Group default Clause Samples

Group default any member of the Group (other than the Borrower) shall (a) default in making any payment of any principal of any Indebtedness (including any Guarantee Obligation, but excluding the Loans) or of any material amounts under any other agreement to which it is a party on the scheduled or original due date with respect thereto; or (b) default in making any payment of any interest on any such Indebtedness beyond the period of grace, if any, provided in the instrument or agreement under which such Indebtedness was created; or (c) default in the observance or performance of any other agreement or condition relating to any such Indebtedness 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 beneficiary of such Indebtedness (or a trustee or agent on behalf of such holder or beneficiary) to cause, with the giving of notice if required, such Indebtedness to become due prior to its stated maturity or (in the case of any such Indebtedness constituting a Guarantee Obligation) to become payable; provided that: (i) a default, event or condition described in Clauses (a), (b) or (c) of this sub-clause 22.5 shall not at any time constitute an Event of Default unless, at such time, one or more defaults, events or conditions of the type described in Clauses (a), (b) and (c) of this sub-clause 22.5 shall have occurred and be continuing with respect to Indebtedness or other amounts the outstanding principal amount of which exceeds in the aggregate $40,000,000; and (ii) this sub-clause 22.5(c) shall be deemed inapplicable if the occurrence of such event or condition referred to above gives rise to an obligation to make a mandatory prepayment without further demand of any person on terms agreed prior to the occurrence of such event or condition; or