Common use of Other Cross-Defaults Clause in Contracts

Other Cross-Defaults. The Borrower or any Guarantor shall default in the payment when due, or in the performance or observance, of any material obligation or condition of any Material Contract and such default shall continue beyond the period of grace, if any, provided in such Material Contract unless, but only as long as, the existence of any such default is being contested by the Borrower or such Guarantor in good faith by appropriate proceedings and adequate reserves in respect thereof have been established on the books of the Borrower or such Guarantor to the extent required by GAAP.

Other Cross-Defaults. The Borrower or any Guarantor shall default in the payment when due, or in the performance or observance, of any material obligation or condition of any Material Contract and such default shall continue beyond the period of grace, if any, provided in such Material Contract unless, but only as long as, the existence of any such default is being contested by the Borrower or such Guarantor in good faith by appropriate proceedings and adequate reserves in respect thereof have been established on the books of the Borrower or such Guarantor to the extent required by GAAP.