Common use of Default Under Other Indebtedness Clause in Contracts

Default Under Other Indebtedness. Any member of the Borrower Group (i) shall fail to pay when due any principal of or interest on or any other amount payable in respect of one or more items of Indebtedness (other than Indebtedness referred to in Section 7.1) in an individual or aggregate principal amount of $2,500,000 or more beyond the end of any grace period provided therefor; or (ii) shall breach or default in its obligations with respect to any other material term of (a) one or more items of Indebtedness in the individual or aggregate principal amounts referred to in clause (i) above or (b) any loan agreement, mortgage, indenture or other agreement relating to such item(s) of Indebtedness, if the effect of such breach or default is to cause, or to permit the holder or holders of that Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause, that Indebtedness to become or be declared due and payable prior to its stated maturity or the stated maturity of any underlying obligation, as the case may be (upon the giving or receiving of notice, lapse of time, both, or otherwise); provided, however, that, with respect to any Event of Default arising under clause (i) or (ii) of this Section 7.2 solely by virtue of an event of default that occurs under the First Lien Credit Agreement, (x) such event of default under the First Lien Credit Agreement will only be an Event of Default under this Section 7.2 if the First Lien Obligations are declared to be due and payable prior to their stated maturity as a result of such event of default under the First Lien Credit Agreement, and (y) the Event of Default that results under this Section 7.2 as a result of any such declaration under the First Lien Credit Agreement will be automatically waived if and as of the time that declaration of acceleration is rescinded or waived under the First Lien Credit Agreement; or

Default Under Other Indebtedness. Any member of the Borrower Group (i) shall fail to pay when due SCIS, Caterair, any principal Significant Subsidiary of SCIS or interest on Caterair or any other amount payable in respect combination of one two or more items Non-Significant Subsidiaries of SCIS which at the time of determination own a combined basis more than 10% of the consolidated assets of SCIS (determined on a basis consistent with the definition of "Significant Subsidiary") shall (x) default in any payment of any Indebtedness (other than the Obligations and any Indebtedness referred to arising under or in Section 7.1connection with the SCIS Credit Agreement) in an individual or aggregate principal amount of $2,500,000 or more beyond the end period of grace, if any, provided in the instrument or agreement under which such Indebtedness was created or (y) default in the observance or performance of any grace period provided therefor; agreement or (ii) shall breach or default in its obligations with respect condition relating to any Indebtedness (other material term of (athan the Obligations and any Indebtedness arising under or in connection with the SCIS Credit Agreement) one or more items of Indebtedness contained in the individual any instrument or aggregate principal amounts referred to in clause (i) above agreement evidencing, securing or (b) relating thereto, or any loan agreementother event shall occur or condition exist, mortgage, indenture or other agreement relating to such item(s) of Indebtedness, if the effect of such breach which default or default other event or condition is to cause, or to would permit the holder or holders of that such Indebtedness (or a trustee or agent on behalf of such holder or holders) to causecause (determined without regard to whether any notice is required), that any such Indebtedness to become or be declared due and payable prior to its stated maturity or the stated maturity of any underlying obligationmaturity, as the case may be (upon the giving or receiving of notice, lapse of time, both, or otherwise); provided, however, that, with respect to any Event of Default arising under clause (i) or (ii) of this Section 7.2 solely by virtue of an event of default that occurs any Indebtedness (other than the Obligations and any Indebtedness arising under or in connection with the First Lien SCIS Credit Agreement) of SCIS, Caterair, any Significant Subsidiary of SCIS or Caterair or any combination of two or more Non-Significant Subsidiaries of SCIS which at the time of determination own a combined basis more than 10% of the consolidated assets of SCIS (xdetermined on a basis consistent with the definition of "Significant Subsidiary") such event of default under shall be declared to be due and payable, or required to be prepaid other than by a regularly scheduled required prepayment, prior to the First Lien Credit Agreement will only stated maturity thereof, provided that it shall not be a Default or an Event of Default under this Section 7.2 if 8.05 unless the First Lien Obligations are declared to be due and payable prior to their stated maturity aggregate principal amount of all Indebtedness as a result of such event of default under the First Lien Credit Agreement, described in preceding clauses (i) and (yii) the Event of Default that results under this Section 7.2 as a result of any such declaration under the First Lien Credit Agreement will be automatically waived if and as of the time that declaration of acceleration is rescinded or waived under the First Lien Credit Agreementat least $15,000,000; or

Default Under Other Indebtedness. Any member of the Borrower Group (i) shall fail any Group Company (A) fails to pay make payment when due (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), regardless of amount, in respect of any principal Indebtedness or Guaranty Obligation (other than in respect of (x) Indebtedness outstanding under the Term Loan Documents and (y) Swap Agreements) under or interest on in respect of the ABL Credit Agreement, the Bridge Notes, the Senior Subordinated Notes or any other amount payable in respect of one Indebtedness or more items of Indebtedness (other than Indebtedness referred to in Section 7.1) in Guaranty Obligation having an individual or aggregate principal amount (including undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of $2,500,000 more than the Threshold Amount, (B) fails to perform or more beyond the end of observe any grace period provided therefor; other condition or (ii) covenant, or any other event shall breach occur or default in its obligations with respect condition shall exist, under any agreement or instrument relating to any other material term of (a) one such Indebtedness or more items of Indebtedness in the individual or aggregate principal amounts referred to in clause (i) above or (b) any loan agreement, mortgage, indenture or other agreement relating to such item(s) of IndebtednessGuaranty Obligation, if the effect of such breach failure, event or default condition is to cause, or to permit the holder or holders or beneficiary or beneficiaries of that such Indebtedness or Guaranty Obligation (or a trustee or agent on behalf of such holder or holders) to causeholders or beneficiary or beneficiaries), that Indebtedness to become without or be declared due and payable prior to its stated maturity or the stated maturity of any underlying obligation, as the case may be (upon without the giving or receiving of notice, notice or lapse of time, time or both, or otherwise); provided, however, that, with respect to any Event of Default arising under clause (i) or (ii) of this Section 7.2 solely by virtue of an event of default that occurs under the First Lien Credit Agreement, (x) cause such event of default under the First Lien Credit Agreement will only Indebtedness to be an Event of Default under this Section 7.2 if the First Lien Obligations are declared to be due and payable prior to their its stated maturity, or such Guaranty Obligation to become payable, or cash collateral in respect thereof to be demanded or (C) shall be required by the terms of such Indebtedness or Guaranty Obligation to offer to prepay or repurchase such Indebtedness or the primary Indebtedness underlying such Guaranty Obligation (or any portion thereof) prior to the stated maturity thereof as a result of a breach by such event of Group Company of, or a default under under, the First Lien Credit Agreement, and (y) the Event of Default that results under this Section 7.2 as a result of any documents or instruments governing such declaration under the First Lien Credit Agreement will be automatically waived if and as of the time that declaration of acceleration is rescinded Indebtedness or waived under the First Lien Credit AgreementGuaranty Obligation; or

Default Under Other Indebtedness. Any member of the Borrower Group (i) shall fail Failure of any Credit Party or any of their respective Subsidiaries to pay when due any principal of or interest on or any other amount amount, including any payment in settlement, payable in respect of (A) the ABL Loan Documents, (B) the Senior Unsecured Notes Indenture or (C) one or more items of Indebtedness (other than Indebtedness referred to in Section 7.18.1(a)) in with an individual or aggregate principal amount (or Net Xxxx-to-Market Exposure) of $2,500,000 50,000,000 or more more, in each case beyond the end of any originally specified grace period period, if any, provided therefor; or (ii) shall breach or default in its obligations by any Credit Party or any of their respective Subsidiaries with respect to any other material term of, or the occurrence of any other event or condition in respect of, (a1) one or more items of Indebtedness in the individual or aggregate principal amounts referred to in clause (i) above or (b2) any loan agreement, mortgage, indenture or other agreement relating to such item(s) of IndebtednessIndebtedness (other than, with respect to Indebtedness consisting of hedging obligations, termination events or equivalent events pursuant to the terms of such hedging obligations and not as a result of any default thereunder by theany Borrower, or any Subsidiary Guarantor or any Restricted Subsidiary), in each case beyond the originally specified grace period, if any, provided therefor, if the effect of such breach breach, default, event or default condition is to cause, or to permit the holder or holders of that Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause, that Indebtedness to become or be declared due and payable or to require the prepayment, purchase, redemption or defeasance thereof, prior to its stated maturity or the stated maturity of any underlying obligation, as the case may be (upon the giving or receiving of notice, lapse of time, both, or otherwise); provided, however, that, with respect to any Event of Default arising under clause (i) or (ii) of this Section 7.2 solely by virtue of an event of default that occurs under the First Lien Credit Agreement, (x) such event of default under the First Lien Credit Agreement will only be an Event of Default under this Section 7.2 if the First Lien Obligations are declared to be due and payable prior to their stated maturity as a result of such event of default under the First Lien Credit Agreement, and (y) the Event of Default that results under this Section 7.2 as a result of any such declaration under the First Lien Credit Agreement will be automatically waived if and as of the time that declaration of acceleration is rescinded or waived under the First Lien Credit Agreementbe; or

Default Under Other Indebtedness. Any member of the Borrower Group (i) shall fail to pay when due any principal of or interest on OFSI, Caterair Holdings, the Borrower, the Designated Onex Sub or any Subsidiary of Caterair Holdings or the Borrower (other amount payable than an Immaterial Subsidiary) shall (x) default in respect any payment of one or more items of any Indebtedness (other than the Obligations and any Indebtedness referred arising under or in connection with the Caterair Holdings Secured Note but only to the extent that there is sufficient cash collateral to satisfy in Section 7.1full all obligations in respect of the Caterair Holdings Secured Note) in an individual or aggregate principal amount of $2,500,000 or more beyond the end period of grace, if any, provided in the instrument or agreement under which such Indebtedness was created or (y) default in the observance or performance of any grace period provided therefor; agreement or (ii) shall breach or default in its obligations with respect condition relating to any Indebtedness (other material term than the Obligations and any Indebtedness arising under or in connection with the Caterair Holdings Secured Note but only to the extent that there is sufficient cash collateral to satisfy in full all obligations in respect of (athe Caterair Holdings Secured Note) one or more items of Indebtedness contained in the individual any instrument or aggregate principal amounts referred to in clause (i) above agreement evidencing, securing or (b) relating thereto, or any loan agreementother event shall occur or condition exist, mortgage, indenture or other agreement relating to such item(s) of Indebtedness, if the effect of such breach which default or default other event or condition is to cause, or to would permit the holder or holders of that such Indebtedness (or a trustee or agent on behalf of such holder or holders) to causecause (determined without regard to whether any notice is required), that any such Indebtedness to become or be declared due and payable prior to its stated maturity or the stated maturity of any underlying obligationmaturity, as the case may be (upon the giving or receiving of notice, lapse of time, both, or otherwise); provided, however, that, with respect to any Event of Default arising under clause (i) or (ii) any Indebtedness (other than the Obligations and any Indebtedness arising under or in connection with the Caterair Holdings Secured Note but only to the extent that there is sufficient cash collateral to satisfy in full all obligations in respect of this Section 7.2 solely the Caterair Holdings Secured Note) of OFSI, Caterair Holdings, the Borrower, the Designated Onex Sub or any Subsidiary of Caterair Holdings or the Borrower (other than an Immaterial Subsidiary) shall be declared to be due and payable, or required to be prepaid other than by virtue of an event of default a regularly scheduled required prepayment, prior to the stated maturity thereof, provided that occurs under the First Lien Credit Agreement, (x) such event of default under the First Lien Credit Agreement will only it shall not be a Default or an Event of Default under this Section 7.2 if 10.04 unless the First Lien Obligations are declared to be due and payable prior to their stated maturity aggregate principal amount of all Indebtedness as a result of such event of default under the First Lien Credit Agreement, described in preceding clauses (i) and (yii) the Event of Default that results under this Section 7.2 as a result of any such declaration under the First Lien Credit Agreement will be automatically waived if and as of the time that declaration of acceleration is rescinded or waived under the First Lien Credit Agreementat least $5,000,000; or

Default Under Other Indebtedness. Any member The occurrence of the a default by Borrower Group (i) shall fail to pay when due any principal of or interest on or any other amount payable in respect Guarantor or any affiliate or subsidiary of one Borrower or more items of Indebtedness (other than Indebtedness referred to in Section 7.1) in an individual or aggregate principal amount of $2,500,000 or more beyond the end of any grace period provided therefor; or (ii) shall breach or default in its obligations Guarantor with respect to any other material term indebtedness, whether as a borrower or a guarantor thereunder, under any agreement with any lender, including without limitation, Lender, or any Disqualified Equity Interests of Borrower, any Guarantor or any of their respective subsidiaries shall be payable or otherwise be required to be paid (a) one or more items of Indebtedness if the required payments exceed in the individual or aggregate principal amounts referred to in clause (i) above or (b) any loan agreement, mortgage, indenture or other agreement relating to such item(s) of Indebtedness, if the effect of such breach or default is to cause, or to permit the holder or holders of that Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause, that Indebtedness to become or be declared due and payable prior to its stated maturity or the stated maturity of any underlying obligation, as the case may be (upon the giving or receiving of notice, lapse of time, both, or otherwise); provided, however, that, with respect to any Event of Default arising under clause (i$500,000) or (ii) of this Section 7.2 solely by virtue of an event of default that occurs under the First Lien Credit Agreement, (x) such event of default under the First Lien Credit Agreement will only be an Event of Default under this Section 7.2 if the First Lien Obligations are declared outstanding amount of such Disqualified Equity Interests exceeds $500,000) thereunder shall occur. As used herein, the term “Disqualified Equity Interests” means any equity interest that, by its terms (or by the terms of any security or other equity interests into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (i) matures or is mandatorily redeemable (other than solely for Qualified Equity Interests), pursuant to be due and payable prior to their stated maturity a sinking fund obligation or otherwise (except as a result of such event a change of default under the First Lien Credit Agreement, and (y) the Event of Default that results under this Section 7.2 control or asset sale so long as a result of any such declaration under the First Lien Credit Agreement will be automatically waived if and as rights of the time holders thereof upon the occurrence of a change of control or asset sale event shall be subject to the prior repayment in full of the Loan), (ii) is redeemable at the option of the holder thereof (other than solely for Qualified Equity Interests), in whole or in part, (iii) provides for the scheduled payments of dividends in cash, or (iv) is or becomes convertible into or exchangeable for indebtedness or any other equity interests that declaration would constitute Disqualified Equity Interests, in each case, prior to the date that is 180 days after the latest maturity date of acceleration the Loan; and the term “Qualified Equity Interests” means any equity interests issued by Holdings (and not by any of its subsidiaries) that is rescinded or waived under the First Lien Credit Agreement; ornot a Disqualified Equity Interest.

Default Under Other Indebtedness. Any member of the Borrower Group (i) shall fail Failure of any Credit Party or any of their respective Subsidiaries to pay when due any principal of or interest on or any other amount amount, including any payment in settlement, payable in respect of (A) the ABL Loan Documents, (B) the Senior Unsecured Notes Indenture or (C) one or more items of Indebtedness (other than Indebtedness referred to in Section 7.18.1(a)) in with an individual or aggregate principal amount (or Net Xxxx-to-Market Exposure) of $2,500,000 50,000,000 or more more, in each case beyond the end of any originally specified grace period period, if any, provided therefor; or (ii) shall breach or default in its obligations by any Credit Party or any of their respective Subsidiaries with respect to any other material term of, or the occurrence of any other event or condition in respect of, (a1) one or more items of Indebtedness in the individual or aggregate principal amounts referred to in clause (i) above or (b2) any loan agreement, mortgage, indenture or other agreement relating to such item(s) of IndebtednessIndebtedness (other than, with respect to Indebtedness consisting of hedging obligations, termination events or equivalent events pursuant to the terms of such hedging obligations and not as a result of any default thereunder by the Borrower, or any Subsidiary Guarantor or any Restricted Subsidiary), in each case beyond the originally specified grace period, if any, provided therefor, if the effect of such breach breach, default, event or default condition is to cause, or to permit the holder or holders of that Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause, that Indebtedness to become or be declared due and payable or to require the prepayment, purchase, redemption or defeasance thereof, prior to its stated maturity or the stated maturity of any underlying obligation, as the case may be (upon the giving or receiving of notice, lapse of time, both, or otherwise); provided, however, that, with respect to any Event of Default arising under clause (i) or (ii) of this Section 7.2 solely by virtue of an event of default that occurs under the First Lien Credit Agreement, (x) such event of default under the First Lien Credit Agreement will only be an Event of Default under this Section 7.2 if the First Lien Obligations are declared to be due and payable prior to their stated maturity as a result of such event of default under the First Lien Credit Agreement, and (y) the Event of Default that results under this Section 7.2 as a result of any such declaration under the First Lien Credit Agreement will be automatically waived if and as of the time that declaration of acceleration is rescinded or waived under the First Lien Credit Agreementbe; or