

Appears in 2 contracts

Samples: Financing and Security Agreement (Healthextras Inc), Financing Agreement (Sunrise Assisted Living Inc)

Default Under Other Borrowings. Default shall be made with respect to any Indebtedness evidence of indebtedness or liability for Borrowed Money of any of the Borrowers borrowed money (other than the LoansLoan) if the default is a failure to pay at maturity or if the effect of such default is to accelerate the maturity of such Indebtedness for Borrowed Money evidence of indebtedness or liability or to permit the holder or obligee thereof or other party thereto to cause such Indebtedness for Borrowed Money any indebtedness to become due prior to its stated maturity.

Appears in 2 contracts

Samples: Financing and Security Agreement (Fti Consulting Inc), Financing and Security Agreement (Forensic Technologies International Corp)

Default Under Other Borrowings. Default shall be made with respect to any Indebtedness for Borrowed Money of any of the Borrowers (other than the LoansLoan) if the default is a failure to pay at maturity or if the effect of such default is to accelerate the maturity of such Indebtedness for Borrowed Money or to permit the holder or obligee thereof or other party thereto to cause any such Indebtedness for Borrowed Money to become due prior to its stated maturity.

Appears in 1 contract

Samples: Financing and Security Agreement (Halifax Corp)

Default Under Other Borrowings. Default shall be made by the Borrower with respect to any Indebtedness evidence of indebtedness or liability for Borrowed Money of any of the Borrowers borrowed money (other than the LoansLoan) if the default is a failure to pay at maturity or if the effect of such default is to accelerate the maturity of such Indebtedness for Borrowed Money evidence of indebtedness or liability or to permit the holder or obligee thereof or other party thereto to cause such Indebtedness for Borrowed Money any indebtedness to become due prior to its stated maturity.

Appears in 1 contract

Samples: Loan and Security Agreement (Sunrise Assisted Living Inc)

Default Under Other Borrowings. Default shall be made with respect to any Indebtedness for Borrowed Money in excess of any of $100,000 in the Borrowers aggregate (other than the LoansLoan) if the default is a failure to pay at maturity or if the effect of such default is to accelerate the maturity of such evidence of the Indebtedness for Borrowed Money or to permit the holder or obligee thereof or other party thereto to cause such Indebtedness for Borrowed Money any indebtedness to become due prior to its stated maturity.

Appears in 1 contract

Samples: Financing and Security Agreement (Dispatch Management Services Corp)

Default Under Other Borrowings. Default shall be made with respect to any Indebtedness for Borrowed Money of any of the Borrowers Borrower (other than the LoansLoan) if the default is a failure to pay at maturity or if the effect of such default is to accelerate the maturity of such Indebtedness for Borrowed Money or to permit the holder or obligee thereof or other party thereto to cause such Indebtedness for Borrowed Money to become due prior to its stated maturity.

Appears in 1 contract

Samples: Financing Agreement (Trex Co Inc)

Default Under Other Borrowings. Default shall be made with respect to any Indebtedness for Borrowed Money of any of the Borrowers (other than the LoansLoan) if the default is a failure to pay at maturity or if the effect of such default is to accelerate the maturity of such Indebtedness for Borrowed Money in an aggregate amount greater than $500,000 or (unless the default shall have been waived or cured) to permit the holder or obligee thereof or other party thereto to cause any such Indebtedness for Borrowed Money to become due prior to its stated maturity.

Appears in 1 contract

Samples: Financing and Security Agreement (Weston Roy F Inc)

Default Under Other Borrowings. Default shall be made by Borrower with respect to any Indebtedness evidence of indebtedness or liability for Borrowed Money of any of the Borrowers borrowed money (other than the LoansLoan) if the default is a failure to pay at maturity or if the effect of such default is to accelerate the maturity of such Indebtedness for Borrowed Money evidence of indebtedness or liability or to permit the holder or obligee thereof or other party thereto to cause such Indebtedness for Borrowed Money any indebtedness to become due prior to its stated maturity.

Appears in 1 contract

Samples: Loan and Security Agreement (Sunrise Senior Living Inc)

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Default Under Other Borrowings. Default shall be made with respect to any Indebtedness for Borrowed Money of any of the Borrowers (other than the Loans) if Revolving Loan), including but not limited to the default is a failure to pay at maturity or Senior Notes if the effect of such default is to accelerate the maturity of such Indebtedness for Borrowed Money or to permit the holder or obligee thereof or other party thereto to cause any such Indebtedness for Borrowed Money to become due prior to its stated maturity.

Appears in 1 contract

Samples: Financing and Security Agreement (Paradise Color Inc)

Default Under Other Borrowings. Default shall be made with respect to any Indebtedness evidence of indebtedness or liability for Borrowed Money borrowed money of any of the Borrowers more than $25,000 (other than the Loans) if the default is a failure to pay at maturity or if the effect of such default is to accelerate the maturity of such Indebtedness for Borrowed Money evidence of indebtedness or liability or to permit the holder or obligee thereof or other party thereto to cause such Indebtedness for Borrowed Money any indebtedness to become due prior to its stated maturity.

Appears in 1 contract

Samples: Financing and Security Agreement (National Techteam Inc /De/)

Default Under Other Borrowings. Default shall be made with respect to any Indebtedness evidence of indebtedness or liability for Borrowed Money of any of the Borrowers borrowed money (other than the Loans) if the default is a failure to pay at maturity or if the effect of such default is to accelerate the maturity of such Indebtedness for Borrowed Money evidence of indebtedness or to permit the holder or obligee thereof or other party thereto to cause such Indebtedness for Borrowed Money to become due prior to its stated maturityliability.

Appears in 1 contract

Samples: Financing and Security Agreement (Versar Inc)

Default Under Other Borrowings. Default shall be made with respect to any Indebtedness evidence of indebtedness or liability for Borrowed Money borrowed money in excess of any of the Borrowers $500,000 (other than the Loans) if the default is a failure to pay at maturity or if the effect of such default is to accelerate the maturity of such Indebtedness for Borrowed Money evidence of indebtedness or liability or to permit the holder or obligee thereof or other party thereto to cause such Indebtedness for Borrowed Money any indebtedness to become due prior to its stated maturity.

Appears in 1 contract

Samples: Financing and Security Agreement (Arguss Holdings Inc)

Default Under Other Borrowings. Default shall be made with respect to any Indebtedness for Borrowed Money of any of the Borrowers (other than the Loans) if the default is a failure to pay at maturity or if the effect of such default is to accelerate the maturity of such Indebtedness for Borrowed Money or to permit the holder or obligee thereof or other party thereto to cause any such Indebtedness for Borrowed Money to become due prior to its stated maturity.

Appears in 1 contract

Samples: Financing and Security Agreement (Flanders Corp)

Default Under Other Borrowings. Default shall be made with respect to any Indebtedness for Borrowed Money of any of the Borrowers (other than the LoansLoans and the Outstanding Letter of Credit Obligations) if the default is a failure to pay at maturity or if the effect of such default is to accelerate the maturity of such Indebtedness for Borrowed Money or to permit the holder or obligee thereof or other party thereto to cause any such Indebtedness for Borrowed Money to become due prior to its stated maturity.

Appears in 1 contract

Samples: Financing Agreement (American Woodmark Corp)

Default Under Other Borrowings. Default shall be made with respect to any Indebtedness evidence of indebtedness or liability for Borrowed Money of any of the Borrowers borrowed money (other than the Loans) if the default is a failure Loan), including, but not limited to pay at maturity or any Subordinated Indebtedness if the effect of such default is to accelerate the maturity of such Indebtedness for Borrowed Money evidence of indebtedness or liability or to permit the holder or obligee thereof or other party thereto to cause such Indebtedness for Borrowed Money any indebtedness to become due prior to its stated maturity.

Appears in 1 contract

Samples: Financing and Security Agreement (Fti Consulting Inc)

Default Under Other Borrowings. Default shall be made with respect to any Indebtedness for Borrowed Money of any of the Borrowers (other than the Loans) if the default is a failure to pay at maturity or if the effect of such default is to accelerate the maturity of such evidence of the Indebtedness for Borrowed Money or to permit the holder or obligee thereof or other party thereto to cause such Indebtedness for Borrowed Money any indebtedness to become due prior to its stated maturity.

Appears in 1 contract

Samples: Financing and Security Agreement (Clean Towel Service Inc)

Default Under Other Borrowings. Default shall be made with respect to any Indebtedness for Borrowed Money of any of the Borrowers (other than the Loans) if the to default is a failure to pay at maturity or if the effect of such default is to accelerate the maturity of such Indebtedness for Borrowed Money or to permit the holder or obligee thereof or other party thereto to cause such Indebtedness for Borrowed Money to become due prior to its stated maturity.

Appears in 1 contract

Samples: Financing and Security Agreement (Healthextras Inc)

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