Default Under Other Borrowings. (a) Default which continues beyond any applicable grace period shall be made under any obligation of or guaranteed by any of the Borrowers equal to or greater than $250,000, if the effect of such default is to accelerate the maturity of such obligation or to permit the holder or obligee thereof to cause such obligation to become due prior to its stated maturity.
Appears in 3 contracts
Samples: Financing and Security Agreement (Sunrise Assisted Living Inc), Financing and Security Agreement (Sunrise Assisted Living Inc), Financing and Security Agreement (Sunrise Assisted Living Inc)
Default Under Other Borrowings. (a) A Default which continues beyond any applicable grace period shall be made occur under any obligation of or guaranteed by any of the Borrowers Borrower equal to or greater than $250,000100,000, or any recourse obligation of or guaranteed by the Guarantor equal to or greater than $1,000,000, if the effect of such default is to accelerate the maturity of such obligation or to permit the holder or obligee thereof to cause such obligation to become due prior to its stated maturity.;
Appears in 2 contracts
Samples: Financing and Security Agreement (American Retirement Corp), Financing and Security Agreement (American Retirement Corp)
Default Under Other Borrowings. (a) Default which continues beyond any applicable grace period shall be made under any obligation of or guaranteed by any of the Borrowers Borrower equal to or greater than $250,0001,000,000, if the effect of such default is to accelerate the maturity of such obligation or to permit the holder or obligee thereof to cause such obligation to become due prior to its stated maturity.;
Appears in 2 contracts
Samples: Financing and Security Agreement (Alternative Living Services Inc), Financing and Security Agreement (Alternative Living Services Inc)
Default Under Other Borrowings. (a) Default which continues beyond any applicable grace period shall be made under any obligation of or guaranteed by any of the Borrowers equal to or greater than $250,000250,000 or any obligation of or guaranteed by any Qualified Intermediary, if the effect of such default is to accelerate the maturity of such obligation or to permit the holder or obligee thereof to cause such obligation to become due prior to its stated maturity.
Appears in 1 contract
Samples: Financing and Security Agreement (Sunrise Assisted Living Inc)
Default Under Other Borrowings. (a) Default which continues beyond any applicable grace period shall be made under any obligation of or guaranteed by the Borrower or any of the Borrowers Guarantor Subsidiary equal to or greater than $250,000, if the effect of such default is to accelerate the maturity of such obligation or to permit the holder or obligee thereof to cause such obligation to become due prior to its stated maturity.
Appears in 1 contract
Samples: Financing and Security Agreement (Sunrise Assisted Living Inc)
Default Under Other Borrowings. (a) Default which continues beyond any applicable grace period shall be made under any obligation of or guaranteed by any of the Borrowers equal to or greater than $250,000, if the effect of such default is to accelerate the maturity of such obligation or to permit the holder or obligee thereof to cause such obligation to become due prior to its stated maturitymaturity or default shall be made under the Master Credit Facility.
Appears in 1 contract
Samples: Financing and Security Agreement (Sunrise Assisted Living Inc)
