Default on Other Obligations. Default upon or fail to pay, beyond any applicable periods of grace, any of its other debts or obligations as the same mature, unless the same are being contested in good faith by appropriate proceedings and adequate reserves shall have been established on Borrower’s books with respect thereto.
Appears in 5 contracts
Samples: Private Equity Loan Agreement (Upholstery International, Inc.), Loan Agreement (Wsi Industries, Inc.), Private Equity Loan Agreement (Upholstery International, Inc.)
Default on Other Obligations. Default upon or fail to pay, beyond any applicable periods of grace, any of its other debts or obligations as the same mature, unless the same are being contested in good faith by appropriate proceedings and adequate reserves shall have been established on Borrower’s 's books with respect thereto.
Appears in 2 contracts
Samples: Loan Agreement (Summer Energy Holdings Inc), Loan Agreement (Scio Diamond Technology Corp)
Default on Other Obligations. Default upon or fail to pay, beyond any applicable periods of grace, pay any of its the Borrower’s other debts or obligations as the same mature, unless the same are being contested in good faith by appropriate proceedings and adequate reserves shall have been established on Borrower’s books with respect thereto.
Appears in 1 contract
Default on Other Obligations. Default upon or fail to pay, beyond any applicable periods of grace, any of its other material debts or obligations as the same mature, unless the same are being contested in good faith by appropriate proceedings and adequate reserves shall have been established on Borrower’s books with respect thereto.
Appears in 1 contract
Samples: Loan Agreement (Minn Shares Inc)
