Common use of Default Under Other Debt Clause in Contracts

Default Under Other Debt. Any default by any Obligor in the payment of any indebtedness for any other obligation in excess of $1,500,000 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 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: Senior Loan, Security and Pledge Agreement (DJSP Enterprises, Inc.)

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Default Under Other Debt. Any default by any Obligor in the payment of any indebtedness Debt for any other obligation in excess of an amount exceeding $1,500,000 500,000 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.)

Default Under Other Debt. Any default by any Obligor the Borrower in the payment of any indebtedness Debt for any other obligation in excess of $1,500,000 (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 in the payment of any indebtedness for any other obligation in excess of $1,500,000 2,000,000 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, Security and Pledge Agreement (DJSP Enterprises, Inc.)

Default Under Other Debt. Any default by any Obligor in the payment of any indebtedness for any other obligation in excess Debt the principal amount of which exceeds $1,500,000 350,000 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: Credit Agreement (Integrity Media Inc)

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Default Under Other Debt. Any default by any Obligor in the payment of any indebtedness Debt for any other obligation (individually or in the aggregate in excess of $1,500,000 100,000) 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 indebtedness Debt for any other obligation in excess of $1,500,000 (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: Management Agreement (REX AMERICAN RESOURCES Corp)

Default Under Other Debt. Any default by any Obligor in the payment of any indebtedness Debt for any other obligation obligation, in excess of an aggregate principal amount exceeding $1,500,000 100,000 beyond any period of grace provided with respect thereto or in the performance of any other material 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 (Golden Minerals Co)

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