ADDITIONAL CROSS DEFAULT Sample Clauses

The Additional Cross Default clause establishes that a default under one agreement or obligation can trigger a default under another related agreement. In practice, this means that if a party defaults on a separate loan, contract, or financial obligation, that default may automatically cause a default under the current agreement as well. This clause is commonly used in loan and credit agreements to protect lenders by ensuring that financial distress or non-performance in one area is treated as a broader risk, thereby allowing for coordinated enforcement actions and reducing the risk of selective default.
ADDITIONAL CROSS DEFAULT. In addition to the Events of Default specified in Paragraph 12 of the Agreement, it shall be an Event of Default hereunder if Apple Sports and/or Dorson shall fail to perform, keep or observe any of the ▇▇▇▇▇▇nts, conditions, promises, agreements or other obligations of Apple Sports and/or Dorson to Bank under any agreements now or hereafter existi▇▇ ▇▇tween Apple Sports and/or Dorson and Bank, including, without limitation, that cert▇▇▇ ▇▇ple Sports Agreement and/or Dorson Agreement or in the event of the termination of said Apple ▇▇▇▇ts Agreement and/or Dorson Agreement.
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ADDITIONAL CROSS DEFAULT. In addition to the Events of Default specified in Paragraph 12 of the Agreement, it shall be an Event of Default hereunder if Atlantic Hardware shall fail to perform, keep or observe any of the covenants, conditions, promises, agreements or other obligations of Atlantic Hardware to Bank under any agreements now or hereafter existing between Atlantic Hardware and Bank, including, without limitation, the Atlantic Hardware Agreement or in the event of the termination of said Atlantic Hardware Agreement.
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ADDITIONAL CROSS DEFAULT. In addition to the Events of Default specified in Paragraph 12 of the Agreement, it shall be an Event of Default hereunder if Apple Golf and/or Apple Sports shall fail to perform, keep or observe any of the covenants, conditions, promises, agreements or other obligations of Apple Golf and/or Apple Sports to Bank under any agreements now or hereafter existing between Apple Golf and/or Apple Sports and Bank, including, without limitation, that certain Apple Golf Agreement and/or Apple Sports Agreement or in the event of the termination of said Apple Golf Agreement and/or Apple Sports Agreement.
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ADDITIONAL CROSS DEFAULT. In addition to the Events of Default specified in Paragraph 12 of the Agreement, it shall be an Event of Default hereunder if Brite-Line shall, subject to any applicable cure period, fail to perform, keep or observe any of the covenants, conditions, promises, agreements or other obligations of Brite-Line to Bank under any agreements now or hereafter existing between Brite-Line and Bank, including, without limitation, that certain Brite-Line Agreement. Attached to and made a part of that certain Loan and Security Agreement dated June 6, 1996 (the "Agreement") by and between Plymouth Rubber Company, Inc. ("Borrower") and LaSalle Bank National Association f/k/a LaSalle National Bank ("Bank"). OTHER PROVISIONS
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Related to ADDITIONAL CROSS DEFAULT

  • Debt Cross-Default The Borrower or any of its Restricted Subsidiaries shall (i) default in the payment of any Debt (other than the Notes or any Reimbursement Obligation) the aggregate outstanding amount of which Debt is in excess of $5,000,000 beyond the period of grace if any, provided in the instrument or agreement under which such Debt was created, or (ii) default in the observance or performance of any other agreement or condition relating to any Debt (other than the Notes or any Reimbursement Obligation) the aggregate outstanding amount of which Debt is in excess of $5,000,000 or contained in any instrument or agreement evidencing, securing or relating thereto or any other event shall occur or condition exist, the effect of which default or other event or condition is to cause, or to permit the holder or holders of such Debt (or a trustee or agent on behalf of such holder or holders) to cause, with the giving of notice if required, any such Debt to become due prior to its stated maturity (any applicable grace period having expired).

  • Cross-Default If "Cross Default" is specified in the Schedule as applying to the party, the occurrence or existence of (1) a default, event of default or other similar condition or event (however described) in respect of such party, any Credit Support Provider of such party or any applicable Specified Entity of such party under one or more agreements or instruments relating to Specified Indebtedness of any of them (individually or collectively) in an aggregate amount of not less than the applicable Threshold Amount (as specified in the Schedule) which has resulted in such Specified Indebtedness becoming, or becoming capable at such time of being declared, due and payable under such agreements or instruments, before it would otherwise have been due and payable or (2) a default by such party, such Credit Support Provider or such Specified Entity (individually or collectively) in making one or more payments on the due date thereof in an aggregate amount of not less than the applicable Threshold Amount under such agreements or instruments (after giving effect to any applicable notice requirement or grace period);

  • Cross-Defaults (i) The Borrower, any Guarantor or any of their respective Subsidiaries shall fail to pay any principal of or premium or interest on its Debt which is outstanding in a principal amount of at least $1,000,000 individually or when aggregated with all such Debt of the Borrower, any Guarantor or any of their respective Subsidiaries so in default (but excluding Debt evidenced by the Notes) when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Debt; (ii) any other event shall occur or condition shall exist under any agreement or instrument relating to Debt which is outstanding in a principal amount of at least $1,000,000 individually or when aggregated with all such Debt of the Borrower, such Subsidiary, or such Guarantor so in default, and shall continue after the applicable grace period, if any, specified in such agreement or instrument, if the effect of such event or condition is to accelerate, or to permit the acceleration of, the maturity of such Debt; or (iii) any such Debt shall be declared to be due and payable, or required to be prepaid (other than by a regularly scheduled required prepayment), prior to the stated maturity thereof; provided that, for purposes of this subsection 7.01(d), the “principal amount” of the obligations in respect of any Hedging Contracts at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that would be required to be paid if such Hedging Contracts were terminated at such time;

  • Indebtedness Cross-Default (i) The Borrower, any other Obligor, or any of their respective Subsidiaries shall fail to pay when due and payable, the principal of, or interest on, any Indebtedness or obligations under Derivative Contracts (other than (A) the Obligations and (B) Nonrecourse Indebtedness) having an aggregate outstanding principal amount (or, in the case of any Derivatives Contract, the marked to market value of such Derivative Contract if the Borrower is out of the money) greater than or equal to $50,000,000 (all such Indebtedness or obligations under Derivative Contracts being “Material Indebtedness”); or (ii) (x) The maturity of any Material Indebtedness shall have been accelerated in accordance with the provisions of any indenture, contract or instrument evidencing, providing for the creation of or otherwise concerning such Material Indebtedness or (y) any Material Indebtedness shall have been required to be prepaid, redeemed, defeased or repurchased prior to the stated maturity thereof (which for the purposes hereof shall include any termination event or other event resulting in the settling of payments due under a Derivative Contract); or (iii) Any other event shall have occurred and be continuing which would permit any holder or holders of Material Indebtedness, any trustee or agent acting on behalf of such holder or holders or any other Person, to accelerate the maturity of any such Material Indebtedness or require any such Material Indebtedness to be prepaid or repurchased prior to its stated maturity (which for the purposes hereof shall include any termination event or other event resulting in the settling of payments due under a Derivative Contract).

  • Other Cross-Defaults Any Borrower or any of its Subsidiaries shall default in the payment when due, or in the performance or observance, of any obligation or condition of any Material Contract unless, but only as long as, the existence of any such default is being contested by such Borrower or such Subsidiary in good faith by appropriate proceedings and adequate reserves in respect thereof have been established on the books of such Borrower or such Subsidiary to the extent required by GAAP.