Common use of Default Under Other Contracts Clause in Contracts

Default Under Other Contracts. Assignor shall be in default with respect to any normal and customary covenants under any contract or agreement to which it is a party (which covenants include, but are not limited to, an Act of Insolvency of Assignor or the failure of Assignor to make required payments under such contract or agreement as they become due) which default permits acceleration of the obligations of Assignor under such contract or agreement by any other party thereto and which default, in the reasonable judgment of MLMCI, is likely to result in a Material Adverse Change in Assignor.

Default Under Other Contracts. Assignor shall be in default with respect to any normal and customary covenants under any contract or agreement to which it is a party (which covenants include, but are not limited to, an Act of Insolvency of Assignor or the failure of Assignor to make required payments under such contract or agreement as they become due) which default permits acceleration of the obligations of Assignor under such contract or agreement by any other party thereto and which default, in the reasonable judgment of MLMCI, is likely to result in a Material Adverse Change in AssignorChange.