Common use of Non-Payment of Other Debt Clause in Contracts

Non-Payment of Other Debt. Any default occurs under the terms applicable to any Debt of any Loan Party or any Subsidiary of a Loan Party in an aggregate amount (for all such Debt so affected and including undrawn committed or available amounts and amounts owing to all creditors under any combined or syndicated credit arrangement) exceeding $3,000,000 and that default (a) consists of the failure to pay that Debt when due, whether by acceleration or otherwise (beyond the grace period (if any) provided in the instrument or agreement under which such Debt was created), or (b) accelerates the maturity of that Debt or permits the holder or holders thereof, or any trustee or agent for any such holder or holders, with the giving of notice if required, to cause that Debt to become due and payable (or require any Loan Party to purchase or redeem that Debt or post cash collateral in respect thereof) prior to its expressed maturity; provided that clause (b) of this Section 13.1.2 shall not apply to secured Debt that becomes due as a result of the voluntary sale or transfer of the property securing such Debt if such sale or transfer is permitted hereunder and substantially concurrently with such voluntary sale or transfer of property such Debt is paid in full and otherwise fully discharged in accordance with the underlying agreement evidencing such Debt.

Non-Payment of Other Debt. (a) Any default occurs shall occur under the terms applicable to any Debt of any Loan Party or (including any Subsidiary of a Loan Party the Obligations not referenced in Section 13.1.1, other than any Bank Product Obligations which are not arising under Hedging Agreements) in an aggregate amount (for all such Debt so affected and including undrawn committed or available amounts and amounts owing to all creditors under any combined or syndicated credit arrangement) exceeding $3,000,000 1,000,000 and that such default shall (ai) consists consist of the failure to pay that such Debt when due, whether by acceleration or otherwise (beyond the grace period (if any) provided in the instrument or agreement under which such Debt was created)otherwise, or (bii) accelerates accelerate the maturity of that such Debt or permits permit the holder or holders thereof, or any trustee or agent for any such holder or holders, with the giving of notice if required, to cause that such Debt to become due and payable (or require any Loan Party to purchase or redeem that such Debt or post cash collateral in respect thereof) prior to its expressed maturity; provided that clause , or (bii) any other event shall occur in respect of this Section 13.1.2 shall not apply to secured any such Debt that becomes due as a result would accelerate the maturity of the voluntary sale or transfer of the property securing such Debt if or permit the holder or holders thereof, or any trustee or agent for such sale holder or transfer is permitted hereunder and substantially concurrently with such voluntary sale or transfer of property holders, to cause such Debt is paid to become due and payable (or require any Loan Party to purchase or redeem such Debt or post cash collateral in full and otherwise fully discharged in accordance with the underlying agreement evidencing such Debtrespect thereof) prior to its expressed maturity.