Common use of Default Under Other Debt Clause in Contracts

Default Under Other Debt. Any default by any Obligor in the payment of any Debt for any other obligation beyond any period of grace provided with respect thereto or in the performance of any other term, condition or covenant contained in any agreement (including any capital or operating lease or any agreement in connection with the deferred purchase price of property) under which any such obligation is created, the effect of which default is to cause or permit the holder of such obligation (or the other party to such other agreement) to cause such obligation to become due prior to its stated maturity or terminate such other agreement.

Appears in 7 contracts

Samples: Loan Agreement (Birner Dental Management Services Inc), Loan and Security Agreement (BG Staffing, Inc.), Loan and Security Agreement (LTN Staffing, LLC)

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Default Under Other Debt. Any default by any Obligor in the payment of any Debt for any other obligation with an outstanding principal balance of $50,000 or more beyond any period of grace provided with respect thereto or in the performance of any other term, condition or covenant contained in any agreement (including any capital or operating lease or any agreement in connection with the deferred purchase price of property) under which any such obligation is created, the effect of which default is to cause or permit the holder of such obligation (or the other party to such other agreement) to cause such obligation to become due prior to its stated maturity or terminate such other agreement.

Appears in 3 contracts

Samples: Loan and Security Agreement (Intricon Corp), Loan and Security Agreement (Intricon Corp), Loan and Security Agreement (Intricon Corp)

Default Under Other Debt. Any default by any Obligor Borrower in the payment of any Debt in excess of $200,000 for any other obligation beyond any period of grace provided with respect thereto or in the performance of any other term, condition or covenant contained in any agreement (including any capital or operating lease or any agreement in connection with the deferred purchase price of property) under which any such obligation is created, the effect of which default is to cause or permit the holder of such obligation (or the other party to such other agreement) to cause such obligation to become due prior to its stated maturity or terminate such other agreement.

Appears in 3 contracts

Samples: Loan and Security Agreement (CHS Inc), Loan and Security Agreement (US BioEnergy CORP), Loan and Security Agreement (US BioEnergy CORP)

Default Under Other Debt. Any default by any Obligor in the payment of any Debt for any other obligation beyond any period of grace provided with respect thereto or in the performance of any other term, condition or covenant contained in any agreement (including including, but not limited to any capital or operating lease or any agreement in connection with the deferred purchase price of property) under which any such obligation is created, the effect of which default is to cause or permit the holder of such obligation (or the other party to such other agreement) to cause such obligation to become due prior to its stated maturity or terminate such other agreement.

Appears in 2 contracts

Samples: Loan and Security Agreement, Loan and Security Agreement (Digital Ally, Inc.)

Default Under Other Debt. Any default by any Obligor in the payment of any Debt with a principal amount in excess of $250,000 for any other obligation beyond any period of grace provided with respect thereto or in the performance of any other term, condition or covenant contained in any agreement (including any capital or operating lease or any agreement in connection with the deferred purchase price of property) under which any such obligation is created, the effect of which default is to cause or permit the holder of such obligation (or the other party to such other agreement) to cause such obligation to become due prior to its stated maturity or terminate such other agreement.

Appears in 2 contracts

Samples: Loan and Security Agreement (Atlas Financial Holdings, Inc.), Loan Agreement (Atlas Financial Holdings, Inc.)

Default Under Other Debt. Any default by any Obligor the Borrower in the payment of any Debt for any (other obligation than the Loans) beyond any period of grace provided with respect thereto or in the performance of any other term, condition or covenant contained in any agreement (including including, but not limited to any capital or operating lease or any agreement in connection with the deferred purchase price of property) under which any such obligation is created, the effect of which default is would reasonably be expected to cause or permit have a Material Adverse Effect upon the holder of such obligation (or the other party to such other agreement) to cause such obligation to become due prior to its stated maturity or terminate such other agreementBorrower.

Appears in 2 contracts

Samples: Loan and Security Agreement (Amtech Systems Inc), Loan and Security Agreement (Amtech Systems Inc)

Default Under Other Debt. Any default by any Obligor the Borrower in the payment of any Debt for any other obligation beyond any period of grace provided with respect thereto or in the performance of any other term, condition or covenant contained in any agreement (including any capital or operating lease or any agreement in connection with the deferred purchase price of property) under which any such obligation is created, the effect of which default is to cause or permit the holder of such obligation (or the other party to such other agreement) to cause such obligation to become due prior to its stated maturity or terminate such other agreement.

Appears in 2 contracts

Samples: Letter of Credit Application, Reimbursement and Security Agreement (Millennium Ethanol, LLC), Revolving Credit and Security Agreement (Millennium Ethanol, LLC)

Default Under Other Debt. Any default by any Obligor in the payment of any Debt for any other obligation beyond any period of grace provided with respect thereto or in the performance of any other term, condition or covenant contained in any agreement (including any capital or operating lease or any agreement in connection with the deferred purchase price of property) under which any such obligation is created, the effect of which default is to cause or permit the holder of results in such obligation (or the other party to such other agreement) to cause such obligation to become becoming due prior to its stated maturity maturity, or terminate the termination of such other agreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Smithway Motor Xpress Corp)

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Default Under Other Debt. Any default by any Obligor in the payment of any Debt for any other obligation (individually or in the aggregate in excess of $100,000) beyond any period of grace provided with respect thereto or in the performance of any other term, condition or covenant contained in any agreement (including any capital or operating lease or any agreement in connection with the deferred purchase price of property) under which any such obligation is created, the effect of which default is to cause or permit the holder of such obligation (or the other party to such other agreement) to cause such obligation to become due prior to its stated maturity or terminate such other agreement.

Appears in 1 contract

Samples: Loan Agreement (Neogen Corp)

Default Under Other Debt. Any default by any Obligor the Borrower in the payment of any Debt for any other obligation (whether or not owed to the Lender) beyond any period of grace provided with respect thereto or in the performance of any other term, condition or covenant contained in any agreement (including any capital or operating lease or any agreement in connection with the deferred purchase price of property) under which any such obligation is created, the effect of which default is to cause or permit the holder of such obligation (or the other party to such other agreement) to cause such obligation to become due prior to its stated maturity or terminate such other agreement.

Appears in 1 contract

Samples: Revolving Credit and Security Agreement (REX AMERICAN RESOURCES Corp)

Default Under Other Debt. Any default by any Obligor the Borrower in the payment of any Debt for any other obligation (whether or not owed to Lender) beyond any period of grace provided with respect thereto or in the performance of any other term, condition or covenant contained in any agreement (including any capital or operating lease or any agreement in connection with the deferred purchase price of property) under which any such obligation is created, the effect of which default is to cause or permit the holder of such obligation (or the other party to such other agreement) to cause such obligation to become due prior to its stated maturity or terminate such other agreement.;

Appears in 1 contract

Samples: Loan and Security Agreement (REX AMERICAN RESOURCES Corp)

Default Under Other Debt. Any default by any Obligor in the payment of any Debt indebtedness for any other obligation beyond any period of grace provided with respect thereto or in the performance of any other term, condition or covenant contained in any agreement (including any capital or operating lease or any agreement in connection with the deferred purchase price of property) under which any such obligation is created, the effect of which default is to cause or permit the holder of such obligation (or the other party to such other agreement) to cause such obligation to become due prior to its stated maturity or terminate such other agreement.

Appears in 1 contract

Samples: Loan Agreement (Amerinac Holding Corp.)

Default Under Other Debt. Any default by any Obligor in the payment of any Debt for any other obligation in an amount exceeding $500,000 beyond any period of grace provided with respect thereto or in the performance of any other term, condition or covenant contained in any agreement (including including, but not limited to any capital or operating lease or any agreement in connection with the deferred purchase price of property) under which any such obligation is created, the effect of which default is to cause or permit the holder of such obligation (or the other party to such other agreement) to cause such obligation to become due prior to its stated maturity or terminate such other agreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Global Energy, Inc.)

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