Common use of Defaults in Other Agreements Clause in Contracts

Defaults in Other Agreements. The Borrower or any of the Other Loan Parties fails to perform or observe any term, covenant, agreement or condition contained in, or there shall occur any default under or as defined in, any other agreement applicable to the Borrower or any of the Other Loan Parties or by which any of them is bound involving a material liability of the Borrower or any of the Other Loan Parties which shall not be remedied within the period of time (if any) within which such other agreement permits such default to be remedied, unless such default is waived by the other party thereto or excused as a matter of law.

Defaults in Other Agreements. The Borrower or any of the Other Loan Parties fails to perform or observe any term, covenant, agreement or condition contained in, or there shall occur any default under or as defined in, any other agreement applicable to the Borrower or any of with the Other Loan Parties Bank, or by which any of them the Borrower is bound involving a material liability of the Borrower or any in excess of the Other Loan Parties One Million Dollars ($1,000,000) which shall not be remedied within the period of time (if any) within which such other agreement permits such default to be remedied, unless such default is waived by the other party thereto or excused as a matter of law.