Common use of Failure of the Borrower Clause in Contracts

Failure of the Borrower. or any Significant Guarantor to pay when due (after any applicable grace or notice period) any Indebtedness (other than Non-Recourse Indebtedness or the Obligations) equal to or exceeding $5,000,000 (in the aggregate); or the default by the Borrower or any Significant Guarantor in the performance of any term, provision or condition contained in any agreement under which any Indebtedness (other than Non-Recourse Indebtedness or the Obligations) equal to or exceeding $5,000,000 (in the aggregate) was created or is governed, or any other event shall occur or condition exist, the effect of which is to cause, or to permit the holder or holders of such Indebtedness to cause, such Indebtedness to become due prior to its stated maturity; or any Indebtedness (other than Non-Recourse Indebtedness or the Obligations) of the Borrower or any Significant Guarantor equal to or exceeding $5,000,000 (in the aggregate) shall be declared to be due and payable or required to be prepaid (other than by a regularly scheduled payment) prior to the stated maturity thereof; or the Borrower or any Significant Guarantor shall not pay, or shall admit in writing its inability to pay, its debts generally as they become due.

Failure of the Borrower. or any Significant Guarantor to pay when due (after any applicable grace or notice period) any Indebtedness (other than Non-Recourse Indebtedness or the ObligationsIndebtedness) equal to or exceeding $5,000,000 (in the aggregate); or the default by the Borrower or any Significant Guarantor in the performance of any term, provision or condition contained in any agreement under which any Indebtedness (other than Non-Recourse Indebtedness or the ObligationsIndebtedness) equal to or exceeding $5,000,000 (in the aggregate) was created or is governed, or any other event shall occur or condition exist, the effect of which is to cause, or to permit the holder or holders of such Indebtedness to cause, such Indebtedness to become due prior to its stated maturity; or any Indebtedness (other than Non-Recourse Indebtedness or the ObligationsIndebtedness) of the Borrower or any Significant Guarantor equal to or exceeding $5,000,000 (in the aggregate) shall be declared to be due and payable or required to be prepaid (other than by a regularly scheduled payment) prior to the stated maturity thereof; or the Borrower or any Significant Guarantor shall not pay, or shall admit in writing its inability to pay, its debts generally as they become due.