Default Under Other Borrowings. Default shall be made with respect to any Indebtedness for Borrowed Money of the Borrower or any Domestic Subsidiary of the Borrower (other than the Loans and the Indebtedness for Borrowed Money under the Indenture) in excess of One Million Dollars ($1,000,000) in the aggregate if the effect of such default is to accelerate the maturity of such Indebtedness for Borrowed Money or to permit the holder or obligee thereof or other party thereto to cause such Indebtedness for Borrowed Money to become due prior to its stated maturity.
Appears in 2 contracts
Sources: Financing and Security Agreement (Reunion Industries Inc), Financing and Security Agreement (Chatwins Group Inc)
Default Under Other Borrowings. Default shall be made by Borrower or any Subsidiary with respect to any Indebtedness for Borrowed Money of the Borrower or any Domestic Subsidiary of the Borrower (other than the Loans and the Revolving Loan), other than unsecured Indebtedness for Borrowed Money under the Indenture) in excess of up to One Million Dollars ($1,000,000) in ), if the aggregate default is a failure to pay at maturity or if the effect of such default is to accelerate the maturity of such Indebtedness for Borrowed Money or to permit the holder or obligee thereof or other party thereto to cause such Indebtedness for Borrowed Money to become due prior to its stated maturity.
Appears in 1 contract
Sources: Financing and Security Agreement (Liquidity Services Inc)